LOANLINER. First Mortgage Documents User Guide. State-Based Documents RXUG51

Transcription

1 LOANLINER First Mortgage Documents User Guide State-Based Documents RXUG51

2 Disclaimer: This guide is distributed to provide general information about the subject matter covered. It should not be substituted for professional advice in specific situations. CUNA Mutual Group does not represent or warrant the fitness or suitability of any LOANLINER First Mortgage Document for any specific purpose. Competent First Mortgage lending personnel with experience in making the type of first mortgage loans that will be documented with these forms should thoroughly review each loan document and determine its suitability for use for a specific loan transaction. In addition, all documents should be thoroughly reviewed to identify any inconsistencies with your credit union s policies and procedures. CUNA Mutual cannot provide legal advice. If you have questions related to specific loan transactions, please consult your attorney.

3 Contents Introduction... 1 California... 3 California Holden Act Fair Lending Notice... 3 California Impound Disclosure/Waiver... 7 California Insurance Notices California Notice to Applicant of No Title Insurance California Private Mortgage Cancellation Disclosure California Registered Domestic Partners California Waiver of Limitation on Per Diem Interest Accrual Connecticut Connecticut Notice of Right to Counsel Connecticut Notice Required by Connecticut Law Connecticut Bridge Loan Disclosure District of Columbia District of Columbia Notice Regarding Your Right to Pay Taxes and Insurance Directly Florida Florida Insurance Anti-Coercion Statement for Real or Personal Property Florida Title Insurance Disclosure Iowa Iowa Oral Modification Disclosure Iowa Payment Reduction Fee Disclosure Maine Maine Right to Choice of Insurance Agent Contents i

4 Maine Partially Amortizing Loan Disclosure Maine Adjustable-Featured Loan Disclosure Maine Rate Lock Disclosure Maine Qualification for Fully Amortizing Loan Maryland Maryland Affidavit of Consideration Non-Purchase Money Maryland Affidavit of Consideration and Disbursement Purchase Money Maryland Affidavit of Principal Residence Maryland Affidavit of Refinance of Principal Residence Maryland Delivery of Net Proceeds Maryland Lender Attorney s Fee Certification Maryland Montgomery County Property Addendum Maryland Notice to First Mortgage Applicants Maryland Refinance Affidavit--(Frederick County, MD) Maryland Right to Rescind Purchase Contract Maryland Land Instrument Intake Sheet Massachusetts Massachusetts Mortgage Review Letter Massachusetts Notice of Right to Counsel Michigan Michigan Borrower s Bill of Rights Michigan Counseling Notice Minnesota Minnesota Notice of Right to Discontinue Escrow New Jersey New Jersey Attorney Disclosure ii Contents

5 New Mexico New Mexico Freedom to Choose Insurance Company and Insurance Professional New York New York Preapplication Disclosure New York Interest Rate Determination New York Credit Report Notice New York Hazard Insurance Disclosure New York Insurance Disclosure NY Banking Law New York Guaranteed Refinancing Balloon Preapplication Disclosure New York Straight Balloon Preapplication Disclosure New York Commitment Letter Interest Rate Lock New York Prevailing Rate Commitment New York Notice of Expiration of Commitment Period New York Notice of Expiration of Lock-In Period New York Balloon Disclosures for the Note New York Real Property Insurance Escrow Disclosure Ohio Notice to Ohio Applicants Oklahoma Oklahoma Title Protection Act Notice Oregon Oregon Escrow Disclosure Rhode Island Rhode Island Loan Application Disclosure Contents iii

6 South Carolina South Carolina Attorney/Insurance Preference Check List Notice to Cosigner Tennessee Tennessee Placement of Insurance Texas Texas Mortgage Fraud Notice Texas Notice to Borrower Texas Acknowledgment of Fair Market Value Utah Utah Deposit and Servicing Disclosure Notice Utah Initial Servicer Disclosure Statement Vermont Vermont Authorization to Obtain Credit Report Vermont Addendum to Residential Mortgage Loan Application Virginia Virginia First Mortgage Application Disclosure Washington Washington Waiver of Document Copies Prior to Loan Closing Wisconsin Wisconsin Escrow Notice Wisconsin Explanation of Personal Obligation Wisconsin Preapplication Fee Disclosure Wyoming Wyoming Notice of Required Insurance iv Contents

7 Introduction Welcome to the LOANLINER First Mortgage Documents User Guide. This User Guide will help you process documents for First Mortgage loans from the following document groupings: Origination Documents Processing Documents Closing Documents Post-Closing Documents State-Based Notices and Disclosures (this User Guide) You can use our First Mortgage Documents product line to supplement your mortgage lending operations document needs. LOANLINER s First Mortgage Documents were designed from Fannie Mae (FNMA) documents. State-specific versions of FNMA documents are available from LOANLINER as well. Notary acknowledgements are included with our Security Instruments so filing of documents is a snap. LOANLINER s First Mortgage Documents are available in electronic PDF format. With LOANLINER you can rest assured that every document when completed in accordance with the instructions provided in this guide is compliant with federal and state regulations and standards. Service and Support The LOANLINER Program has been part of credit unions lending success for well over two decades and is currently being used by nearly 7,000 credit unions. Our work with these credit unions has helped us develop a high degree of lending and deposit operation and compliance expertise. You will have direct access to this expertise via any of the channels described below. LOANLINER Resource Center. Providing you with 24x7 access to the resources you ll need to fully utilize your LOANLINER First Mortgage Documents. The resource center includes elearning Modules, document samples, User Guides, answers to frequently asked questions, featured articles, and other helpful tools. This resource center is available only to LOANLINER customers. To request access go to Compliance updates are distributed through the Lending Resource Center. There is also an archive of past updates. LOANLINER Documents User Guides. We strongly recommend that all credit unions review the LOANLINER First Mortgage Documents User Guide for important document usage information and statespecific language that is recommended for certain loan documents. These User Guides can be found in the LOANLINER Lending Resource Center. LOANLINER Customer Service. Providing you with assistance in ordering documents, checking the status of your order, or billing questions. Call , Option 1 or [email protected]. LOANLINER Compliance Support. Providing you with assistance in selecting documents as well as answers to your compliance, document usage, and operational questions. Call , Option 2 or [email protected]. First Mortgage Documents User Guide 1

8 Your CUNA Mutual Representative. Call your CUNA Mutual Group Account Representative at for more information. Using this Guide This User Guide provides the basics on the purpose and use of the LOANLINER First Mortgage Documents. You can download the current User Guide from the LOANLINERP PLending Resource Center. This User Guide is intended to be used as: A learning tool to learn the LOANLINERP First Mortgage Documents Program. A reference tool once you begin using the documents on a regular basis. A supplement to credit union training activities related to first mortgages. If you need detailed assistance, you can rely on your local CUNA Mutual representative or the LOANLINER Compliance staff for expert help on using any of the First Mortgage Documents. Or contact your local CUNA Mutual representative for more information on CUNA Mutual. The User Guide was designed to make it easy for you to reference each document. Each chapter provides the following information for each document: Document Description Document Sample Document Instructions 2 CUNA Mutual Group

9 California Holden Act Fair Lending Notice California s Holden Act requires every financial institution to post a copy of the Fair Lending Notice in a conspicuous place at the institution. A Fair Lending Notice must also be given to a loan applicant when a written loan application is submitted in connection with a loan to be secured by improved or unimproved real property that (1) is used or is intended to be used as a residence, (2) is or will be occupied by the owner, and (3) contains not more than four dwelling units. The loan applicant must be given a copy. The Fair Lending Notice informs loan applicants that financial institutions are prohibited from discriminating on the basis of race, color, religion, sex, marital status, national origin, or ancestry when considering applications for real estate loans. Discrimination based on trends, characteristics, or conditions in the neighborhood is also prohibited. Document Description When used Purpose Document number Imprinting Number of pages The California Holden Act Fair Lending Notice is used when an applicant submits a written application for a first mortgage loan. The Fair Lending Notice informs the applicant of the prohibition against discrimination in first mortgage lending and provides addresses where additional information may be requested or complaints filed. ECA10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 3

10 California Holden Act Fair Lending Notice Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Anti- Discrimination Details. 2. Contacts for Filing Complaints or Requesting Information. 3. Acknowledgment of Receipt. 4 CUNA Mutual Group

11 California Holden Act Fair Lending Notice Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Anti-Discrimination Details. This section informs the applicant that lending institutions may not discriminate on the basis of race, color, religion, sex, marital status, national origin, or ancestry, or on the basis of neighborhood trends or characteristics, when considering applications for real estate loans. 2. Contacts for Filing Complaints or Requesting Information. This section informs the applicant for a first mortgage loan where additional information regarding discrimination can be obtained and where complaints regarding discrimination can be filed. 3. Acknowledgment of Receipt. Each applicant should sign and date the Fair Lending Notice. First Mortgage Documents User Guide 5

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13 California Impound Disclosure/Waiver An escrow account is known in California as an impound account. The Impound Disclosure/Waiver provides notification to the borrower of whether an Impound Account for property taxes, insurance premiums, or other purposes is required as a condition of the loan. If an Impound Account is not required by the lender, the Impound Disclosure/Waiver provides a means for the borrower to elect to establish an Impound Account for convenience. In California, a lender may not require an impound account for property taxes, insurance premiums or other purposes relating to the real property if the property contains only a single-family, owner-occupied dwelling. Exceptions to this rule are: 1. where the impound is required by state or federal regulatory authority; 2. where a loan is made, guaranteed, or insured by a state or federal governmental lending or insuring agency; 3. if the borrower fails to pay two consecutive tax installments on the property prior to the delinquency date for the tax payments; 4. where the original principal loan amount is 90% or more of the sale price (if the property involved is sold) or of the appraised value of the property securing the loan; and 5. whenever the combined principal amount of all loans secured by the real property exceeds 80% of the appraised value of the real property securing the loan. For loans secured by other than a single-family, owner-occupied dwelling, or under the specific circumstances described above, the lender may require an impound account provided it is mutually agreed to by the parties to the loan and, if prior to the execution of the loan documents, the lender has furnished the borrower with a statement in writing to the effect that the establishment of the impound account is not required as a condition to the closing of the loan and further stating whether or not interest will be paid on the funds in the impound account. Document Description When used Purpose Document number Imprinting Number of pages The Impound Disclosure/Waiver is used when borrowers are required to have an impound account and when borrowers who are not required to have an impound account wish to have one established for convenience. The Impound Disclosure/Waiver document informs the borrower of the requirement to have an impound account OR allows the borrower to choose to establish an impound account when it is not required. RCA20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 7

14 California Impound Disclosure/Waiver Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Property Address. 3. Disclosure Notice. 4. Mandatory Impound Account checkbox. 5. Impound Account Waiver checkbox. 6. Signature(s) of Borrower(s). 8 CUNA Mutual Group

15 California Impound Disclosure/Waiver Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Borrower(s). This section provides a place to record each borrower s name. The name of the borrower must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Disclosure Notice. This section informs the borrower regarding requirements for an impound account. 4. Mandatory Impound Account checkbox. Check this box if an Impound Account is required. 5. Impound Account Waiver checkbox. Check this box if an Impound Account is not required but the borrower wishes to establish an Impound Account for convenience. Enter the interest rate to be paid to the borrower on amounts retained in the Impact Account as a percentage. 6. Signature(s) of Borrower(s). This section provides a place for each borrower to sign and date the California Impound Disclosure/Waiver. First Mortgage Documents User Guide 9

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17 California Insurance Notices The California Insurance Notices provide information to the borrower regarding the requirement to obtain hazard insurance against risks to improvements on real property (Hazard Insurance Notice) and the borrower s right to select the insurance company or broker from which insurance will be purchased (Choice of Insurance Notice). The Hazard Insurance Notice informs the borrower that the lender cannot require the borrower to purchase hazard insurance coverage against risks to the improvements on the real property in an amount exceeding the replacement value of those improvements. Hazard insurance coverage means insurance against losses caused by perils which are commonly covered in policies described as a Homeowner s Policy, General Property Form, Guaranteed Replacement Cost Insurance, Special Building Form, Standard Fire, Standard Fire with Extended Coverage, Standard Fire with Special Form Endorsement, or comparable insurance coverage to protect the real property against loss or damage. The Choice of Insurance Notice informs the borrower that the lender cannot require the borrower to negotiate any insurance or renewal of insurance covering the secured property through a particular insurance agent or broker. Document Description When used Purpose A lender must disclose the Hazard Insurance Notice and the Choice of Insurance Notice to a borrower in writing as soon as practicable, but before execution of any note or security documents. This document discloses to the borrower two Insurance Notices: the Hazard Insurance Notice and the Choice of Insurance Notice. The Hazard Insurance Notice informs the borrower that the lender shall not require the borrower to provide hazard insurance coverage against risks to the improvements on the real property in an amount exceeding the replacement value of those improvements. The Choice of Insurance Notice informs the borrower that the lender cannot require the borrower to negotiate any insurance or renewal thereof covering the secured property through a particular insurance agent or broker. Document number Imprinting Number of pages RCA30* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 11

18 California Insurance Notices Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Property Address. 3. Insurance Notices. 4. Acknowledgment of Receipt. 12 CUNA Mutual Group

