Posted by Anonymous on 12/28/05 7:43am
Msg #84781

Equity Credit Line

I'm doing a signing for one of those in about 15 minutes. A checkbook is included with the package. What is the normal procedure for these type of signings? Please help fast.

Reply by ILNot on 12/28/05 7:58am
Msg #84784

I have done many HELOC's and have never seen one with a checkbook. Explain to them that they should not use the checkbook until the loan funds, after the RTC, don't forget the holiday on Monday. They are probably just starter checks. Hope that helps a little.

Reply by Jersey_Boy on 12/28/05 8:03am
Msg #84785

Who is the lender?

Who is the lender? I have signed tons of HELOCs but never once saw a checkbook.

In my experience, the paperwork will tell them they will receive a checkbook after the RTC has expired. I have also seen applications to be filled out by the borrower if they want a credit card that is linked to their HELOC.

Reply by Mike_NJ on 12/28/05 8:08am
Msg #84788

Sounds like Bank of New York, there should be an instruction sheet. What will happen is the borrower will need to write a check or checks per the instruction sheet and the check book will go back to the title company, once the RTC has past the book will be mailed back to the borrower.

Reply by Deb_CO on 12/28/05 9:23am
Msg #84802

The checkbook is used for them to access funds from the HELOC. Do not talk about when they can use it unless the client has told you to do so. If this is a Non-Owner Occupied property, and RTC doesn't count, and therefore, the funds could be available right away.

Reply by Mike_IA on 12/28/05 10:05am
Msg #84823

Why don't you call the lender ...

I never understand why questions like this are posted. We are not employees of the lender. The number of posts here would probably be cut in half at least if the lender or a title company was called instead of posting here. And the bonus would be the answer was correct as opposed to the best guess of those helpful souls here. I started in this business before NotRot even existed so I had no altertative but to call the lender or tc. Lenders and tcs would rather answer a question before or at a closing any day than try to fix a mistake after the closing.

Reply by BrendaTx on 12/28/05 10:11am
Msg #84831

Re: Why don't you call the lender ... Mike I agree...

I have learned a great deal by the discussions posted on queries like this but I totally agree with you.

Why would you trust a stranger rather than doing your own research and getting a positively correct answer?

My preference is to get my answers straight from the horse's mouth - then post what I have learned.

Reply by Ellen Grosser on 12/28/05 10:28am
Msg #84840

Re: Why don't you call the lender ...

EXLENT ANSWER. I ALWAYS CALL IF ?S ARISE AND I ALWAYS GET CALLED TO DO MORE SIGNINGS. IT'S BETTER TO ASK THEM, AND THEY REALLY DONT MIND HAS BEEN MY EXPERIENCE, FOR OVER 2.5 YRS NOW!

Reply by SarahBeth_CA on 12/28/05 11:34am
Msg #84851

Re: Why don't you call the lender ...

There are many times that I want to know just for the sake of being knowledgable. But whenever a question comes up that I need answered to make sure the job is done right I call and ask. As far as the checkbook goes if the borrower asked I would prefer that if they don't find instructions in the docs on what to do with it then they should give the lo a call during the recission period.