Open-End Mortgage


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Open-End Mortgage

A mortgage that allows the borrowing of additional sums, often on the condition that a stated ratio of collateral value to the debt be maintained. A mortgage that provides for future advances on the mortgage and which so increases the amount of the mortgage.

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We urge you to immediately rescind all proposed changes in reporting thresholds for closed-end and open-end mortgage loans.
Lenders can essentially "hold their place" by recording an "open-end mortgage" that states a maximum future amount.
2954, which would increase the threshold that triggers HMDA disclosures to 1,000 closed-end and 2,000 open-end mortgages.