19 California Insurance Notices Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Borrower(s). This section provides a place to record each borrower s name. The name and address of the borrower(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Insurance Notices. This section contains notices for the borrower regarding property insurance. Hazard Insurance Notice: This section informs the borrower that the lender cannot require the borrower to obtain hazard insurance in an amount greater than the value of the improvements on the real property. Choice of Insurance: This section informs the borrower of the right to choose the insurance agent or broker for property insurance. 4. Acknowledgment of Receipt. The borrower(s) should sign and date the California Insurance Notices. First Mortgage Documents User Guide 13

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21 California Notice to Applicant of No Title Insurance In an escrow transaction for the purchase or simultaneous exchange of real property, where a policy of title insurance will not be issued to the buyer or to the parties to the exchange, the borrower must be advised in a separate document that a new policy of title insurance should be obtained. This Notice should be provided to the borrower prior to the closing and should be signed and dated by the borrower to acknowledge receipt of the notice. This notice applies when there is a purchase or exchange of property. Document Description When used Purpose Document number Imprinting Number of pages The California Notice to Applicant of No Title Insurance is used when there is a purchase or exchange of real property and a title insurance policy will not be issued to the buyer or to the parties to the exchange. The California Notice to Applicant of No Title Insurance informs the borrower that it is advisable to obtain title insurance to ensure the borrower s interest in the property. RCA40* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 15

22 California Notice to Applicant of No Title Insurance Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice of No Title Insurance. Acknowledgment of Receipt. 16 CUNA Mutual Group

23 California Notice to Applicant of No Title Insurance Page One Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name and address. 2. Property Address. This section provides a place to record the address of the property for which the loan is being sought. 3. Notice of No Title Insurance. This section advises the borrower to obtain title insurance to ensure interest in the property being acquired. 4. Acknowledgment of Receipt. Each applicant should sign and date the California Notice to Applicant of No Title Insurance. First Mortgage Documents User Guide 17

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25 California Private Mortgage Cancellation Disclosure If private mortgage insurance (PMI) is required as a condition of a loan secured by a Security Instrument (Mortgage/Deed of Trust) on real property, the lender or person making or arranging the loan must notify the borrower whether the borrower has a right to cancel the insurance. If the borrower has the right to cancel, the lender must notify the borrower in writing of the following: 1. Any identifying loan or insurance information necessary to permit the borrower to communicate with the insurer or the lender concerning the insurance. 2. The conditions that must be satisfied before the PMI can be cancelled. 3. The procedure the borrower is required to follow to cancel the private mortgage insurance. The notice required above must be given to the borrower no later than 30 days after the date of closing. Document Description When used Purpose Document number Imprinting Number of pages Special notes The California Private Mortgage Cancellation Disclosure is used when private mortgage insurance is required by the lender as a condition of securing the loan. The California Private Mortgage Cancellation Disclosure informs the borrower of the conditions that must be met in order for cancellation of private mortgage insurance to occur and provides information to the borrower on how to initiate the request to cancel the insurance. RCA60* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. Two If a statute, regulation, rule or written guideline promulgated by an institutional third party specifically prohibits cancellation during the term of the indebtedness, the borrower cannot terminate PMI. First Mortgage Documents User Guide 19

26 California Private Mortgage Cancellation Disclosure Page One Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Borrower(s). 2. Property Address. 3. Date. 4. Lender Contact Information. 5. Notices to the Borrower. 20 CUNA Mutual Group

27 California Private Mortgage Cancellation Disclosure Page One Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property for which the loan is being sought. 3. Date. Enter the current date. 4. Lender Contact Information. This section provides a place to enter the lender name and address to which the borrower can send a request for cancellation of private mortgage insurance. 5. Notices to the Borrower. This section informs the borrower of the minimum requirements for cancellation of private mortgage insurance. A borrower has the right to terminate private mortgage insurance if all of the following conditions are met. The request to cancel private mortgage insurance is in writing. The origination date of the note is at least two years prior to the date of the request. The note is for personal, family or household purposes, or purchase-money purposes, secured by a deed of trust or mortgage on owner-occupied, one-to-four unit residential real property. The unpaid principal balance owed on the secured obligation is not more than 80% (unless borrower and lender agree to a higher loan to value ratio) of either the sale price at the origination date, provided the current fair market value of the property is equal to or greater than the original appraised value, or the current fair market value of the property as determined by an appraisal paid for by the borrower. The appraisal shall be ordered and the appraiser shall be selected by the lender or servicer. The borrower is current in payments and shall not have been in default more than 30 days past due during the 24-month period immediately preceding the request, and no notice of default has been recorded against the property as a result of a nonmonetary default during the 24-month period. First Mortgage Documents User Guide 21

28 California Private Mortgage Cancellation Disclosure Page Two Sample Use the numbers provided to locate the corresponding instructions on the next page. 6. Acknowledgment of Receipt. 22 CUNA Mutual Group

29 California Private Mortgage Cancellation Disclosure Page Two Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. Acknowledgment of Receipt. Each borrower should sign and date the California Private Mortgage Cancellation Disclosure. First Mortgage Documents User Guide 23

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31 California Registered Domestic Partners Under California s Domestic Partnership law, registered domestic partners (persons of same sex, or persons of opposite sex over age 62) have the same rights as married persons. A lender is obligated to inquire about whether an applicant for a loan has registered a Domestic Partnership in California for the purpose of giving a Security Instrument (Mortgage/Deed of Trust) on the real property to secure the loan. The California Registered Domestic Partners form is not a required form, but is provided as a means of inquiry as to whether the joint applicants are domestic partners. The form provides information regarding the definition of a domestic partnership and the rights and obligations of the non-borrowing partner. Document Description When used Purpose Document number Imprinting Number of pages The California Registered Domestic Partners document is used when a California resident applies for a first mortgage loan. The California Registered Domestic Partners document is used to obtain information regarding the domestic partner status of the loan applicant, and to inform the loan applicant of the rights and obligations of the registered domestic partners when real property is used to secure a loan. RCA10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 25

32 California Registered Domestic Partners Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name and Address of Applicant. 2. Property Address. 3. Domestic Partner Notice. 4. Applicant s Domestic Partnership Status. 5. Name of Applicant s Domestic Partner. 6. Signature of Applicant. 26 CUNA Mutual Group

33 California Registered Domestic Partners Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant. This section provides a place to record applicant s name and address. 2. Property Address. This section provides a place to record the address of the property for which the loan is being sought. 3. Domestic Partner Notice. This section informs the applicant of the definition of a domestic partnership in the State of California, legal unions in other jurisdictions that are recognized in California as valid domestic partnerships, the community property interests of the non-borrowing registered domestic partner, and the requirement that the non-borrowing domestic partner must also sign the Security Instrument (Mortgage/Deed of Trust) and addendums or riders pertaining to those instruments that secure payment of the loan. 4. Applicant s Domestic Partnership Status. This section provides a place for the applicant to declare his/her current domestic partnership status. The applicant should check the appropriate checkbox. 5. Name of Applicant s Domestic Partner. The applicant should print the full legal name of his/her registered domestic partner. 6. Signature of Applicant. The applicant should sign and date the California Registered Domestic Partners document. First Mortgage Documents User Guide 27

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35 California Waiver of Limitation on Per Diem Interest Accrual In California, a loan may be placed in escrow for a period of time after closing and before funds are disbursed. Thus, there are regulations regarding additional interest accuring on the loan for that period of time. The California Waiver of Limitation on Per Diem Interest Accrual allows the lender to collect additional interest during that time period under certain conditions. The California Waiver of Limitation on Per Diem Interest Accrual informs the applicant of the conditions under which additional interest may accrue and also informs the applicant when interest is not required. This disclosure must be acknowledged by the applicant by signing a copy of the disclosure document prior to placing funds in escrow. Document Description When used The California Waiver of Limitation on Per Diem Interest Accrual allows the lender to collect additional interest after closing and before funds are disbursed under certain conditions. Purpose Document number Imprinting Number of pages The California Waiver of Limitation on Per Diem Interest Accrual informs the applicant of the conditions under which additional interest may accrue after closing but before funds are disbursed, and also informs the applicant when interest is not required. RCA50* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 29

36 California Waiver of Limitation on Per Diem Interest Accrual Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice. 4. Signature(s) of Applicant(s). 5. Certification. 30 CUNA Mutual Group

37 California Waiver of Limitation on Per Diem Interest Accrual Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. The name of the applicant must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Notice. This sections informs the applicant of when additional interest can be charged by the lender after the date of closing but before funds are disbursed. 4. Signature(s) of Applicant(s). This section provides a place for each applicant to sign and date the California Waiver of Limitation on Per Diem Interest Accrual. Enter the amount of additional interest, if applicable. 5. Certification. These lines provide a place for the escrow officer to sign and date the California Waiver of Limitation on Per Diem Interest Accrual. First Mortgage Documents User Guide 31

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39 Connecticut Notice of Right to Counsel The Connecticut Notice of Right to Counsel must be given at the time the lender receives a mortgage loan application. The notice must be in plain, simple English and must be signed by the applicant to acknowledge receipt. Document Description When used Purpose Document number Imprinting Number of pages The Connecticut Notice of Right to Counsel must be provided at the time or within three (3) days of the lender receiving a mortgage loan application. The Connecticut Notice of Right to Counsel is required by Section 49-6d of the Connecticut General statutes and informs the application of their rights to counsel. RCT10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 33

40 Connecticut Notice of Right to Counsel Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 34 CUNA Mutual Group

41 Connecticut Notice of Right to Counsel Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the applicant of their rights to counsel. 4. Acknowledgment of Receipt. The applicant(s) should sign and date the Connecticut Notice of Right to Counsel. First Mortgage Documents User Guide 35

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43 Connecticut Notice Required by Connecticut Law The Connecticut Notice Required by Connecticut Law should include a description of the purpose of the mortgage insurance, if mortgage insurance is required as a condition of the loan and indicate the cost of mortgage insurance is disclosed on the Good Faith Estimate. Document Description When used Purpose Document number Imprinting Number of pages The Notice must be provided to the first mortgage applicant at time of application. The Notice discloses that the first mortgage lender will either require a first mortgage loan applicant to pay for private mortgage insurance, or will charge the applicant a high interest rate that would apply if the applicant s loan to value is greater than 80%. RCT20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 37

44 Connecticut Notice Required by Connecticut Law Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Acknowledgment of Receipt. 38 CUNA Mutual Group

45 Connecticut Notice Required by Connecticut Law Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant of details on private mortgage insurance. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Notice Required by Connecticut Law. First Mortgage Documents User Guide 39

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47 Connecticut Bridge Loan Disclosure The Connecticut Bridge Loan Disclosure needs to be given only if your credit union does not offer bridge loans. Pursuant to Conn. Gen. Stat. Section 49-6a the bridge loan disclosure must be in plain, simple English and must be signed by the applicant to acknowledge receipt. Document Description When used Purpose Document number Imprinting Number of pages The Disclosure must be given to a first mortgage applicant at time of application. The Disclosure is used by first mortgage lender s who do not generally offer interim financing (bridge loans).. RCT30* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 41

48 Connecticut Bridge Loan Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 42 CUNA Mutual Group

49 Connecticut Bridge Loan Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the applicant(s) that the credit union does not provide bridge loans. 4. Acknowledgment of Receipt. The applicant(s) should sign and date the Connecticut Bridge Loan Disclosure. First Mortgage Documents User Guide 43

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51 District of Columbia Notice Regarding Your Right to Pay Taxes and Insurance Directly The District of Columbia Notice Regarding Your Right to Pay Taxes and Insurance Directly, notifies the borrower(s) of the instances that allow tax and premium payment directly from the borrower. Document Description When used Purpose Document number Imprinting Number of pages The notice is given to the borrowers at time of closing. The disclosure is used to inform the borrower(s) that if certain down payment percent or equity is met, then they have the right to pay their own taxes and insurance premiums. RDC10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 45

52 District of Columbia Notice Regarding Your Right to Pay Taxes and Insurance Directly Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Notice. 3. Acknowledgment of Receipt. 46 CUNA Mutual Group

53 District of Columbia Notice Regarding Your Right to Pay Taxes and Insurance Directly Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Borrower(s). This section provides a place to record each borrower s name. The name and address of the borrower(s) must be printed/typed in this area. 2. Notice. This section informs the borrower that the borrower is not required to make advance payments of taxes and insurance if certain conditions are met. 3. Acknowledgment of Receipt. The borrower(s) should sign and date the District of Columbia Notice Regarding Your Right to Pay Taxes and Insurance Directly. First Mortgage Documents User Guide 47

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55 Florida Insurance Anti-Coercion Statement for Real or Personal Property The Florida Insurance Anti-Coercion Statement for Real or Personal Property informs the applicant that the Lender may not require the applicant to take insurance through any particular insurance agent or company to protect the mortgaged property. The notice must be provided prior to the acceptance of an application for a mortgage loan or payment of any fees or costs by the applicant. This notice is customarily given to the prospective applicant along with the loan application form. If the loan application is taken over the telephone, the notice should be mailed to the applicant immediately thereafter. The disclosure must be in writing and signed by the applicant. The lender should provide two copies, one to retain in the loan file and a signed copy for the applicant. Document Description When used Purpose Document number Imprinting Number of pages The Florida Insurance Anti-Coercion Statement for Real or Personal Property must be provided to the applicant prior to the acceptance of an application by the lender or payment of any fees or costs by the applicant. The notice must be given at the time of application, but it may not actually be completed and signed until closing. The purpose of the Florida Insurance Anti-Coercion Statement or Real and Personal Property is to inform the applicant of the right to place insurance with the agent or company of his/her choice, provided the selected insurance company meets the requirements of the lender. RFL10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 49

