Mortgage Loan Disclosures in Addition to Loan Estimate and Closing Disclosure
Mortgage Loan Disclosure Sample Documents click here
RIGHT T0 RECEIVE APPRAISAL
You have the right to a copy of the appraisal report used in connection with your application for credit. If you wish a copy, please write to us at the following address:
(Lender’s Address) We must hear from you no later than 90 days after we notify you about the action taken on your credit application or you withdraw your application. In your letter provide us with the property address and the address where you want the appraisal mailed.
NOTICE REQUIRED UNDER THE FAIR CREDIT REPORTING ACT
In compliance with the fair credit reporting act, we are informing you of you that a factual data credit report prepared by a consumer reporting agency will be obtained on all applicants. You have the right to make a written request within a reasonable amount of time after you receive this notice, for an additional copy of the nature and scope of the investigation requested.
NOTICE REQUIRED UNDER THE EQUAL CREDIT OPPORTUNITY ACT
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant’s income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is Consumer Activities Division, Office of the Comptroller of the Currency, Washington, D.C. 20219.
An approval of a loan is based upon employment, income and obligations shown on the loan application. At closing, the applicant is required to execute a sworn statement affirming employment status as shown in the application and that outstanding obligations are substantially similar to those shown in the application. Should a change occur in your employment or financial status prior to loan closing, immediately notify your loan officer, as it will be necessary to obtain approval of any changes.
The insurance laws of this state provide that the lender may not require the applicant(s) to take insurance through any specific agent or company to protect the mortgaged property. The applicant(s), subject to the rules adopted by the Insurance Commissioner has the right to have the insurance placed with an insurance agent or company of his/her choice, provided the company meets the requirement of the lender. The lender has the right to designate reasonable financial requirements as to the company and the adequacy of the coverage.
I have read the foregoing statement or the rules of the Insurance Commissioner relative thereto, and understand my rights and privileges and those of the lender relative to the placing of such insurance.
I have selected:
Insurance Company Name Agent
Agents Address Agents Phone Number
FLOOD INSURANCE NOTIFICATION
I/We acknowledge that I/we have been advised that flood insurance may or may not be required on the above described property. I/We understand that I/we will be required to purchase a flood insurance policy prior to loan closing if the property is located in a flood hazard area. IMPORTANT: Please notify your insurance agent that the “loss payee” clause for both the hazard and flood insurance must read as follows: initials
Lender’s name and address
AFFIDAVIT OF OCCUPANCY
The applicants(s) hereby certifies and acknowledges the property for which they are requesting a mortgage loan is to be used for the following purpose: initials
Primary Residence-To be occupied by applicants(s) within 30 days of closing
Secondary Residence-To be occupied by applicant(s) at least 15 days annually.
Investment Property- To be rented.
Homeowners Guide to Settlement Costs:
The undersigned applicant(s) certify that they have been furnished with the “Homeowner’s Guide to Settlement Costs" on this date.
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