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Memorandum: Texas Home Equity Update - SJR 60.pdf

5c47877ac604e5c4d012ad38_ALERT - Texas Home Equity Changes Effective January 1 2018_120817.pdf

Preview of Memorandum: Texas Home Equity Update - SJR 60

🔗 Source: assets-global.website-files.com

📊 Size: 940 KB

👤 Author: Thomas F. Vetters II

⬇️ Downloads: 57

Summary

Texas voters approved Proposition 2, which brings changes to the Texas Constitution regarding home equity loans, effective January 1, 2018. The changes include a lowered fee cap from 3% to 2% of the principal loan amount, with exclusions for appraisals, property surveys, title insurance, and title examination reports. Lenders must update their procedures and forms to comply with the new regulations. Additionally, a new option to refinance a seasoned home equity loan as a non-home equity rate and term refinance is introduced, with specific requirements and disclosures.

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Description

Texas voters approved Proposition 2, which brings changes to the Texas Constitution regarding home equity loans, effective January 1, 2018.

Technical Information

File Format: PDF
File Size: 940 KB
Pages: 20
Language: EN
Author: Thomas F. Vetters II
Total Downloads: 57
Last Updated: 2 weeks ago

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