56 Florida Insurance Anti-Coercion Statement for Real or Personal Property Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Insurance Notice. 4. Insurance Company Information. 5. Acknowledgment of Receipt. 50 CUNA Mutual Group

57 Florida Insurance Anti-Coercion Statement for Real or Personal Property Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Insurance Notice. This section informs the applicant of the right to choose an agent or company for obtaining property insurance. 4. Insurance Company Information. Enter the name of the selected insurance company. Enter the address of the insured property. 5. Acknowledgment of Receipt. The applicant(s) should sign and date the Florida Anti-Coercion Statement for Real or Personal Property. First Mortgage Documents User Guide 51

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59 Florida Title Insurance Disclosure This disclosure must be given if the lenders are mortgagees whose interests in borrowers real property are protected by title insurance policies that do not protect the borrowers interests. This disclosure serves to inform the borrower that the borrower is not protected by the title policy of the lender. The disclosure must be made in writing and signed by the borrower. Document Description When used Purpose Document number Imprinting Number of pages The Florida Title Insurance Disclosure is used at the time of the closing of a first mortgage loan. This disclosure serves to inform the borrower that the borrower is not protected by the title insurance policy of the lender. RFL20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 53

60 Florida Title Insurance Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Property Address. 3. Title Insurance Notice. 4. Acknowledgment of Receipt. 54 CUNA Mutual Group

61 Florida Title Insurance Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Borrower(s). This section provides a place to record each borrower s name. The name and address of the borrower(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Title Insurance Notice. This section informs the borrower that the borrower is not protected by the title insurance policy of the lender. 4. Acknowledgment of Receipt. The borrower(s) should sign and date the Florida Title Insurance Disclosure. First Mortgage Documents User Guide 55

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63 Iowa Oral Modification Disclosure The Iowa Oral Modification Disclosure is provided in statute (8) and states that, unless otherwise expressly agreed in writing, a modification of a credit agreement that occurs after the person asserting the modification has been notified in writing that oral or implied modifications are unenforceable and should not be relied upon, is not enforceable in contract law by way of action or defense by any party unless a writing exists containing the material terms of the modification and is signed by the party against whom enforcement is sought. Document Description When used Purpose Document number Imprinting Number of pages The notice is given in connection with closed end consumer purpose loans greater than $2,000 per Iowa Code (8). The purpose of this disclosure is to protect the creditor against a claim that there has been an oral modification of written loan terms. RIA10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 57

64 Iowa Oral Modification Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 58 CUNA Mutual Group

65 Iowa Oral Modification Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Borrower(s). This section provides a place to record each borrower s name. The name and address of the borrower(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the borrower that only terms in writing are enforceable. 4. Acknowledgment of Receipt. The borrower(s) should sign and date the Iowa Oral Modification Disclosure. First Mortgage Documents User Guide 59

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67 Iowa Payment Reduction Fee Disclosure The Iowa Payment Reduction Fee Disclosure allows a fee authorized by Iowa Code that lenders may offer in exchange for the payment of an interest reduction fee to make a loan on all of the same terms except at a lower interest rate, with lower payments that results from the lower interest rate. Document Description When used Purpose Document number Imprinting Number of pages The disclosure is used prior to accepting an application for a loan that includes a payment reduction fee. The disclosure identifies that a fee was paid by the borrower to receive a lower interest rate. RIA20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 61

68 Iowa Payment Reduction Fee Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 62 CUNA Mutual Group

69 Iowa Payment Reduction Fee Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the applicant with a good faith example that shows the amount of the payment reduction fee and the reduction in payments which result from the payment of this fee. 4. Acknowledgment of Receipt. The applicant(s) should sign and date the Iowa Payment Reduction Fee Disclosure. First Mortgage Documents User Guide 63

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71 Maine Right to Choice of Insurance Agent The Maine Right to Choice of Insurance Agent allows the lender to inform the borrower that obtaining insurance products from a particular agent or broker does not affect credit decisions by the lender regarding the borrower, with certain exceptions. Document Description When used Purpose Document number Imprinting Number of pages The notice must be provided at the time of application for the loan or at the outset of negotiations regarding the loan. The purpose of the notice is to have the lender inform the borrower of their right of free choice in the selection of the agent and insurer through or by which the insurance is placed, including the right to choose an agent or broker whether or not that agent or broker is affiliated with the lender. RME10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 65

72 Maine Right to Choice of Insurance Agent Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s), Address, and Property Address. 2. Notice. 3. Acknowledgement of Receipt. 66 CUNA Mutual Group

73 Maine Right to Choice of Insurance Agent Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant that they may select an insurance agent regardless of affiliation with Lender. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Maine Right to Choice of Insurance Agent. First Mortgage Documents User Guide 67

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75 Maine Partially Amortizing Loan Disclosure The Maine Partially Amortizing Loan Disclosure points out that if you make only the minimum payments, the loan will not be repaid in full on the maturity date. The final payment may be substantially more than the regular payments. Document Description When used Purpose Document number Imprinting Number of pages The disclosure is used at or within three (3) days of receiving an application. The disclosure informs the borrower that the loan they have applied for does not fully amortize over the term of the loan. RME20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 69

76 Maine Partially Amortizing Loan Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Acknowledgment of Receipt. 70 CUNA Mutual Group

77 Maine Partially Amortizing Loan Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant that due to partial amortization of their loan, it will not be fully repaid on maturity date. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Maine Partially Amortizing Loan Disclosure. First Mortgage Documents User Guide 71

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79 Maine Adjustable-Featured Loan Disclosure The Maine Adjustable-Featured Loan Disclosure outlines loan information on fully-amortizing loans with adjustable features. This disclosure does not replace the federal ARM disclosure. This document must be offered in addition to the federal ARM disclosure. Document Description When used Purpose Document number Imprinting Number of pages The disclosure is used at or within three (3) days of receiving an application. The disclosure informs the borrower per the Maine Consumer Credit Code about certain aspects of fully-amortizing loans with adjustable features. RME30* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 73

80 Maine Adjustable-Featured Loan Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Acknowledgment of Receipt. 74 CUNA Mutual Group

81 Maine Adjustable-Featured Loan Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant about fully-amortizing loans with adjustable features. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Maine Adjustable-Featured Loan Disclosure. First Mortgage Documents User Guide 75

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83 Maine Rate Lock Disclosure The Maine Rate Lock Disclosure was developed by the Bureau of Financial Institutions Bulletin #40 (Nov. 5, 1986). This disclosure is to be provided as a separate written disclosure and must be provided in addition to the actual Rate Lock Agreement. Document Description When used Purpose Document number Imprinting Number of pages The disclosure is used before the closing of the loan, but after three (3) days after application. The disclosure outlines the borrower and lender responsibilities in the preparation of documentation and procedures to be followed in order to close the loan within the time frame established in the rate lock agreement. RME40* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 77

84 Maine Rate Lock Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Acknowledgment of Receipt. 78 CUNA Mutual Group

85 Maine Rate Lock Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant about lender and applicant responsibilities in regard to rate lock. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Maine Rate Lock Disclosure. First Mortgage Documents User Guide 79

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87 Maine Qualification for Fully Amortizing Loan The Maine Qualification for Fully Amortizing Loan notice per the Maine Consumer Credit Code Me. Admin. Code (4) requires that for a partially amortizing loan, financial institutions must deliver a written offer to qualify the borrower for a fully-amortizing loan currently being offered by the financial institution to the general public. Document Description When used Purpose Document number Imprinting Number of pages The disclosure needs to be delivered at the time of application for a partially amortizing loan. The disclosure is for any loan which does not fully amortize, which in most cases means a balloon loan or an interest only loan followed by a balloon. RME50* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 81

88 Maine Qualification for Fully Amortizing Loan Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Acknowledgment of Receipt. 82 CUNA Mutual Group

89 Maine Qualification for Fully Amortizing Loan Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant with details on qualification for a fully amortized loan. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Maine Qualification for Fully Amortizing Loan. First Mortgage Documents User Guide 83

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91 Maryland Affidavit of Consideration Non-Purchase Money The Maryland Affidavit of Consideration Non-Purchase Money affirms to the mortgagee or the party secured by the deed of trust that the consideration recited in the mortgage or deed of trust is true and bona fide. The affidavit of consideration must be attached to the Security Instrument. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Affidavit of Consideration is used for non-purchase money mortgages. The Maryland Affidavit of Consideration verifies the consideration recited in the Security Instrument (Mortgage/Deed of Trust) is true and bona fide. RMD40* *Spaceholder for version number No imprinting available One First Mortgage Documents User Guide 85

92 Maryland Affidavit of Consideration Non-Purchase Money Sample 86 CUNA Mutual Group

93 Maryland Affidavit of Consideration Non-Purchase Money Instructions This affidavit is completed by the Notary Public and attached to the Security Instrument (Mortgage/Deed of Trust). First Mortgage Documents User Guide 87

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95 Maryland Affidavit of Consideration and Disbursement Purchase Money The Maryland Affidavit of Consideration and Disbursement Purchase Money verifies the notary agent attests that the actual sum of money advanced at the closing transaction by the secured party was paid over and disbursed by lender to either the borrower or the person responsible for disbursement of funds in the closing transaction or their respective agent. The Maryland Affidavit of Consideration and Disbursement Purchase Money is required for only that part of the loan that is purchase money. If the requirements are not satisfied, the Mortgage/Deed of Trust is invalid only to the extent of the part of the loan that is purchase money. The Affidavit of Consideration must be attached to the Security Instrument (Mortgage/Deed of Trust). Document Description When used Purpose Document number Imprinting Number of pages The Maryland Affidavit of Consideration is used for purchase money mortgages. The Maryland Affidavit of Consideration verfies the notary agent has attested to the advancement of consideration recited in the security instrument. RMD50* *Spaceholder for version number No imprinting available One First Mortgage Documents User Guide 89

96 Maryland Affidavit of Consideration and Disbursement Purchase Money Sample 90 CUNA Mutual Group

97 Maryland Affidavit of Consideration and Disbursement Purchase Money Instructions This affidavit is completed by the Notary Public and attached to the Security Instrument (Mortgage/Deed of Trust). First Mortgage Documents User Guide 91

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99 Maryland Affidavit of Principal Residence The Maryland Affidavit of Principal Residence should be completed when the property to which the Deed of Trust relates only consists of the borrower s principal residence. The completion of the Maryland Affidavit of Principal Residence will allow the borrower to take advantage of lower recording fees for Deeds of Trust that are 10 pages or more in length and secure a loan solely on the borrower s principal residence. Note: Prince George s County has a separate Homeowner s Certification of Principal Residence form. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Affidavit of Principal Residence is used when the Security Instrument (Deed of Trust) secures a loan solely on the borrower s principal residence. The Maryland Affidavit of Principal Residence allows a borrower to take advantage of lower recording fees for a Deed of Trust that is 10 pages or more in length and secures a loan solely on a borrower s principal residence. RMD04* *Spaceholder for version number No imprinting available One First Mortgage Documents User Guide 93

100 Maryland Affidavit of Principal Residence Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Borrower(s). 2. Property Address. 3. Signature(s) of Borrower(s). 4. Notary Acknowledgment. 94 CUNA Mutual Group

101 Maryland Affidavit of Principal Residence Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Signature(s) of Borrower(s). Each borrower should sign and date the Maryland Affidavit of Principal Residence. 4. Notary Acknowledgment. This section provides a place for the notary public to acknowledge the borrower s identity and signatures. First Mortgage Documents User Guide 95

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103 Maryland Affidavit of Refinance of Principal Residence The Maryland Affidavit of Refinance of Principal Residence is used when a borrower is refinancing the principal balance due on an existing mortgage. Mortgages for refinancing the principal balance due on an existing mortgage may be recorded without payment of recordation tax. In order for the recordation tax to be waived, a statement must be included with the mortgage indicating (1) that the borrower is the original mortgagor; (2) that the mortgaged property is the principal residence of the mortgagor; and (3) the principal balance due on the existing mortgage. Any amount of money secured that is greater than the outstanding principal balance due on the existing mortgage is fully subject to the tax. Note: Prince George s and Frederick counties require county-specific forms. The county-specific forms are available from LOANLINER. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Affidavit of Refinance of Principal Residence is used when a borrower is refinancing the principal balance due on an existing mortgage. The borrower must be the original mortgagor, and the mortgaged property must be the borrower s principal residence. The Maryland Affidavit of Refinance of Principal Residence allows the mortgage to be recorded without payment of recordation tax. RMD60* *Spaceholder for version number No imprinting available One First Mortgage Documents User Guide 97

104 Maryland Affidavit of Refinance of Principal Residence Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Affidavit of Principal Residence. 2. Signature(s) of Borrower(s). 3. Notary Acknowledgment. 98 CUNA Mutual Group

