Beginning with this month's issue, DSI will post on a monthly basis its largest investors' loan programs on its Compliance page and update them as program changes are made. Find out the description of each investor's loan program, which promissory notes, prepayment riders and addenda are used, and what the rate caps are for variable rate loans. This month, we post information about Countrywide, IndyMac Bank, and Washington Mutual Bank's loan programs. Visit our Compliance page next month to see other investors' loan programs.
To view all Investor Updates click here.
Updated Countrywide HELOC Programs
During December, Countrywide updated their HELOC agreements in the following manner:
- Changes are: Demand Statement Expedited Delivery Fee and/or the Termination Fee have been added to the Fees and Charges section on the HELOC Agreements and Important Terms Disclosures (ITDs).
- Corrected HELOC Agreements (FE 3130s and FE3160s). Only states eligible for Access Cards had the following changes made:
Delete old section 4 paragraph B (below):
B. At a minimum, you will send me a periodic statement at the end of each billing cycle in which there is a debit or credit balance of more than one dollar ($1.00) or in which a finance charge has been imposed. The periodic statement will show all Account activity during the billing cycle and contain other important information, including my "New Balance", my Annual Percentage Rate, the amount of my "Minimum Payment Due", my "Payment Due Date" and the place and manner of making payments.
Replace with (below):
B. At a minimum, you will send me a periodic statement monthly, except that my first periodic statement may be generated and mailed to me between thirty and sixty days after I open my Account. The periodic statement will show all Account activity during the billing cycle and contain other important information, including my "New Balance", my Annual Percentage Rate, the amount of my "Minimum Payment Due", my "Payment Due Date" and the place and manner of making payments.
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