***These are only to be done by the Manager or MEO***

HELOC Review Procedures

1. Review opening date of HELOC to see if eligible for a draw period renewal (if not eligible for a renewal go to step 6)
2. Pull and review credit of borrowers on the loan
3. Look up values from county and Zillow-calculate LTV
4. If current credit and LTV’s are acceptable then renew draw period. Update the draw period for the appropriate time based on the terms of their credit agreement. (generally 3-5 years)
5. If current credit and/or LTV are not acceptable let draw period expire.
6. Complete and send the Notice of Credit Union Action form to member to inform them of either a renewal or expiration of draw period.
7. Scan copy of Notice of Credit Union Action form to Laserfiche under the appropriate loan suffix.   

LOC Review Procedures

1. Pull and review credit of borrowers on the loan
2. If current credit is acceptable the renew draw period.  Update the draw period for the appropriate time. Draw period is generally 3 years unless a decision is made to review again at an earlier date.
3. If credit is not acceptable then let draw period expire and send an Adverse Action to member with reason for decision.
4. Scan Adverse Action to Laserfiche under the appropriate loan suffix.