105 Maryland Affidavit of Refinance of Principal Residence Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Affidavit of Principal Residence. This section affirms that property secured by the refinance loan is the borrower s principal residence. Enter the recording details (Librer and Folio). Enter the amount of the remaining unpaid balance of the loan. Enter the amount of the loan being refinanced. Enter the difference between the amount of the unpaid balance of the loan and the amount being refinanced. This amount is subject to the recordation tax. 2. Signature(s) of Borrower(s). This section provides a place for each borrower to sign and date the Maryland Affidavit of Refinance of Principal Residence. 3. Notary Acknowledgment. This section provides a place for the notary public to acknowledge the borrower s identity and signatures. First Mortgage Documents User Guide 99

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107 Maryland Delivery of Net Proceeds The Maryland Delivery of Net Proceeds documents the actual amount of proceeds loaned to borrower, taking into consideration any deductions from the gross amount of the loan. The Delivery of Net Proceeds includes an acknowledgment from the borrower that 1) they agree in writing to the charges, interest, expenses and other deductions, and 2) the lender has provided them with a schedule of the deductions along with the net proceeds delivered. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Delivery of Net Proceeds is used to document the amount of the net proceeds delivered to the borrower. The Maryland Delivery of Net Proceeds obtains the borrower s acknowledgment of the deductions made from the gross proceeds and their receipt of a schedule of the deductions. RMD90* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 101

108 Maryland Delivery of Net Proceeds Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Borrower(s). 2. Property Address. 3. Name of Lender. 4. Authorization. 5. Acknowledgment of Receipt. 102 CUNA Mutual Group

109 Maryland Delivery of Net Proceeds Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Name of Lender. Enter the credit union name. 4. Authorization. Informs borrower(s) of items to be provided/met when delivering the net proceeds. 5. Acknowledgement of Receipt. The borrower(s) should sign and date the Maryland Delivery of Net Proceeds. First Mortgage Documents User Guide 103

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111 Maryland Lender Attorney s Fee Certification The Maryland Lender Attorney s Fee Certification is used when a lender requires the borrower to pay for services rendered by the lender s attorney. The lender can only require the borrower to pay the lender s attorney fees if all of the following conditions are met. 1. The attorney s fee is limited to legal services attributable to processing and closing the loan. 2. The amount of the attorney s fee, if in excess of $100, is supported by a statement that: o describes the services performed; o states the time spent by the attorney and the hourly rate or other basis for determining the fee; o states that the legal services are being performed on behalf of the lender and not on behalf of the borrower; and o states that the services are being paid for by the borrower. 3. The amount of the attorney s fee is reasonable on the basis of the legal services performed. 4. The attorney s fee is separately itemized on the loan settlement sheet and identified as a fee to the lender s attorney. The Maryland Lender Attorney s Fee Certification must be provided to the borrower at or prior to settlement. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Lender Attorney s Fee Certification is used when the lender requires the borrower to pay the lender s attorney s fees. The Maryland Lender Attorney s Fee Certification informs the borrower of the details of the services performed by the attorney on behalf of the lender, including the nature of the services performed, the hourly rate or other basis for determining the fee, and the amount of the attorney s fee. RMD30* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 105

112 Maryland Lender Attorney s Fee Certification Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Borrower(s). 2. Property Address. 3. Name of Lender. 4. Certification. 5. Attorney s Signature. 106 CUNA Mutual Group

113 Maryland Lender Attorney s Fee Certification Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Name of Lender. Enter the credit union name. 4. Certification. The attorney should check the appropriate checkbox to indicate whether the attorney s fee on behalf of the lender exceed $100. If the fee is greater than $100, the attorney should attach a statement to the Lender Attorney s Fee Certification that includes a description of the services provided, an explanation of the fees charged for the services, and a statement that the services were performed on behalf of the lender, not the borrower. 5. Attorney s Signature. The lender s attorney should sign and date the Maryland Lender Attorney s Fee Certification. First Mortgage Documents User Guide 107

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115 Maryland Montgomery County Property Addendum Montgomery County in Maryland has adopted a parcel identifier system and requires that any deed of trust submitted for recording contain a parcel identifier. The Maryland Montgomery County Property Addendum contains all of the required information. Document Description When used Purpose Document number Imprinting Number of pages The Montgomery County Property Addendum is used in connection with Security Instruments (Mortgage/Deed of Trust) recorded in Montgomery County, Maryland. The Montgomery County Property Addendum provides the parcel identification information required for recording a deed of trust in Montgomery County, Maryland. RMD03* *Spaceholder for version number No imprinting available One First Mortgage Documents User Guide 109

116 Maryland Montgomery County Property Addendum Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Grantor(s). 2. Trustee(s). 3. Recording Information. 110 CUNA Mutual Group

117 Maryland Montgomery County Property Addendum Instructions Instructions are given for each section of the document. Refer to corresponding number on the sample document on the facing page. 1. Grantor(s). This section provides a place to record each grantor(s) name and address. 2. Trustee(s). This section provides a place to record each trustee(s) name and address. 3. Recording Information. This section provides a place to enter various recording information. First Mortgage Documents User Guide 111

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119 Maryland Notice to First Mortgage Applicants The Maryland Notice to First Mortgage Applicants is required if a lender intends to impose fees for settlement services or document review services or if the lender conditions settlement on the employment of a particular attorney or title insurance company. This notice informs the applicant of the right to select an attorney or title insurance company and the lender s requirements concerning that selection. The notice must be provided within three (3) days after the receipt of the mortgage loan application, or earlier upon request. A good faith estimate of the fees charged to the applicant is also included in the Notice to First Mortgage Applicants. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Notice to First Mortgage Loan Applicants is used when a lender will charge the applicant fees for settlement services or document review services performed by an attorney designated by the lender, or if the lender conditions settlement on the employment of a particular attorney or title insurance company. The Maryland Notice to First Mortgage Loan Applicants informs the applicant of the right to select an attorney or title insurance company, the lender s requirements concerning selection of an attorney, title insurance company or other person to perform settlement services, and a good faith estimate of the fees to be charged to the borrower. RMD10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 113

120 Maryland Notice to First Mortgage Applicants Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 114 CUNA Mutual Group

121 Maryland Notice to First Mortgage Applicants Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the applicant about the estimated fees for settlement services that will be provided by an attorney and/or title insurance company of the lender s choosing. It also explains that the applicant may select an attorney or title insurance company to perform these services if the lender is notified of the selection. Enter the lender s name. Enter the estimated attorney s fees. Enter the estimated fees for the title insurance company(ies) selected by the lender. 4. Acknowledgment of Receipt. Each applicant should sign and date the Maryland Notice to First Mortgage Applicants. First Mortgage Documents User Guide 115

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123 Maryland Refinance Affidavit--(Frederick County, MD) The Maryland Refinance Affidavit (Frederick County) is used when a borrower is refinancing the principal balance due on an existing mortgage secured by real property located in Frederick County. Such mortgages may be recorded without payment of Frederick County recordation tax. In order for the recordation tax to be waived, a statement must be included with the mortgage indicating (1) that the mortgagor is the original mortgagor; (2) that the mortgaged property is the principal residence of the mortgagor; and (3) the principal balance due on the existing mortgage. Any amount of money secured that is greater than the outstanding principal balance due on the existing mortgage is fully subject to the tax. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Refinance Affidavit (Frederick County, MD) is used when a mortgage loan secured by real property located in Frederick County, Maryland is refinanced. The borrower must be the original mortgagor and the mortgaged property must be the borrower s principal residence. The Maryland Refinance Affidavit (Frederick County, MD) is a declaration by the borrower that the mortgaged property is the borrower s primary residence and that the borrower is the original mortgagor. It verifies that the borrower qualifies for a waiver of Frederick County recordation tax when the mortgage loan is refinanced. RMD80* *Spaceholder for version number No imprinting available Two First Mortgage Documents User Guide 117

124 Maryland Refinance Affidavit--(Frederick County, MD) Page One Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Refinancing Loan Amount. 2. Recording Details for Existing Mortgage(s). 3. Existing Mortgage Information. 4. Unpaid Principal on Existing Mortgage(s). 118 CUNA Mutual Group

125 Maryland Refinance Affidavit--(Frederick County, MD) Page One Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Refinancing Loan Amount. Enter the loan amount of the refinancing loan. 2. Recording Details for Existing Mortgage(s). Enter the original principal amount of the loans for the existing mortgage(s) and recording details (Liber and Folio). 3. Existing Mortgage Information. For each of items C (for Existing Mortgage 1) and D (for Existing Mortgage 2), Enter was or were as appropriate in the first blank, depending on whether there is one mortgagor or more than one mortgagor. The borrower should initial in the appropriate space to indicate whether the borrower is the original mortgagor or if the original mortgage was assumed by the borrower. 4. Unpaid Principal on Existing Mortgage(s). This section totals and itemizes the remaining amount of unpaid principal that is being refinanced by proceeds from the refinancing loan. Enter the total amount of unpaid principal on the Existing Mortgage(s). Enter the amount(s) of unpaid principal on each of the Existing Mortgage(s). First Mortgage Documents User Guide 119

126 Maryland Refinance Affidavit--(Frederick County, MD) Page Two Sample Use the numbers provided to locate the corresponding instructions on the next page. 5. Signature(s) of Borrower(s). 6. Notary Acknowledgment. 7. Spouse Addendum. 120 CUNA Mutual Group

127 Maryland Refinance Affidavit--(Frederick County, MD) Page Two Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 5. Signature(s) of Borrower(s). These lines provide a place for the signature of the borrower(s) and the typed, printed or stamped name of the borrower(s). 6. Notary Acknowledgment. This section provides a place for the notary public to acknowledge the borrower s identity and signatures. 7. Spouse Addendum. If the borrower is married, this section provides a place for the spouse to affirm they are the spouse of the borrower and acknowledge the contents of the Refinance Affidavit. First Mortgage Documents User Guide 121

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129 Maryland Right to Rescind Purchase Contract The Maryland Right to Rescind Purchase Contract informs the applicant for a mortgage loan of the right to rescind the purchase contract with the seller. It informs the applicant that the seller of single family residential real property improved by four or fewer single family units must provide a written property condition disclosure statement or a written property disclaimer statement to the buyer. The disclosure or disclaimer must be given to the buyer on or before the execution of the contract of sale. Each purchaser must sign and date a written acknowledgment of receipt of the disclosure. A buyer who does not receive the disclosure or disclaimer statement on or before entering into the contract of sale has the unconditional right to rescind the contract of sale at any time before the receipt of the disclosure or disclaimer statement or within 5 days following receipt of the disclosure or disclaimer statement. The buyer also has the right to the immediate return of any deposits made on account of the contract. Document Description When used Purpose Document number Imprinting Number of pages The Maryland Right to Rescind Purchase Contract is used when an applicant applies for a first mortgage loan. The Maryland Right to Rescind Purchase Contract informs the applicant that the seller of the property must provide a property condition disclosure statement or a property disclaimer statement to the buyer on or before the date of closing. RMD20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 123

130 Maryland Right to Rescind Purchase Contract Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Notice of Right to Rescind. 4. Acknowledgment of Receipt. 124 CUNA Mutual Group

131 Maryland Right to Rescind Purchase Contract Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice of Right to Rescind. This section informs the applicant of the right to rescind the contract of sale if the seller of the property being considered for a mortgage loan does not provide a property condition disclosure statement to the buyer on or before the closing. 4. Acknowledgment of Receipt. Each applicant should sign and date the Maryland Right to Rescind Purchase Contract. First Mortgage Documents User Guide 125

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133 Maryland Land Instrument Intake Sheet In accordance with Real Property Article 3-104(g) a completed Maryland Intake Sheet is required with every land instrument submitted for recordation with the exception of releases, assignments, substitution of trustee, powers of attorney and financing statements and their modifications. Document Description When used Purpose Document number Imprinting Number of pages Section 1, 3 through 5 and Sections 7 through 10 must be completed for all types of instruments for which the sheet is required. Section 2, 6 and 11 must also be completed on Intake Sheets with deeds. The purpose of the Maryland Intake Sheet is to provide a single form that the twentyfour circuit court clerk offices can use to expedite the processing, recording and indexing of land instruments. RMD05* *Spaceholder for version number None Seven First Mortgage Documents User Guide 127

134 Maryland Land Instrument Intake Sheet Sample 128 CUNA Mutual Group

135 First Mortgage Documents User Guide 129

136 130 CUNA Mutual Group

137 First Mortgage Documents User Guide 131

138 132 CUNA Mutual Group

139 First Mortgage Documents User Guide 133

140 134 CUNA Mutual Group

141 Massachusetts Mortgage Review Letter A notice of the right to appeal must be sent along with any adverse action notices sent to first mortgage loan applicants who either requested purchase-money financing for 1-4 family owner-occupied property, or who requested a first mortgage loan to refinance such a purchase-money first mortgage loan. The notice informs the applicant of the right to appeal to a Mortgage Review Board if the applicant believes the application was denied due to the property being located in a specific neighborhood or geographical area. Document Description When used Purpose Document number Imprinting Number of pages Special notes The Massachusetts Mortgage Review Letter is used when an Adverse Action notice is sent to a first mortgage loan applicant. The Massachusetts Mortgage Review Letter is used by the applicant to initiate an appeal to the Massachusetts Mortgage Review Board when an application for a first mortgage loan has been denied by the lending institution. RMA30* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One When sending the Massachusetts Mortgage Review Letter to a mortgage loan applicant, the lender should also include for the applicant s use (should the applicant choose to appeal to the Mortgage Review Board) an envelope addressed to the Administrative Secretary of the Mortgage Review Board. First Mortgage Documents User Guide 135

