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Agencies provide guidance for HELOCs nearing ‘end-of-draw’ periods
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Banking
Tuesday, July 8, 2014
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Federal bank regulators and the Conference of State Bank Supervisors issued guidance to financial institutions regarding home equity lines of credit nearing their “end-of-draw” period, which occurs when the principal amount of the HELOC must begin to be repaid. The guidance encourages financial institutions to effectively communicate with borrowers about the pending reset and provides broad principles for managing risk as HELOCs reach their end-of-draw periods. Read on to learn about the regulators’ expectations.
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