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Residential Loan Application
LoanApplication.PDF
Also Known as the 1003. This document should be checked for clerical errors. Such as mis-spelling your name, clerical errors in date of birth, social security numbers and addresses. This document should be fully filled out with all your pertinent information.
Good Faith Estimate
GoodFaithEstimate.PDF
This is your closing cost and down payment worksheet. This provides you with an estimate of what charges you should incure during and at the time of closing. You should have recieved this form when shopping for a mortgage company and comparing fees. This document should be signed within three days of your application to be in compliance with federal law.
Truth in Lending Disclosure
TruthInLending.PDF
This form is to be signed at the time of your good faith estimate. It gives you the breakdown of what your total costs and interest add up to as a percentage of what you are borrowing. This is not an interest rate but considered a percentage rate. It does not affect your payment but instead shows you how much over the life of your loan you will spend in interest associated to your loan amount and interest rate.
Borrower's Certification and Authorization Agreement
BorrowerCert.PDF
This certification is acknowledging that you have given complete accurate information in reference to the purpose of the loan, the amount and source of down payment, employment and income information and that no misrepresentation has been made.
The authorization agreement states that you authorize the lending instution may verify any information listed on your application and in other documents in connection with your loan either before the loan closes or as a part of its quality control plan. It also authorizes the lending entity permission to transfer any information but not limited to employment history, income, asset, credit history and tax return information to its required counterparts.
Equal Credit Opportunity Act
ECOA.PDF
This document discloses that the lender may not discriminate against, race, religeon, sex, age, nation origin, or ancestry, or a lack there of.
RIght to recieve an appraisal
RightToAppraisal.PDF
It is standard operating procedure for the borrower to pay for the appraisal and for the lender to own that information as it's own. By law they have to give you a copy of this information for your records. The appraisal itself is owned by the lending instution directly.
Servicing Disclosure Statement
ServicingDisclosure.PDF
The lending entity is required to disclose to you how they operate. Are they a Mortgage Broker who acts as an intermediary to the wholesale lender. And that wholesale lender closes the loan in thier own name and the broker gets paid a fee. Is the lending entity a Mortgage Banker who closes the loan in thier name and then sales the servicing rights to the wholesale lender after you have made one maybe two mortgage payments to the mortgage banker. Or are they a retail lender who will close the loan in thier own name and not sell off the servicing rights but actually service your loan as well. This is important to know in the first few payments so mortgage payments arent sent to the wrong entity.
4506 form Tax return request form
4506T.PDF
Your loan may be subject to quality control blind audit. This is normal necesarry document that allows the lender to check and balance itself by pulling your tax returns before or even after your loan closing has occured to check for fraud.
Hazard Insurance Notice
DisclosureNotices.PDF
The lending entity is required to disclose to you what kind of home owners insurance coverage you are required to carry on your home and the amount of coverage. What forced place coverage will look like if you do not maintain homeowners insurance. If you are in a flood zone they will require flood insurance. Some lenders require Windstorm if you are in a windstorm area.
Flood Insurance Disclosure
FloodInsDisclosure.PDF
This document lets you know you are required to carry flood insurance if your home is in a flood zone.
Affidavit of Occupancy
This document tells you that you are applying for a owner occupied property and not an investment property, second home, seasonal home, or commercial property.
Anti-Coercion Statement
This document states you may get homeowner's insurance from any Insurance provider of your choice.
Fair Credit Reporting Act
An investagation will be made in your credit standing. The nature and the scope of the investagation will be provided to you upon written request within a reasonable amount of time. In the event a credit denial is made due to an unfavorable consumer credit report, you will be advised as to the consumer credit reporting agency making such the report and your right to request within sixty days the reason for the adverse action of denial.
The Right to Financial Privacy Act of 1978
For the Department of Veterans Affairs (va loans) and Housing and Urban Development (hud) they have the right to access any financial records held by IRS directly in relation to your mortgage application.
Credit Score Disclosure
CreditScore.PDF
By law the lending entity has to disclose your credit score to you. You may request a copy of the credit report pulled by the lending entity. Some will supply you with a copy some won't.
Mortgage Loan Origination Agreement
Origination.PDF
This document explains what fees exactly on your good faith estimate of total costs belong solely to the lending entity. This agreement also lets you know that once your loan is approved you may transfer your loan to another lending entity but a cost to you. The lending entity has a right at that point to charge you for the services they have already provided you with in approving your loan.
