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HELOT STAND-ALONE PRODUCT GUIDELINESUSBHM Equity Line of Credit (HELOT)Product Code XX SA Effective Date: September 16, 2017PRODUCT ALL COMMUNICATION IS HANDLED THROUGH DIRECT LENDING FULFILLMENT
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A HELOC stand alone product is a home equity line of credit that is not combined with a mortgage.
Financial institutions offering HELOC stand alone products are required to file.
To fill out a HELOC stand alone product, financial institutions must provide information on the borrower, loan terms, and property details.
The purpose of a HELOC stand alone product is to provide borrowers with access to funds based on the equity in their home.
Information such as borrower's credit score, loan amount, interest rate, and repayment terms must be reported on a HELOC stand alone product.
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