142 Massachusetts Mortgage Review Letter Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Information Regarding the Right to Appeal. 4. Lender Information. 5. Signature(s) of Applicant(s). 136 CUNA Mutual Group

143 Massachusetts Mortgage Review Letter Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Information Regarding the Right to Appeal. This section informs the applicant of the right to appeal to the Massachusetts Mortgage Review Board when an application for a first mortgage loan has been denied by the lending institution. 4. Lender Information. This section is to be completed by the lender. Enter the credit union name and address, and the contact person s name and telephone number. 5. Signature(s) of Applicant(s). This section provides a place for the applicant(s) to sign the Massachusetts Mortgage Review Letter. The applicant should sign and date the letter; print or type his/her name below the signature, and include a telephone number. First Mortgage Documents User Guide 137

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145 Massachusetts Notice of Right to Counsel The Massachusetts Notice of Right to Counsel must be given to a mortgage loan applicant at the time a member applies for a real estate or home equity loan that will be secured by a 1-4 family residential property to be occupied by the applicant. It explains that the responsibility of the attorney for the mortgagee (lender) is to protect the interests of the lender. It also informs the applicant of the applicant s right to engage an attorney at their own expense to represent their own interests in the loan transaction. Document Description When Used Purpose The Massachusetts Notice of Right to Counsel is used when an applicant receives an application for a mortgage loan. The Notice of Right to Counsel informs the applicant that the responsibility of the attorney for the lender is to protect the interest of the lender, and applicants may, at their own expense, engage an attorney of their own selection to represent their own interests in the transaction. Document Number Imprinting Number of Pages RMA10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 139

146 Massachusetts Notice of Right to Counsel Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Notice of Right to Counsel. 4. Acknowledgment of Receipt. 140 CUNA Mutual Group

147 Massachusetts Notice of Right to Counsel Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Notice of Right to Counsel. This section informs the borrower(s) of their right to engage an attorney at their own expense to represent their own interests in the transaction. 4. Acknowledgment of Receipt. Each applicant should sign and date the Massachusetts Notice of Right to Counsel. First Mortgage Documents User Guide 141

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149 Michigan Borrower s Bill of Rights The Consumer Mortgage Protection Act of 2002 requires that an applicant for a mortgage loan be given a copy of the Michigan Borrower s Bill of Rights at the time of the loan application. Document Description When used Purpose Document number Imprinting Number of pages The Michigan Borrower s Bill of Rights is provided to a borrower at the time of the application for a mortgage loan. The Michigan Borrower s Bill of Rights informs the mortgage loan applicant of various rights to information regarding the mortgage loan application process. RMI10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 143

150 Michigan Borrower s Bill of Rights Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Borrower(s). 2. Property Address. 3. Borrower s Bill of Rights. 4. Acknowledgment of Receipt. 144 CUNA Mutual Group

151 Michigan Borrower s Bill of Rights Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Borrower s Bill of Rights. This section informs the borrower about various rights when transacting a mortgage loan. 4. Acknowledgment of Receipt. Each borrower should sign and date the Michigan Borrower s Bill of Rights. First Mortgage Documents User Guide 145

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153 Michigan Counseling Notice The Consumer Mortgage Protection Act requires that a lender provide the applicant with a Consumer Caution and Home Ownership Counseling Notice at the time of application. The LOANLINER document that fulfills this requirement is titled Michigan Counseling Notice. This Notice advises the applicant regarding the value of receiving credit counseling before taking out a mortgage loan. The Michigan Counseling Notice includes a toll-free telephone number to call to obtain information on locating a qualified credit counselor. Document Description When used Purpose Document number Imprinting Number of pages The Michigan Counseling Notice is provided to the applicant at the time of the first mortgage loan application. The Michigan Counseling Notice informs the applicant of the value of receiving credit counseling before taking out a mortgage loan. It also advises and cautions applicants regarding shopping for credit counseling services and the applicant s obligations in the loan application process. RMI20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 147

154 Michigan Counseling Notice Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Consumer Caution and Home Ownership Counseling Notice. 4. Acknowledgment of Receipt. 148 CUNA Mutual Group

155 Michigan Counseling Notice Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Consumer Caution and Home Ownership Counseling Notice. This section informs the applicant of the value of credit counseling and what the Applicant s obligations are in the loan process. 4. Acknowledgment of Receipt. Each applicant should sign and date the Michigan Counseling Notice. First Mortgage Documents User Guide 149

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157 Minnesota Notice of Right to Discontinue Escrow In Minnesota, an escrow account for payment of taxes and homeowner s insurance premiums may be discontinued after a period of five (5) years following the loan closing. The Minnesota Notice of Right to Discontinue Escrow informs the applicant of the right to discontinue escrow. It also advises the applicant that if eligible to discontinue the escrow account, the applicant will be notified in five (5) years. The Notice of Right to Discontinue Escrow must be given at or prior to the closing of the mortgage loan. Document Description When used Purpose Document number Imprinting Number of pages The Minnesota Notice of Right to Discontinue Escrow is used when an escrow account is required for payment of taxes and homeowner s insurance premiums in connection with a first mortgage loan. The Minnesota Notice of Right to Discontinue Escrow informs the applicant of the right to discontinue the escrow account after a period of five (5) years. RMN10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 151

158 Minnesota Notice of Right to Discontinue Escrow Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice of Right to Discontinue Escrow. 4. Acknowledgement of Receipt. 152 CUNA Mutual Group

159 Minnesota Notice of Right to Discontinue Escrow Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name and address. 2. Property Address. This section provides a place to record the address of the property for which the loan is being sought. 3. Notice of Right to Discontinue Escrow. This section informs the applicant that the escrow account may be discontinued in five (5) years from the date of closing. 4. Acknowledgment of Receipt. Each applicant should sign and date the Minnesota Notice of Right to Discontinue Escrow. First Mortgage Documents User Guide 153

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161 New Jersey Attorney Disclosure The New Jersey Attorney Disclosure per New Jersey Law (N.J. Rev. Stat. 446:104A-6) is used to advise the Applicant before accepting a written offer to make the loan. Document Description When used Purpose Document number Imprinting Number of pages The disclosure needs to be given at the time of offering the loan and before the borrower accepts the offer. The disclosure must indicate that the borrower s and lender s interests may conflict, that the lender s attorney does not represent the borrower and that the borrower is advised to hire his own attorney. RNJ10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 155

162 New Jersey Attorney Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 156 CUNA Mutual Group

163 New Jersey Attorney Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the applicant pertaining to disclosure between the applicant and the lender. 4. Acknowledgment of Receipt. The applicant(s) should sign and date the New Jersey Attorney Disclosure. First Mortgage Documents User Guide 157

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165 New Mexico Freedom to Choose Insurance Company and Insurance Professional The New Mexico Freedom to Choose Insurance Company and Insurance Professional document is required to be given by the lender to the borrower per N.M. Stat. Ann. 59A-16-14; N.M. Stat. Ann. 4 59A (E). Document Description When used Purpose Document number Imprinting Number of pages The notice must be given prior to closing to give the borrowers time to select an insurer and obtain insurance to bring to closing. Under New Mexico Insurance law, if a lender requires the borrower to have property insurance, the borrower has the right to select the property insurer. RNM10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 159

166 New Mexico Freedom to Choose Insurance Company and Insurance Professional Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 160 CUNA Mutual Group

167 New Mexico Freedom to Choose Insurance Company and Insurance Professional Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the applicant of their right to select the property insurer. 4. Acknowledgment of Receipt. The applicant(s) should sign and date the New Mexico Freedom to Chose Insurance Company and Insurance Professional. First Mortgage Documents User Guide 161

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169 New York Preapplication Disclosure The New York Preapplication Disclosure is used to disclose application costs, alert applicants to prepayment penalty conditions, and provide other basic information regarding the loan and lender. It must be given in connection with an application for a purchase-money mortgage loan and for all other closed-end mortgage loans, where any fee, other than application fee, credit report fee, appraisal fee, or lock-in fee, is collected prior to closing. The disclosure must be issued prior to the lender s receipt of an application or collection of any fee. If the application is taken by telephone or received via the mail, this form need not be issued prior to lender s receipt of application. In that case, the Preapplication Disclosure can be mailed to the applicant, along with a copy for the applicant to keep and a return stamped self-addressed envelope. Document Description When used Purpose Document number Imprinting Number of pages The New York Preapplication Disclosure must be given when an applicant inquires about applying for a first mortgage loan. The New York Preapplication Disclosure provides basic information to a mortgage loan applicant regarding application costs, refundability of application fees, and how to contact the lender for additional information. RNY10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 163

170 New York Preapplication Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Disclosure. 4. Lender Contact Information. 5. Acknowledgment of Receipt. 164 CUNA Mutual Group

171 New York Preapplication Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property for which the loan is being sought. 3. Disclosure. This section informs the applicant of fees that will be required to be paid in connection with the loan application. Enter the credit union name. Fees. Check the appropriate checkbox(es) to indicate whether an Application Fee, a Property Appraisal Fee, a Credit Report Fee and/or a Processing Fee will be required. Enter the amount of the Application Fee and Processing Fee, and the estimated amount of the Property Appraisal Fee and Credit Report Fee, and describe when each fee is due (e.g., payable at time of closing ). Refund Policy. This notice informs the applicant that the above fees are not refundable. Exception. This notice informs the applicant that in some cases they are entitled to a right of rescission. Assignment of Commitment. If you issue a commitment and then assign it to a third party, you must complete this section. 4. Lender Contact Information. This section informs the applicant regarding when and how the lender may be contacted by phone. 5. Acknowledgment of Receipt. Each applicant should sign and date the New York Preapplication Disclosure. First Mortgage Documents User Guide 165

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173 New York Interest Rate Determination The New York Interest Rate Determination must be provided in addition to the Preapplication Disclosure when the applicant will not enter into a lock-in agreement. This document advises the applicant when the interest rate will be set. If the disclosure is mailed or delivered to you outside the lender s office, then sign, date and return in the stamped self-addressed envelope. If it is the policy of the lender to allow the applicant to choose when the rate will be set, then the disclosure must contain a statement to this effect. Document Description When used Purpose Document number Imprinting Number of pages The New York Interest Rate Determination must be given when an applicant inquires about applying for a mortgage loan and is used when an interest lock-in agreement will not be made. The New York Interest Rate Determination informs the applicant of when the interest rate for the loan will be set. RNY20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 167

174 New York Interest Rate Determination Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Lender Name and Address. 4. Interest Rate Determination Disclosure. 5. Acknowledgment of Receipt. 168 CUNA Mutual Group

175 New York Interest Rate Determination Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Lender Name and Address. Enter the credit union name and address. 4. Interest Rate Determination Disclosure. Check the appropriate checkbox to indicate when the interest rate will be set by the lender. At the time of application. At the time of commitment. At a specified number of days prior to closing: Enter the number of days. At a time chosen by the applicant: Enter the information in the blank provided. At some other specified time: Enter the description in the blank provided. 5. Acknowledgment of Receipt. Each applicant should sign and date the New York Interest Rate Determination. First Mortgage Documents User Guide 169

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177 New York Credit Report Notice If a consumer report may be ordered on the individual applicant in connection with a mortgage loan application, the consumer must be advised in advance. If the application is submitted in writing, the notice must be in writing. Lenders can avoid having to give the notice each time a subsequent credit report is ordered in connection with an update, extension, or renewal of the original credit applied for by giving notice to the fact before the first report is ordered. The New York Credit Report Notice provides that option. Document Description When used Purpose Document number Imprinting Number of pages The New York Credit Report Notice is used when an application for a mortgage loan is accepted by the lender. The Credit Report Notice must be given to the applicant before the credit report is ordered. The New York Credit Report Notice informs the applicant that a consumer report, including a credit report, may be ordered for each applicant listed on a loan application. It also informs the applicant how to obtain further information about this action if desired. RNY30* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 171

178 New York Credit Report Notice Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Consumer Report Notice. 4. Acknowledgment of Receipt. 172 CUNA Mutual Group

179 New York Credit Report Notice Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Consumer Report Notice. This section informs the applicant that a consumer credit report may be ordered for each applicant listed on the loan application. It also informs the applicant how to obtain additional information regarding the credit report used by the lender. It explains that additional credit reports may be ordered at a later date without further notice to the applicant. 4. Acknowledgment of Receipt. Each applicant should sign and date New York Credit Report Notice. First Mortgage Documents User Guide 173

