Posted by FAN_IL on 9/26/06 1:32pm
Msg #148571

Don't HELOC's include TIL's?

I received e-docs today for a HELOC that did not include a TIL. I called the settlement agent for the title company, and after checking with his folks, came back on the line and said not to worry about it.

There's a HUD settlement statement and the RTC. Why not a TIL?

Reply by MistarellaFL on 9/26/06 1:35pm
Msg #148572

Because it is a line of credit (LOC) they don't yet know what the brw will use from the funds available.
It is not a standard amount, like a regular loan for say, 100K.
The line of credit may be good for 100K, but who knows if the brw will take out and use 100K

Reply by FAN_IL on 9/26/06 1:51pm
Msg #148574

So in essence, because it is not a finite amount, an annualized rate cannot be calculated?

Thanks for responding so quickly!

Reply by MistarellaFL on 9/26/06 1:54pm
Msg #148575

Exactly Fan

I am sitting here waiting for docs, and rememered I had the same question when I first started. You seem to have a good grasp of the concept

Reply by FAN_IL on 9/26/06 2:05pm
Msg #148576

Re: Thanks!!!! n/m

Reply by MichiganAl on 9/26/06 2:30pm
Msg #148580

I was thinking the same thing. n/m

Reply by MichiganAl on 9/26/06 2:34pm
Msg #148582

And I like your profile FAN.

Professional and well written. That sometimes seems like a rarity.

Reply by Linda_H/FL on 9/26/06 4:19pm
Msg #148599

The HELOC's I did in CT had the TIL language included in the body of the Agreement.

Reply by Linda_H/FL on 9/26/06 4:19pm
Msg #148600

Re: Not a separate doc... n/m

Reply by FAN_IL on 9/28/06 11:58am
Msg #149063

Re: You are correct!

Now that I've gone back and compared a HELOC agreement with a TIL statement I can see that some of the information provided is the same.

Thanks for pointing that out!