Texas agencies issue emergency guidance for home equity lenders

State Issues Covid-19 Texas Mortgages Consumer Credit Credit Union Home Equity Loans

On April 22, the Texas Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit and Credit Union Department issued revised home equity lending guidance related to making new loans or adjusting existing loans to facilitate recovery efforts. The agencies encouraged lenders to work with borrowers to assist recovery while providing guidance on how lenders can ensure they maintain a valid home equity lien.