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181 New York Hazard Insurance Disclosure The New York Hazard Insurance Disclosure must be provided to the applicant when no loan commitment is given at time of application. The Hazard Insurance Disclosure informs the applicant that hazard insurance is required as a condition of the loan, and that the lender cannot require the applicant to obtain or maintain a hazard insurance policy in excess of the replacement costs of the improvements on the property securing the loan. The New York Hazard Insurance Disclosure must be given to the applicant in writing at the time an application for a loan has been received, or no later than three (3) days after. If a written loan commitment will be issued, this disclosure will appear in that commitment and need not be given with the application. (See the New York Commitment Letter Interest Rate Lock section of this document for more information about the written loan commitment.) Document Description When used Purpose Document number Imprinting Number of pages The New York Hazard Insurance Disclosure is used in connection with first mortgage loans when a loan commitment is not given. The New York Hazard Insurance Disclosure informs the applicant that the applicant must obtain hazard insurance for the property being secured by the loan. It also informs the applicant that the lender cannot require the applicant to purchase hazard insurance in excess of the replacement value of the improvements on the property. RNY60* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 175

182 New York Hazard Insurance Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Lender Name. 4. Property Insurance Requirements for Your Loan. 5. Acknowledgment of Receipt. 176 CUNA Mutual Group

183 New York Hazard Insurance Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Lender Name. Enter the credit union name. 4. Property Insurance Requirements for Your Loan. This section informs the applicant that obtaining and maintaining property insurance on the real property secured by the loan is required as a condition of the loan. It also informs the applicant that the lender cannot require the applicant to obtain insurance coverage in excess of the replacement costs of the improvements on the secured property. It explains that if the property is in a flood zone, the applicant will also be required to obtain flood insurance on the secured property. 5. Acknowledgment of Receipt. Each applicant should sign and date the New York Hazard Insurance Disclosure. First Mortgage Documents User Guide 177

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185 New York Insurance Disclosure NY Banking Law A lender cannot require the applicant to use a particular insurer, agent or broker for any type of insurance as a condition of loan approval. The New York Insurance Disclosure NY Banking Law informs the applicant that while an applicant may be required to obtain mortgage title insurance or other types of insurance and to pay the cost of such in insurance in connection with a loan, the selection of the insurer, agent, or broker will not affect the lender s credit decision or approval of credit terms. This disclosure should be given before the applicant is advised of the need to obtain insurance and before the lender recommends an insurance company or agent. Document Description When used Purpose Document number Imprinting Number of pages The New York Insurance Disclosure NY Banking Law is used when the lender will require the applicant to obtain mortgage title insurance or other types of insurance in connection with a mortgage loan. The disclosure informs the applicant of the right to select an insurance agent or broker of his/her choice. RNY03* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 179

186 New York Insurance Disclosure NY Banking Law Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Lender Name. 2. Name(s) of Applicant(s). 3. Property Address. 4. Insurance Disclosure. 5. Acknowledgment of Receipt. 180 CUNA Mutual Group

187 New York Insurance Disclosure NY Banking Law Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Lender Name. Enter the credit union name. 2. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 3. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 4. Insurance Disclosure. This section informs the applicant what types of insurance the applicant will be required to obtain in connection with the mortgage loan. It explains that the lender cannot require the applicant to select a particular insurance agent or broker if the lender recommends one. The New York Insurance Disclosure explains that the applicant s selection of an insurance agent or broker will not affect the lender s decision to offer a mortgage loan and will not affect the terms of credit that may be offered. Check the appropriate checkbox(es) to indicate the type(s) of insurance the applicant will be required to obtain in connection with the loan being applied for. 5. Acknowledgment of Receipt. Each applicant should sign and date the New York Insurance Disclosure NY Banking Law. First Mortgage Documents User Guide 181

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189 New York Guaranteed Refinancing Balloon Preapplication Disclosure The New York Guaranteed Refinancing Balloon Preapplication Disclosure must be given to an applicant prior to the lender s acceptance of an application for a balloon payment loan. It is used when the lender will refinance the loan at the end of the balloon loan term (if certain conditions are met). This notice only applies to first mortgage balloon loans of less than $250,000 made by state chartered credit unions. (LOANLINER also provides the New York Straight Balloon Preapplication Disclosure which is used when the balloon loan will not be refinanced by the lender.) Note: The form would not be used for any Fannie Mae balloon loans, since they have a conditional right to refinance. Document Description When used Purpose Document number Imprinting Number of pages The New York Guaranteed Refinancing Balloon Preapplication Disclosure is used when an application is received for a balloon payment mortgage loan. The New York Guaranteed Refinancing Balloon Preapplication Disclosure informs the applicant of the term of the balloon loan. It also informs the applicant that upon the maturity date, the balloon loan may be refinanced at a higher interest rate. RNY50* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 183

190 New York Guaranteed Refinancing Balloon Preapplication Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Lender Name. 4. Balloon Payment Notice. 5. Acknowledgment of Receipt. 184 CUNA Mutual Group

191 New York Guaranteed Refinancing Balloon Preapplication Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Lender Name. Enter the credit union name. 4. Balloon Payment Notice. This section informs the applicant of the term of the Balloon Note in number of years. It also informs the applicant that at the maturity date of the Balloon Note, it may be refinanced at a higher interest rate than the original Balloon Note. 5. Acknowledgment of Receipt. Each applicant should sign and date the New York Guaranteed Refinancing Balloon Preapplication Disclosure. First Mortgage Documents User Guide 185

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193 New York Straight Balloon Preapplication Disclosure The New York Straight Balloon Preapplication Disclosure must be given to an applicant prior to the lender s acceptance of an application for a balloon payment loan. It is used when the lender will not refinance the loan at the end of the balloon loan term. This notice only applies to first mortgage balloon loans of less than $250,000 made by state chartered credit unions. (LOANLINER also provides the New York Guaranteed Refinancing Balloon Preapplication Disclosure which is used when the balloon loan will be refinanced by the lender at the end of the balloon loan term.) Document Description When used Purpose Document number Imprinting Number of pages The New York Straight Balloon Preapplication Disclosure is used when an applicant applies for a mortgage loan that will include a balloon payment. The New York Straight Balloon Preapplication Disclosure informs the applicant that the lender is not obligated to refinance the balloon loan at the end of the balloon loan term. RNY40* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 187

194 New York Straight Balloon Preapplication Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Lender Name. 4. Balloon Payment Notice. 5. Acknowledgment of Receipt. 188 CUNA Mutual Group

195 New York Straight Balloon Preapplication Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Lender Name. Enter the credit union name. 4. Balloon Payment Notice. This section informs the applicant of the term of the Balloon Note in number of years. It also informs the applicant that at the maturity date of the Balloon Note, the lender has no obligation to refinance the loan. It advises the applicant that if the loan is refinanced by the credit union or another lender, the interest rate may be higher than the original loan and the applicant may incur closing costs typically associated with a new mortgage loan. 5. Acknowledgment of Receipt. Each applicant should sign and date the New York Straight Balloon Preapplication Disclosure. First Mortgage Documents User Guide 189

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197 New York Commitment Letter Interest Rate Lock New York requires that lenders issue a written commitment letter in connection with all purchase money mortgage loans. For all other closed-end mortgage loans it must be given where any fee, other than application fee, credit report fee, appraisal fee, or lock-in fee, is collected prior to closing. The commitment letter is the formal loan approval that sets forth the terms and conditions under which the loan is granted. The commitment letter specifies the loan amount, loan program, interest rate, and any conditions that must be met by the applicant prior to closing. The New York Commitment Letter Interest Rate Lock includes the required Hazard Insurance Disclosure, so the Hazard Insurance Disclosure need not be given separately. For balloon loans, the New York Commitment Letter Interest Rate Lock includes a disclosure of the amount of the principal balance that will be due at the maturity date of the loan, and informs the applicant that notice of maturity will be sent at least 90 but not more than 120 days prior to the expected maturity date of the balloon payment loan. Document Description When used Purpose Document number Imprinting Number of pages The New York Commitment Letter Interest Rate Lock is used in connection with all first mortgage loans and with any other mortgage loan where the lender collects any fees prior to closing other than an application fee, lock-in feel, appraisal fee, and/or credit report fee. The New York Commitment Letter Interest Rate Lock is the formal loan approval. It informs the applicant about the terms of the loan such as loan amount approved, interest rate, and conditions that must be met by the applicant prior to closing. It informs the applicant of the date the loan commitment expires. RNY90* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. Four First Mortgage Documents User Guide 191

198 New York Commitment Letter Interest Rate Lock Page One Sample Use the numbers provided to locate the corresponding instructions on the next page. i. Lender Information. ii. Name(s) of Applicant(s). iii. Property Address. iv. Type of Mortgage. 192 CUNA Mutual Group

199 New York Commitment Letter Interest Rate Lock Page One Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. i. Lender Information. Enter the credit union name, address, telephone number, fax number, and the date. ii. Name(s) of Applicant(s). This section provides a place to record each applicant s name. iii. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. iv. Type of Mortgage. Check the appropriate box to indicate whether the loan is for a purchase or for a refinance. Check the appropriate box to indicate whether the loan will have a fixed interest rate or an adjustable interest rate. 1. Loan Amount. Enter the loan amount approved. Enter the term of the loan in number of years. If the loan is a balloon note, check the balloon payment checkbox, and enter the amount that will be due at the time of the balloon maturity. The notice of maturity must be sent at least 90 but not more than 120 days prior to the expected maturity date of the balloon payment loan. 2. Interest Rate. Enter the interest rate. For an adjustable interest rate loan, enter the frequency of interest rate changes ( adjustment period ), the maximum increase in interest rate that can occur per adjustment period, and the overall maximum interest rate ( lifetime ). Check the appropriate checkbox to indicate whether negative amortization will be applied. Enter the margin and index that will be used to calculate the new interest rate and the source of the index. 3A. Origination Fee. Enter the amount of the Origination Fee and the percentage of the loan amount the Origination Fee represents. 3B. Discount Points. Enter the amount of the Discount Points and the percentage of the loan amount the Discount Fee represents. 4. Total Points. Enter the Total Points charged as a percentage. 5. Commitment Fee. Enter the amount of the Commitment Fee and the percentage of the loan amount the Commitment Fee represents. Check the appropriate checkbox to indicate whether the Commitment Fee is separate from the Origination Fee or the Discount Points or total points. 6. Monthly Payment of Principal and Interest. Enter the total amount of the monthly payment. First Mortgage Documents User Guide 193

200 New York Commitment Letter Interest Rate Lock Page Two Sample Use the numbers provided to locate the corresponding instructions on the next page. 194 CUNA Mutual Group

201 New York Commitment Letter Interest Rate Lock Page Two Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 7. Expiration Date. Enter the date the lender s commitment expires. Check the first checkbox to indicate that the loan must close by the expiration date of the commitment letter. OR If you are a lender that will only honor the interest rate lock commitment agreement if the loan closes and is funded prior to the expiration date, check the second checkbox to indicate that the loan must close at least three (3) days prior to the date the commitment letter expires. 8. Mortgage Broker Fee. This section explains how the mortgage broker is compensated. Check the appropriate checkboxes and fill in the applicable information. 9. Mortgage Broker Fee Acknowledgement. This section asks for the applicant s acknowledgement of the mortgage broker fee. 10. Hazard Insurance. This section informs the applicant that they must provide the lender proof they have obtained hazard insurance prior to closing the loan. It also informs the applicant that the lender cannot require an applicant to purchase hazard insurance in an amount greater than the replacement costs of improvements to the property. Enter the amount of hazard insurance required. 11. Flood Insurance. Check the checkbox if flood insurance is required as a condition of the loan. 12. Private Mortgage Insurance ( PMI ). This section informs the applicant whether Private Mortgage Insurance (PMI) is required as a condition of the loan. It also states the conditions under which such insurance would no longer be required. Check the appropriate checkbox to indicate whether or not Private Mortgage Insurance is required. Check the checkbox in front of the second paragraph if the applicant is eligible to terminate Private Mortgage Insurance before the loan amount reaches 75% or less of the initial appraised value of the real estate at the time the loan was made. First Mortgage Documents User Guide 195

202 New York Commitment Letter Interest Rate Lock Page Three Sample Use the numbers provided to locate the corresponding instructions on the next page. 196 CUNA Mutual Group

203 New York Commitment Letter Interest Rate Lock Page Three Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 13. Real Estate Tax and Hazard Insurance Escrows. This section informs the applicant whether an escrow account is required as a condition of the loan. Check the appropriate checkbox to indicate whether an escrow account is required. If an escrow account is required, check the checkbox(es) to show that the escrow account will be used for payment of property taxes, property insurance, and/or Private Mortgage Insurance (PMI). 14. Assumption. This section informs the applicant whether the loan may be assumed by the new buyer in the event the property is sold. Check the appropriate checkbox to indicate whether the loan may be assumed. If the loan can be assumed by the new buyer, indicate the conditions under which the loan is assumable. 15. No Oral Modification. This section informs the applicant that the loan cannot be changed orally. 16. Refundability. This section informs the applicant of the conditions under which commitment fees and/or points are refundable. 17. Documentation. This section informs the applicant of the documentation that may need to be produced and conditions that may need to be satisfied by the applicant prior to the closing of the loan. Check the appropriate checkbox to indicate the documentation needed prior to closing the loan. 18. Other Conditions. Describe any other conditions that must be satisfied prior to the closing of the loan. 19. Prepayment Penalty. This section informs the applicant that there is no penalty for prepayment of the mortgage loan. First Mortgage Documents User Guide 197

204 New York Commitment Letter Interest Rate Lock Page Four Sample Use the numbers provided to locate the corresponding instructions on the next page. v. Signature(s) of Applicant(s). 198 CUNA Mutual Group

