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Mortgage Loan Applications
When you apply for a mortgage loan, you are afforded the protection
of many federal regulations, including: Equal Credit Opportunity
Act, REG B, Home Mortgage Disclosure Act, REG C, Truth in Lending,
REG Z, the Fair Credit Reporting Act, the Fair Housing Act, the Real
Estate Settlement Procedures Act, the Home Ownership and Equity Protection
Act, and the Privacy Act.
The secure electronic application does not notify you of all
the protections you are afforded so we have made this preamble
to the Secured Loan Application with these statements.
If you choose to complete and send us the secured online application,
we will contact you to further explain what we will be doing and
provide a Good Faith Estimate of the costs of the loan and a Truth
in Lending statemtn disclosing the Annual Percentage Rate. We will
also provide information to you regarding the other regulations
so you will have the opportunity of reading and understanding them.
If you decide to download the PDF mortgage loan application so
you can complete and either mail or fax it to us, we will contact
you to further explain what we will be doing and provide a Good
Faith Estimate of the costs of the loan and a Truth in Lending
statement disclosing the Annual Percentage Rate. We will also provide
information to you regarding other regulations so you will have
the opportunity of reading and understanding them.
We thank you for your business.
Loan Document Authorization
Mortgage Broker Fee Disclosure
Loan Document Authorization
By continuing on to the mortgage application, you authorize your
Mortgage Broker or Escrow Agent to fill in spaces you left blank
in specified loan documents you are about to fill out or may have
already filled out.
Under state law you can give this authority, but you are not
required to do so.
You can refuse to sign any documents until all blanks are completely
filled in. Call us at 480-649-0288 if you do not wish us to fill
in blank spaces.
Mortgage Broker Fee Disclosure
You have applied to a mortgage broker for a residential mortgage
loan. The mortgage broker will submit your application for a residential
mortgage loan to a participating lender with which it from time to
time contracts upon such terms and conditions as you may request
or a lender may require. The lenders have asked that we furnish this
statement to you to clarify the role of mortgage brokers. This form
supplements other disclosures or agreements required by law that
you should receive from the mortgage broker concerning your loan
application.
SECTION 1: NATURE OF RELATIONSHIP. In connection with this mortgage
loan:
- The mortgage broker may be acting as an independent contractor
and not as your agent. If you are unsure of the nature of your
relationship, please ask the mortgage broker for clarification.
- The mortgage broker has entered into separate independent contractor
agreements with various lenders.
- While the mortgage broker seems to assist you in meeting your
financial needs, it does not distribute the products of all lenders
or investors in the market and cannot guarantee the lowest price
or best terms available in the market.
SECTION 2: THE MORTGAGE BROKER'S COMPENSATION. The lenders whose
loan products are distributed by the mortgage broker generally provide
their loan products to the mortgage broker at wholesale rate.
- The retail price a mortgage broker offers you - your interest
rate, local points and fees - will include the mortgage broker's
compensation.
- In some cases, the mortgage broker may be paid all of its compensation
by either you or the lender.
- Alternatively, the mortgage broker may be paid a portion of
its compensation by both you and the lender. For example, in
some cases, if you would rather pay a lower interest rate, you
may pay higher up-front points and fees.
- Also, in some cases, if you would rather pay less up-front,
you wish to have some or all of the mortgage broker's fees paid
directly by the lender, which will result in a higher interest
rate and higher monthly payments than you otherwise would be
required to pay.
- The mortgage broker may also be paid by the lender based on
(i) the value of the mortgage loan or the related servicing rights
in the market place or (ii) other services, goods or facilities
performed or provided by the mortgage broker to the lender.
You may work with the mortgage broker to select the method in which
it receives its compensation depending on your financial needs, subject
to the lender's program requirements and credit underwriting guidelines.
The amount of fees and charges that you pay in connection with
your loan will be estimated on your Good Faith Estimate. The final
amounts will be disclosed on your HUD-1 Settlement Statement.
By continuing to the mortgage application, you acknowledge that
you have read and understand this document.
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