Hello everyone, and Happy New Year! Below is a question from our loan ops group:
What maturity date are you using for a HELOC during the draw period phase? We are using the true maturity date (25 yrs) and have the Line Expiration date set at 10 years (followed by a 15 year
repayment) . Because of this setup, we cannot use the enhancement for the HELOC draw period maturity notices because it’s based off of the maturity date, not the line expiration date.
If you use the 10 year draw period date as the maturity date, what is your process to put the loan into the repayment phase?
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