Reg Z HELOCs (Open-End Credit)
Description: Reg Z HELOCs (Open-End Credit) explains the Regulation Z requirements for home equity lines of credit, including disclosures, changes in terms and periodic statements.
Note: The Reg Z Overview course must be taken at least once before any other Reg Z course is attempted.
Audience: Any branch staff that discusses home equity options with consumers or takes consumer applications for home equity products.
Learning Objectives: After completing this course, students will be able to:
- Define a home equity line of credit
- Explain what disclosures are required and when they must be provided
- Identify the circumstances when lenders are allowed to change the terms of a home equity line of credit
- Understand the requirements for periodic statements