Posted by Kev on 12/4/04 7:40am
Msg #12708

Heloc question

I had a signing for a heloc yesterday, but the RTC date was for a week before. Is this how HELOCS are done? I changed the RTC date to the correct date. Any information would be appreciated.

Thanks

Reply by Bob-Chicago on 12/4/04 8:41am
Msg #12713

You Done Good

Heloc docs are generally "open dated" The line is effective after the three days , which is computed like other loans
Just be sure to have them initial the changes on the RTC
I have seen a few that are "date sensitive" but that should be noted in your instructions.

Reply by Tony (FL) on 12/5/04 7:32am
Msg #12736

Looks like the right choice but changes to documents should not be made without approval from the lender or title company unless the instructions received state otherwise. Usually when documents are not date sensitive you will see instructions stating not to change dates except on the RTC. There are some companies out there that will not allow changes to documents when errors are found. They instead will repull docs and reschedule the signing if necessary.


http://floridaloancloser.com

Reply by GLENA/NV on 12/5/04 11:32am
Msg #12741

YOU DID IT RIGHT! Did you have the borrowers initial...

the part where you made the changes?