205 New York Commitment Letter Interest Rate Lock Page Four Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 20. Acceptance of Commitment. This section informs the applicant of the date by which the Commitment Letter Interest Rate Lock must be signed and returned to the lender. Enter the date the Commitment Letter Interest Rate Lock must be returned to the lender by the applicant. If a commitment fee is required, check the checkbox and enter the amount of the fee. The lender s representative should sign and date the Commitment Letter Interest Rate Lock. v. Signature(s) of Applicant(s). Each applicant should sign and date the New York Commitment Letter Interest Rate Lock. Each applicant should also initial each page of the Commitment Letter. First Mortgage Documents User Guide 199

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207 New York Prevailing Rate Commitment The New York Prevailing Rate Commitment is used when the lender is not committing to a specific interest rate, but rather to a rate formula. Lenders who offer this type of a prevailing rate commitment letter must make available for inspection a list which identifies specific products and the rate at which such products are available on any date. Lenders using this form of commitment need not disclose the initial interest rate and the initial monthly payment. For balloon loans, the New York Prevailing Rate Commitment letter includes a disclosure of the amount of the principal balance that will be due at the maturity date of the loan, and informs the applicant that notice of maturity will be sent at least 90 but not more than 120 days prior to the expected maturity date of the balloon payment loan. Document Description When used Purpose Document number Imprinting Number of pages The New York Prevailing Rate Commitment letter is used when the lender is not committing to a specific interest rate, but rather to an interest rate formula. The New York Prevailing Rate Commitment letter is the formal loan approval. It informs the applicant about the terms of the loan such as loan amount approved, the interest rate formula that will be used to determine the interest rate of the loan, and conditions that must be met by the applicant prior to closing. It informs the applicant of the date the loan commitment expires. RNY01* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. Four First Mortgage Documents User Guide 201

208 New York Prevailing Rate Commitment Page One Sample Use the numbers provided to locate the corresponding instructions on the next page. i. Lender Information. ii. Name(s) of Applicant(s). iii. Property Address. iv. Type of Mortgage. 202 CUNA Mutual Group

209 New York Prevailing Rate Commitment Page One Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. i. Lender Information. Enter the credit union name, address, telephone number, fax number, and the date. ii. Name(s) of Applicant(s). This section provides a place to record each applicant s name. iii. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. iv. Type of Mortgage. Check the appropriate box to indicate whether the loan is for a purchase or for a refinance. Check the appropriate box to indicate whether the loan will have a fixed interest rate or an adjustable interest rate. 1. Loan Amount. Enter the loan amount approved. Enter the term of the loan in number of years. If the loan is a balloon note, check the balloon payment checkbox, and enter the amount that will be due at the time of the balloon maturity. A notice of maturity must be sent at least 90 but not more than 120 days prior to the scheduled maturity date of the balloon loan. 2. Points. Enter the minimum and maximum points that must be paid at closing. 3A. Origination Fee. Enter the amount of the Origination Fee and the percentage of the loan amount the Origination Fee represents. 3B. Discount Points. Enter the amount of the Discount Points and the percentage of the loan amount the Discount Fee represents. 4. Commitment Fee. Enter the amount of the Commitment Fee and the percentage of the loan amount the Commitment Fee represents. Check the appropriate checkbox to indicate whether the Commitment Fee is separate from the Origination Fee or the Discount Points or total points. 5. Interest Rate. This section informs the applicant how the interest rate will be determined. Check the first checkbox if the lender has entered into an interest rate lock-in agreement with the applicant., or Check the second checkbox if the mortgage has a fixed interest rate. You must choose one of the following to set the interest rate of the mortgage loan. Check A if the interest rate will be based on external index value plus a margin, and enter the margin, the index, and the index source; or Check B if the interest rate is set by lender as base rate, but this rate cannot increase by a certain percentage at the time of closing. Fill in the rate, maximum deviation and maximum interest rate. First Mortgage Documents User Guide 203

210 New York Prevailing Rate Commitment Page Two Sample Use the numbers provided to locate the corresponding instructions on the next page. 204 CUNA Mutual Group

211 New York Prevailing Rate Commitment Page Two Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 5. Interest Rate (cont.) For an adjustable interest rate loan, enter the frequency of interest rate changes ( adjustment period ), the maximum increase in interest rate that can occur per adjustment period, the overall maximum interest rate ( lifetime ), and the margin and index that will be used to calculate the new interest rate. Check the appropriate checkbox to indicate whether negative amortization will be applied. If applicable, check the Fixed or Adjustable Rate Not Yet Determined checkbox and describe how the interest rate will be determined. 6. Maximum Rate. This section informs the borrower of the maximum interest rate for which the applicant qualifies. If the prevailing interest rate at the time of closing exceeds the maximum rate, the loan commitment is null and void. 7. Expiration Date. Enter the date the lender s commitment expires. Check the first checkbox to indicate that the loan must close by the expiration date of the commitment letter. OR If you are a lender that will only honor the interest rate lock commitment agreement if the loan closes and is funded prior to the expiration date, check the second checkbox to indicate that the loan must close at least three (3) days prior to the date the commitment letter expires. 8. Mortgage Broker Fee. This section explains how the mortgage broker is compensated. Check the appropriate checkboxes and fill in the applicable information. 9. Mortgage Broker Fee Acknowledgement. This section asks for the applicant s acknowledgement of the mortgage broker fee. First Mortgage Documents User Guide 205

212 New York Prevailing Rate Commitment Page Three Sample Use the numbers provided to locate the corresponding instructions on the next page. 206 CUNA Mutual Group

213 New York Prevailing Rate Commitment Page Three Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 10. Hazard Insurance. This section informs the applicant that they must provide the lender proof they have obtained hazard insurance prior to closing the loan. It also informs the applicant that the lender cannot require an applicant to purchase hazard insurance in an amount greater than the replacement costs of improvements to the property. Enter the amount of hazard insurance required. 11. Flood Insurance. Check the checkbox if flood insurance is required as a condition of the loan. 12. Private Mortgage Insurance ( PMI ). This section informs the applicant whether Private Mortgage Insurance (PMI) is required as a condition of the loan. It also states the conditions under which such insurance would no longer be required. Check the appropriate checkbox to indicate whether or not Private Mortgage Insurance is required. Check the checkbox in front of the second paragraph if the applicant is eligible to terminate Private Mortgage Insurance before the loan amount reaches 75% or less of the initial appraised value of the real estate at the time the loan was made. 13. Real Estate Tax and Hazard Insurance Escrows. This section informs the applicant whether an escrow account is required as a condition of the loan. Check the appropriate checkbox to indicate whether an escrow account is required. If an escrow account is required, check the checkbox(es) to show that the escrow account will be used for payment of property taxes, property insurance, and/or Private Mortgage Insurance (PMI). 14. Assumption. This section informs the applicant whether the loan may be assumed by the new buyer in the event the property is sold. Check the appropriate checkbox to indicate whether the loan may be assumed. If the loan can be assumed by the new buyer, indicate the conditions under which the loan is assumable. 15. No Oral Modification. This section informs the applicant that the loan cannot be changed orally. 16. Refundability. This section informs the applicant of the conditions under which commitment fees and/or points are refundable. 17. Documentation. This section informs the applicant of the documentation that may need to be produced and conditions that may need to be satisfied by the applicant prior to the closing of the loan. First Mortgage Documents User Guide 207

214 New York Prevailing Rate Commitment Page Four Sample Use the numbers provided to locate the corresponding instructions on the next page. v. Signature(s) of Applicant(s). 208 CUNA Mutual Group

215 New York Prevailing Rate Commitment Page Four Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 18. Other Conditions. Describe any other conditions that must be satisfied prior to the closing of the loan. 19. Prepayment Penalty. This section informs the applicant that there is no penalty for prepayment of the mortgage loan. 20. Acceptance of Commitment. This section informs the applicant of the date by which the New York Prevailing Rate Commitment must be signed and returned to the lender. Enter the date the Prevailing Rate Commitment Letter must be returned to the lender by the applicant. If a commitment fee is required, check the checkbox and enter the amount of the fee. The lender s representative should sign and date the New York Prevailing Rate Commitment. v. Signature(s) of Applicant(s). Each applicant should sign and date the New York Prevailing Rate Commitment. Each applicant should also initial each page of the New York Prevailing Rate Commitment. First Mortgage Documents User Guide 209

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217 New York Notice of Expiration of Commitment Period The New York Notice of Expiration of Commitment Period must be mailed to the applicant when they have been given a loan commitment. The Notice must be mailed at least 12 business days prior to expiration, but not more than 20 business days prior to the expiration of the loan commitment period. The notice can be mailed or electronically transmitted. The Notice of Expiration of Commitment Period provides the applicant with the date of expiration of the commitment period and includes a request that the applicant contact the lender immediately to discuss the conditions that must be met prior to closing the loan. This notice need not be given if the expiration date of the commitment period is less than 12 days from the date the applicant accepted the loan commitment, provided that the commitment is 1) irrevocable for seven (7) calendar days from the date of the commitment or the date of mailing, which ever is later and 2 ) that the expiration date of the commitment provides for a reasonable amount of time for the applicant to make all necessary arrangements for closing. Document Description When used Purpose Document number Imprinting Number of pages The New York Notice of Expiration of Commitment Period is used when a loan commitment made in connection with a mortgage loan, is expiring. The New York Notice of Expiration of Commitment Period informs the loan applicant of the date the loan commitment will expire and requests that the applicant contact the lender immediately regarding the conditions that must be met in order for a closing to be scheduled. RNY02* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 211

218 New York Notice of Expiration of Commitment Period Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice of Expiration of Loan Commitment. 4. Signature of Lender Representative. 5. Lender Contact Information. 212 CUNA Mutual Group

219 New York Notice of Expiration of Commitment Period Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name and address. 2. Property Address. This section provides a place to record the address of the property for which the loan is being sought. 3. Notice of Expiration of Loan Commitment. This section informs the applicant of the date the loan commitment will expire. Enter the commitment expiration date. 4. Signature of Lender Representative. A representative of the credit union should sign the Notice of Expiration of Commitment Period. 5. Lender Contact Information. Fill in the phone number and address of the credit union. First Mortgage Documents User Guide 213

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221 New York Notice of Expiration of Lock-In Period The Notice of Expiration of Lock-In Period must be mailed to the applicant when they have been given an interest rate lock-in agreement. The Notice must be mailed at least 12 business days prior to expiration, but not more than 20 business days prior to the expiration of the loan commitment period. The lender must also request that the applicant contact the lender immediately to discuss the conditions that must be met prior to closing the loan. The notice can be mailed or electronically transmitted. This notice need not be given if the expiration date of the locked-in interest rate is less than 12 days from the date the Lock-In Agreement was sent. Document Description When used Purpose Document number Imprinting Number of pages The New York Notice of Expiration of Lock-In Period is used when an interest rate lock-in agreement is made in connection with a mortgage loan. It must be mailed to each applicant no later than 12 business days nor more than 20 business days prior to the expiration of the interest rate lock-in period. The New York Notice of Expiration of Lock-In Period informs the loan applicant of the date the lock-in interest rate will expire and requests that the applicant contact the lender immediately regarding the conditions that must be met in order for a closing to be scheduled. RNY80* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 215

222 New York Notice of Expiration of Lock-In Period Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Notice of Expiration of Lock- In Agreement. 4. Signature of Lender Representative. 5. Lender Contact Information. 216 CUNA Mutual Group

223 New York Notice of Expiration of Lock-In Period Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name and address. 2. Property Address. This section provides a place to record the address of the property for which the loan is being sought. 3. Notice of Expiration of Lock-In Agreement. This section informs the applicant of the date the Lock-In Agreement will expire. Enter the Lock-In Agreement expiration date. 4. Signature of Lender Representative. A representative of the credit union should sign the Notice of Expiration of Lock-In Period. 5. Lender Contact Information. Fill in the credit union address and telephone number. First Mortgage Documents User Guide 217

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225 New York Balloon Disclosures for the Note The New York Balloon Disclosures for the Note is required when the New York Balloon Note (LOANLINER RNNY6*) is used. It includes specific language regarding the terms of the Balloon Note that is not included in the Balloon Note itself. The New York Balloon Disclosures for the Note informs the borrower of whether the loan is a straight balloon note or a balloon note with guaranteed refinancing. The New York Balloon Disclosures for the Note is to be attached to the Balloon Note and given at the time of loan closing. Document Description When used Purpose Document number Imprinting Number of pages The New York Balloon Disclosures for the Note is used for first mortgages that include a balloon payment. It is a required addendum to the Balloon Note. The New York Balloon Disclosures for the Note informs the borrower that a balloon payment is required at the end of the loan term. It also informs the borrower whether the lender will guarantee refinancing at the end of the balloon note term. RNY04* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 219

226 New York Balloon Disclosures for the Note Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Borrower(s). 2. Property Address. 3. Balloon Payment Notice. 220 CUNA Mutual Group

227 New York Balloon Disclosures for the Note Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Balloon Payment Notice. This section informs the borrower whether the Note is a straight balloon note with no guarantee of refinancing at the end of the Balloon Note term, or whether the lender guarantees refinancing at the end of the Balloon Note term. Check the appropriate checkbox to indicate that the note is a straight balloon note or that refinancing of the note is guaranteed at the end of the Balloon Note term. Enter the term of the loan as a number of years (two entries). First Mortgage Documents User Guide 221

