HELOC Waiting Period Restrictions (Reg Z)

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Question:

Is a HELOC subject to any of the waiting period restrictions imposed by reg Z as of 7/2009?

Answer:

The answer is in the current wording of the regulation:

Section 1026.19 Certain mortgage and variable-rate transactions.
(a) Mortgage transactions subject to RESPA. (1)(i) Time of disclosures. In a mortgage transaction subject to the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq. ) that is secured by the consumer's dwelling, other than a home equity line of credit subject to Section 1026.40 or mortgage transaction subject to paragraph (a)(5) of this section, the creditor shall make good faith estimates of the disclosures required by Section 1026.18 and shall deliver or place them in the mail not later than the third business day after the creditor receives the consumer's written application.

First published on BankersOnline.com 9/10/12