Patiot Act Information
PatriotAct.PDF
To help the government fight terrorist activity and money laundering activities, Federal law requires all lending entities to obtain, verify, and record information that identifies each individual in connection with a mortgage loan application.
Privacy Policy Disclosure
PrivacyPolicy.PDF
This document requires all lending entities to keep Ever piece of information in reference to your loan application completely private. They may not share any information in reference to your application with any person or person's not directly related to the loan.
Fha Amendatory Clause
AmendatoryClause.PDF
This document explains that if the property does not appraise for what the sales price is negotiated on the contract that the buyer is not obligated to complete the purchase of said property and shall not forfeit any said earnest money.
Assumptions of Fha Insured Mortgages
FhaAssumptions.PDF
The Department of Housing and Urban Developement has acted to keep investors and non-credit worthy purchasers from acquiring one to four family residences. Hud will therefor direct the lender to accelerate the fha insured mortgage loan if all or part of the property is sold to a purchaser who will not occupy the property as his or her personal residence. When a loan is accelerated, the entire balance is declared, "immediately due and payable".
Consumer Choice Disclosure
ConsumerChoices.PDF
This form compares the differences between Fha insured mortgages and comforming conventional loans in a side by side comparison. This comparison includes differences in down payment amounts, monthly mortgage insurance premium amounts and discloses the up front financed amount of mortgage insurance premium that is collected at time of closing in a percent form.
Fha For Your Protection Get a Home Inspection
ForYourProtection.PDF
This form basically states that the appraiser is not a liscenced plumber, roofer, foundation expert, electrician, ect. The sole duties of the appraiser to define property value not to make assumptions of defectiveness of the property. Ideally, the appraiser to protect the lending entities investment, the appraiser will make notations to the lending entity on damage associated to the property and will request that an expert in that specified field to give a report on the validity of the repair needed.
Fha Important Notice To Homebuyers
NoticeToHombuyers.PDF
This document notifies you of consequences to loan fraud and where to report loan fraud. It also explains that the Hud does not regulate discount points and interest rates associated to your loan transaction.
Va Loan Document Requirements
Request for Certificate of Eligibility
VaRequestForCert.PDF
This document requires you to disclose the dates of Military Service and any previous Va Loans you may have had. You also may disclose on this document if you have or had any Service Related Disabilities. If so, you may be eligible for Funding Fee Exemption. Funding Fees are explained under Mortgage Insurance Section
Va Debt Questionare
VaDebtQuestionare.PDF
Have you been obligated on any loan that has resulted in forclosure. This is in reference to any government backed student loans, Va Loans, back owed childsupport, or any monies owed to the government due to related Military Service.
Va Federal Collection Policy Notice
VaCollection.PDF
The Federal Government is authorized by law to take any and all of the following actions in the event the Va loan financed becomes delinquent or in default.
Your name and loan information will be reported to the credit bureaus.
Charges to cover additional administrative costs may be assessed to your loan balance.
Your account may be referred to a private collection agency.
Your salary or military service retirement may be offset.
Your debt may be referred to the Irs for offset of amounts you may owe.
Any written off debt may be referred to the Irs as taxable income.
Va Interest Rate and Discount Statement
VaRateDiscount.PDF
Va does not set the interest rate or discounts that may be charged in the association to your va loan financing.
Counseling Checklist for Military Borrowers
VaCounselilng.PDF
Failure on the part of the veteran serving active duty to disclose that he or she expects to leave the area within twelve months due to transfer orders may constitute "bad faith". If your loan forcloses due to "bad faith" you may be required to repay va for any loss incurred by Va. Va makes no garantees that the realestate being financed will continue to appreciate in value and any change in military orders that are permanent will not relieve you of making your mortgage payments. Letting the house go back to Va guaranty is not acceptable. Your Va loan may not be assumed by any other person without first approval through Va Guaranty.
Rights to Va Loan Borrowers
VaRights.PDF
You may assume your loan if va deems the purchasers credit worthiness. You have no prepayment penalty if you choose to pay your loan off early. Late charges are only assessed if the payment is over 15 days late.
Va Verification of Benefits
VaBenefits.PDF
This form discloses if you have any service related disabilities. If so you may qualify for funding fee exemption. Please reference mortgage insurance tab for more information on Va funding fees and how you can save.
Now if you are looking for any other forms or need more insight please contact me at:mailto:jenniferqualia@yahoo.com
I will be more than happy to discuss and add any other forms not listed here on this site.
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