Product Basics & Types
This stand‑alone product may be originated only behind a fully amortized first mortgage or in first lien position.
What is the USBHM Stand Alone Home Equity Line of Credit (HELOC)?
These are mailed automatically and arrive 7–10 business days after rescission; customers can use them to draw on their line.
What are convenience checks?
For properties >10 and <20 acres, the maximum LTV is this percentage, and no more than 25% of income may be derived from the land.
What is 80%?
Do not use full appraisals older than this many months; AVM/drive‑by appraisals should not be used if older than this many months.
What are six months (full appraisal) and four months (AVM/drive‑by)?
First‑lien stand‑alone HELOCs cannot be used to refinance this type of existing mortgage debt.
What is a closed‑end first mortgage?
Properties listed for sale within this recent period are not eligible for cash/equity‑out as defined in policy.
What is the last 90 days?
If the customer has this checking package, the annual HELOC fee is waived.
What is the USB Consumer Platinum Checking Package?
For properties ≥20 and <40 acres, the maximum LTV is this percentage, and acceptability requires Direct Lending Site Manager authority.
What is 70%?
For Direct Consumer Lending- Must provide the details, justification, enter the submitters name and phone number and email form to DCL Vendor Support Shared. Management approval is not required.
What is Value QC Reconsideration?
Before taking an application for a non‑simultaneous second‑lien loan/line, a first‑lien position loan must have seasoned for this period from the first mortgage disbursement date.
What is 30 days?
Per ownership rules, at least one applicant must occupy the property as a primary residence, and the property can have no more than this number of U.S. Bancorp real‑estate‑secured products.
What is one owner‑occupant and no more than two U.S. Bancorp real‑estate‑secured products per property?
Due to rescission and system interface, customers must wait at least this long after closing to access undisbursed funds.
What is a minimum of 5 days?
The HELOC features a draw period and a repayment/amortization period for a total 30‑year maturity. Name both.
What are a 10‑year draw and 20‑year repayment/amortization?
Maximum LTV/CLTV is this percentage, and primary‑residence Florida condos are ineligible if CLTV/HTLTV exceeds this threshold.
What are 80% maximum LTV/CLTV and >75% CLTV/HTLTV ineligible for Florida primary‑residence condos?
Closing in a revocable trust is permitted (meeting guidelines), but the vesting restriction is that only this many trusts can be vested as owner.
What is one (1) trust?
These broad categories—including leaseholds, housing co‑ops, manufactured homes, second/vacation homes, vacant lots, land trusts, investment/rental properties—are classified this way for the HELOC.
What are unacceptable property/vesting types?
This is the default repayment option during the draw period—but it’s unavailable if the major income earner’s FICO is below 680.
hat is interest‑only?
This is the contract ceiling rate noted on the Equiline Agreement.
What is 18%?
When multiple valuation tools are used, select the most reliable method—not the highest value. Name the reliability order from most to least.
What is Full Appraisal → Drive‑By Appraisal → Desktop Appraisal → AVM?
What is escrow?