When may lender accept home equity loan applications?
The Texas Attorney General has ruled that lenders may accept home equity loan applications after November 5, 1997 but that loans may not be closed until after the 12 day waiting period. Then, the 3 day right to rescind must run before funding. The title company will not determine when a home equity loan may be closed, but will rely on the closing instructions of the lender as to when the home equity loan may close.
