Answer:
I will assume your are referring to the borrower taking out equity in their home which there is no existing lien. This would be treated as any other first lien mortgage. If it's an ARM loan you'll need to look to 226.19 (assuming it's a closed-end loan), 226.23 for the right of rescission, and then all the other applicable sections such as 226.17, 226.18 and 226.22. If this an open-end credit plan then you would need to look at the applicable sections in Subpart B instead of Subpart C.
First published on BankersOnline.com 08/01/05
print
share