The passage of an amendment to the Texas Constitution in November by voters has state regulatory authorities cautioning lenders against making home-equity loans for the first 12 days of 2018.
Proposition 2, which was passed by state voters by a 69-31 margin, changed the amount of fees which are able to be charged for home-equity loans; expanded the amount of lenders able to make loans to subsidiaries of banks, savings and loans and credit unions; expanded refinancing abilities and the availability of draws on a line-of-credit home-equity loan and allowed borrowers with agricultural exemptions to access home-equity loans in certain circumstances.
Read on for more about why state regulators are cautioning lenders against originating home-equity loans at the start of the year.
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