Home Equity Loans

What is the acreage limit for an Urban Homestead?
20 acres
10 acres
10 acres for an individual & 20 acres for a family
5 acres
What is the acreage limit for a Rural Homestead?
200 acres
100 acres
100 acres for an individual & 200 for a family
No limit
Do both spouses have to consent to a HE loan even if one does not have any ownership interest in the property?
Yes
No
What is the max LTV for a HE/HELOC loan?
70%
75%
80%
90%
We cannot charge the borrower more than 2% of the principal loan amount in fees for HE loans. Which fee is not excluded from the 2% limit?
Processing fee
Appraisal performed by a 3rd party
Title Search Fee
Discount Points
Can we have additional collateral on a HE loan?
Yes
No
Home many HE loans can a borrower have on their home at once?
1
2
3
No limit as long as LTV is under 80%
How long do you have to wait to refinance an existing HE loan?
6 months
12 months
1 1/2 years
2 years
What is the max LTV when you are refinancing a HE/HELOC loan into a non-HE loan?
70%
75%
80%
85%
What 2 notices need to be sent to the borrower when refinancing a HE loan into a non-HE loan?
50G & Refinance Ack
Refinance Ack & Refinance Notice
Residential Construction Disclosure & Refi Ack
Refinance Notice & 50G
How long after the 50G is signed do you have to wait to close a HE/HELOC loan?
12 business days
6 days including Saturdays
12 calendar days
10 calendar days
Which location can a HE/HELOC loan not close at?
Branch office of the bank
Title Company
Borrower's Home
Attorney's Office
Can FFB require the customer to pay off another FFB debt not secured by the collateral property with the HE funds?
Yes
No
At which two times must the bank present the customer the most current version of the Loan App?
At application & Pre-Closing
Upon Borrower Request & Closing
At Pre-Close & Closing
At application & Closing
All HE/HELOC loans have Right of Rescission.
True
False
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