The non-TRID Closing Worksheet (Cx14226) has been modified for HELOC loans. Sections concerning escrowed amounts, mortgage insurance, buydown loans, construction loans, and closed end TIL Disclosure values will no longer print for HELOCs. In addition, the “Prepayment Penalty” section will only print if the loan has a prepayment penalty, and the “Escrow Holdback” section will only print if the first holdback item description or value has been populated.
A new section labeled “HELOC Information” has been added to the bottom of the first page and will only print for HELOC loans. The following popular fields related to HELOC loans will print in the new section:
- Margin and Index
- Credit Limit
- Discounted APR/DPR and Discount End Date
- Initial APR/DPR
- Maximum and Minimum APR
- Various HELOC related fee amounts: Annual Maintenance, Over Limit, Termination, Returned Check, and Stop Payment
- Draw and Repay Period Months
- Right to Cancel Type – In the future, this field will be used to trigger each model form version of the generic HELOC RTC document, which is currently in the process of being created.
- Whether or not the generic set of HELOC Security Instruments, as announced here, is set to print.
In addition, the HELOC program name will print in the upper right corner of the first page of the worksheet under “Program Type”.
The updated Closing Worksheet for HELOC loans is currently available in most ConformX test environments, and will be live April 8, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.