Our bank is planning on offering a HELOC product that would allow the customer to lock in a portion line at a fixed rate with those funds rolling back into the line as the customer pays the fixed portion down. Seems to be a fairly common product from what I am hearing. We have built the product in Laser Pro and so I am comfortable with the early disclosure that is being produced. What I am wondering is what we should get from the borrower to document their desire to fix a portion of the line. A pre-printed bank form that the customer completes? Is a written note from the customer sufficient? Are banks doing this with a verbal request? If there are other banks presently offering this product out there that have some ideas on this I'd love to hear them. Thanks in advance for your help and have a great day.

We created an interest rate conversion exhibit in Laser Pro that the customer signs, but a pre-printed form or a letter from the customer would work. I would steer clear of verbal requests, something with the customers signature should be required.

Thanks so much for the input, KQuinn. I'll see what my Note Dept. can create in Laser Pro. Have a great day.