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Rate Change Frequency:	Monthly.
Interest Rate Ceiling:	Maximum rate permitted by applicable law.
Interest Rate Floor:	2.99%.
Maximum Full Plan Term:	Twenty (20) years.
Maximum Draw Period:	Ten (10) years from plan establishment.
Minimum Payment:	Interest only during the draw period; amortizing during repayment.
Maximum Credit Limit:	$250,000.
Maximum LTV:	95%.
Appraisal:	Full appraisal required.
Lending Area:	Contiguous United States, subject to the bank’s state licensing and applicable restrictions.

General Guidelines

1. Eligible collateral is limited to the borrower’s primary or secondary (vacation, non-rental) residence.
2. A title insurance policy is required on all indirect home equity lines.
3. A three-day Notice of Right to Cancel will be provided to each borrower on refinance transactions.
4. The Board of Directors may, at its discretion, elect not to implement an otherwise-permitted rate increase.
5. There are no limitations on the number of advances per quarter or per year.
6. The bank’s indirect HELOC portfolio will be managed in accordance with the concentration risk policy.
7. The bank values selective relationships with third-party originators and will generally not limit portfolio concentration at any one originator. However, the LRC may limit future purchases based on submission quality.
8. All participating third-party originators will sign a Sales Contract and Originator Agreement.
9. The bank’s rates, terms, and reserve paid to the originator will be established in writing with each originator.
10. All indirect loans will be reviewed and processed in accordance with bank underwriting guidelines and identified by credit tier and originator for reporting purposes.
11. The bank will not extend credit unless it holds a first or second lien position.

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