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229 New York Real Property Insurance Escrow Disclosure The New York Real Property Insurance Escrow Disclosure is used when the lender will maintain an escrow account for payment of property insurance premiums on the real property secured by the loan. This disclosure must be provided to the borrower at the time the real property insurance escrow account is established. The disclosure informs the borrower that the lender ( Mortgage Investing Institution ) will pay all insurance premiums in a timely manner. The New York Real Property Insurance Escrow Disclosure explains the obligations of the borrower in the event that a premium notice is sent to the borrower instead of to the lender or loan servicer. It informs the borrower of the requirement to pay 1/12 th of the premium each month. The borrower s payments are deposited into the insurance escrow account. Document Description When used Purpose Document number Imprinting Number of pages The New York Real Property Insurance Escrow Disclosure is used when an escrow account will be maintained by the lender for the purpose of paying insurance premiums for the real property secured by the loan. The New York Real Property Insurance Escrow Disclosure informs the borrower about both the borrower s and lender s obligations in relation to an escrow account established for payment of insurance premiums on real property. RNY05* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 223

230 New York Real Property Insurance Escrow Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Borrower(s). 2. Property Address. 3. Initial Insurance Escrow Disclosure. 4. Authorization. 224 CUNA Mutual Group

231 New York Real Property Insurance Escrow Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property described in the Mortgage/Deed of Trust. 3. Initial Insurance Escrow Disclosure. This section informs the borrower about the requirement to maintain an escrow account with the lender for payment of monthly property insurance premiums. Enter the credit union name. Enter the credit union address. Enter the credit union name as the Mortgage Inventing Institution. Enter the servicing agent name, if applicable. 4. Authorization. In this section, the borrower authorizes the property insurance company to send bills and notices directly to the lender. Enter the credit union name. Each borrower should sign and date New York Property Insurance Escrow Disclosure. First Mortgage Documents User Guide 225

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233 Notice to Ohio Applicants The Notice to Ohio Applicants informs the applicant of the Ohio laws against discrimination that require all lenders to make credit equally available to all credit worthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. This notice must be attached to applications for mortgage loans, except applications that have a multi-state distribution may provide the notice to the applicant along with the notice of acceptance or rejection of the application. Document Description When used Purpose Document number Imprinting Number of pages The Notice to Ohio Applicants must be used when an application is given for a mortgage loan. The Notice to Ohio Applicants informs the borrower of the laws regarding discrimination in consumer lending. ROH10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 227

234 Notice to Ohio Applicants Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s). 2. Property Address. 3. Notice. 4. Signature(s) of Applicant(s). 228 CUNA Mutual Group

235 Notice to Ohio Applicants Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the applicant that Ohio laws require that lenders make credit equally available to all creditworthy applicants. The law also requires that credit reporting agencies maintain separate credit histories on each individual upon request. 4. Signature(s) of Applicant(s). This section provides a place for the applicant(s) to sign the Notice to Ohio Applicants. First Mortgage Documents User Guide 229

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237 Oklahoma Title Protection Act Notice The Oklahoma Title Protection Act Notice (Oklahoma Title Protection Act, 46 Okla. Stat. 19 et seq.) applies to mortgage loans in which there is a buyer, so it does not apply to refinancing or home equity loans. Document Description When used Purpose Document number Imprinting Number of pages The notice is given at time of loan application. The notice applies when a loan is made that will result in a title protection document (e.g., title insurance) being issued to the mortgagee. Any mortgagee who fails to comply with the Title Protection Act is subject to a penalty of $ ROK10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 231

238 Oklahoma Title Protection Act Notice Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Signatures. 232 CUNA Mutual Group

239 Oklahoma Title Protection Act Notice Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant that title protection does not protect the Buyer. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Oklahoma Title Protection Act Notice. First Mortgage Documents User Guide 233

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241 Oregon Escrow Disclosure The Oregon Escrow Disclosure is given to the borrower of a loan of $100,000 or less if they desire to escrow tax and insurance payments. The Escrow Disclosure informs the borrower that an escrow arrangement is not a condition of the loan, and informs the borrower that if they desire to establish an escrow, the lender will enter into an escrow agreement with the borrower to accept the escrow payments and handle the borrower s obligations to make the tax and insurance payments. The disclosure is not required for loans in amounts that exceed $100,000. Document Description When used Purpose Document number Imprinting Number of pages The Oregon Escrow Disclosure is used when a borrower desires to escrow tax and insurance payments in connection with a mortgage loan of $100,000 or less. The Oregon Escrow Disclosure informs the borrower that an escrow account is not required in connection with the loan, and that an escrow account can be established if the borrower chooses. The Disclosure also informs the borrower about the interest rate that will be paid on the escrow account and the fees that must be paid to establish the account. ROR10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 235

242 Oregon Escrow Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicants(s). 2. Property Address. 3. Name of Lender. 4. Disclosure. 5. Acknowledgment of Receipt. 236 CUNA Mutual Group

243 Oregon Escrow Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Name of Lender. Enter the credit union name. 4. Disclosure. This section informs the applicant that an escrow account for payment of taxes and insurance in connection with the mortgage loan is not required, and that an escrow account can be established with the lender if the applicant chooses to do so. Enter the lender s name. Enter the name(s) of the applicant(s). Enter the property address. Check the appropriate checkbox to indicate whether interest will be paid on an escrow account. Enter the interest rate to be paid on the escrow account, if applicable. Enter the amount of the service charge for the escrow account. 5. Acknowledgment of Receipt. Each applicant should sign and date the Oregon Escrow Disclosure. First Mortgage Documents User Guide 237

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245 Rhode Island Loan Application Disclosure The Rhode Island Loan Application Disclosure combines R.I. Gen. Laws , R.I. Gen. Laws , R.I. Gen. Laws and R. I. Gen. Laws (a) and R.I. Gen. Laws (b). The disclosure provides information on Nonrefundable Appraisal Fees, Nonrefundable Loan Fees, option to purchase an Owner s Policy Title Insurance and option to select an attorney or title insurance company to perform the title search. Document Description When used Purpose Document number Imprinting Number of pages The disclosure must be provided at or within three (3) days after loan application. The application disclosure covers information outlining the following appraisal fees will not be refunded if the loan is not approved; fees and charges on the good faith estimate will not be refunded if the loan is prepaid in whole or in part; you have the option of purchasing an Owner s policy of title insurance, whereas you are required to purchase the Lender s policy of title insurance; you have the right to select an attorney or title insurance company, with proper notice of this selection. RRI10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 239

246 Rhode Island Loan Application Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Title Insurance Notice. 3. Appraisal Notice. 4. Nonrefundability of Loan Fees Notice. 5. Acknowledgment of Receipt. 240 CUNA Mutual Group

247 Rhode Island Loan Application Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name and address. The name and address of the applicant(s) must be printed/typed in this area. 2. Title Insurance Notice. This section informs the applicant that they have to obtain Lender s Coverage for a title insurance policy and an Owner s policy is not required to obtain the loan. 3. Appraisal Notice. This section informs the applicant that the expense of an appraisal is their responsibility and the funds may not be refunded if their loan is not approved. 4. Nonrefundable Fees Notice. This section informs the applicant that fees and charges paid to obtain the loan will not be refunded if the loan is prepaid. 5. Acknowledgment of Receipt. Each applicant should sign and date the Rhode Island Loan Application Disclosure. First Mortgage Documents User Guide 241

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249 South Carolina Attorney/Insurance Preference Check List The South Carolina Attorney/Insurance Preference Check List is required by South Carolina Consumer Protection Code, S.C. Code Ann et seq. for mortgage loans in any lien position. Document Description When used Purpose Document number Imprinting Number of pages The disclosure must be provided at or within three (3) days after loan application. The disclosure notifies the consumer of their right to select an attorney and insurance agent that will furnish hazard and flood insurance. RSC10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 243

250 South Carolina Attorney/Insurance Preference Check List Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Attorney Preference Notice. 3. Insurance Preference Notice. 244 CUNA Mutual Group

251 South Carolina Attorney/Insurance Preference Check List Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Borrower(s). This section provides a place to record each borrower s name. The name and address of the borrower(s) must be printed/typed in this area. 2. Attorney Preference Notice. This section informs the borrower(s) that they have a right to select legal counsel. 3. Insurance Preference Notice. This section informs the borrower(s) that they have a right to select an insurance agent. First Mortgage Documents User Guide 245

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253 Notice to Cosigner The creditor must give a person entitled to a cosigner notice a copy of any writing setting forth the terms of the consumer s agreement and of any separate agreement of obligation signed by the person entitled to the notice. Document Description When used Purpose Document number Imprinting Number of pages The disclosure must be provided at closing and is used to notify the obligated cosigner, co maker, guarantor, endorser, surety and similar party of the consumer credit sale. The Notice to Cosigner is a written notice that contains a completed identification of the debt to be paid and reasonably informs him of his obligations with respect to it. MXIA0* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 247

254 Notice to Cosigner Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Notice to Cosigner. 2. Acknowledgment. 248 CUNA Mutual Group

255 Notice to Cosigner Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name of Debtor and Creditor. This section provides a place to record the debtor and creditor name. 2. Acknowledgment of Receipt. The cosigner should sign and date the Notice to Cosigner document. First Mortgage Documents User Guide 249

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257 Tennessee Placement of Insurance The Tennessee Placement of Insurance informs the applicant of the right to submit to the lender a list containing a reasonable choice of agents and/or insurers selected by the applicant, who will write the insurance in connection with the loan. If the list includes at least three (3) agents and/or insurers, Tennessee law considers the list to include a reasonable choice. The lender has the right to refuse insurance policies written by agents not located within the trade area normally served by the lender. The Tennessee Placement of Insurance must be signed by the applicant and retained by the lender. The disclosure must be given prior to any formal application for the loan or the payment of any fees or costs required for filing the application. Document Description When used Purpose Document number Imprinting Number of pages The Tennessee Placement of Insurance is used when an applicant applies for a mortgage loan. It must be signed by the applicant prior to any formal applicant for the loan or the payment of any associated fees. The Tennessee Placement of Insurance informs the applicant of the right to provide to the lender a list of three insurers who will write the insurance in connection with the loan. RTN10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 251

258 Tennessee Placement of Insurance Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s), Account Number, and Property Address. 2. Notice. 3. Signature(s) of Applicant(s). 252 CUNA Mutual Group

259 Tennessee Placement of Insurance Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant (s) Account Number, and Property Address. Enter each applicant s name, the account number, and the property address. 2. Notice. This section informs the applicant of the right to submit a list of at least three (3) insurance providers who will write the insurance in connection with the loan. 3. Signature(s) of Applicant(s). The applicant(s) should sign and date the Tennessee Placement of Insurance. First Mortgage Documents User Guide 253

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261 Texas Mortgage Fraud Notice Texas House Bill 716, which goes into effect September 1, 2007, created an act relating to mortgage fraud; providing criminal penalties. The notice outlines the penalties for making false or misleading written statements contained in the written home loan application, including statement of identity, employment, annual income, and occupancy. Document Description When used Purpose Document number Imprinting Number of pages The Texas Mortgage Fraud Notice is to be signed by each applicant at closing. The Texas Mortgage Fraud Notice informs the applicant of the penalties associated with mortgage fraud. RTX10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 255

262 Texas Mortgage Fraud Notice Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) of Applicant(s), Account Number, and Property Address. 2. Notice. 3. Signature(s) of Applicant(s). 256 CUNA Mutual Group

263 Texas Mortgage Fraud Notice Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) of Applicant (s) Account Number, and Property Address. Enter each applicant s name, the account number, and the property address. 2. Notice. This section informs the applicant of the penalties for making false or misleading written statements. 3. Signature(s) of Applicant(s). The applicant(s) should sign and date the Texas Mortgage Fraud Notice. First Mortgage Documents User Guide 257

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265 Texas Notice to Borrower The Texas Notice to Borrower is available in English and Spanish. If discussions with the borrower are conducted primarily in a language other than English, the credit union must, before closing, provide an additional copy of the Notice in the language in which the discussions were conducted. Document Description When used Purpose Document number Imprinting Number of pages The Notice is required to be given to the borrower at least 12 days prior to closing the loan. Therefore, it should be given as early as possible, such as at the time the application is given to the borrower or at the time the application is received. The credit union must provide the borrower with this notice which explains the credit union s responsibilities and prohibitions and the borrower s rights and remedies. ETX20* English ETX22* Spanish *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. Two First Mortgage Documents User Guide 259

266 Texas Notice to Borrower Sample - English Use the numbers provided to locate the corresponding instructions on the next page. 260 CUNA Mutual Group

267 First Mortgage Documents User Guide 261

268 Texas Notice to Borrower Sample - Spanish Use the numbers provided to locate the corresponding instructions on the next page. 262 CUNA Mutual Group

269 First Mortgage Documents User Guide 263

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271 Texas Acknowledgment of Fair Market Value The Acknowledgment of Fair Market Value allows the credit union to conclusively rely on the written Acknowledgment as to the fair market value of the property as long as: (1) the value acknowledged is the estimated value in an appraisal or evaluation prepared in accordance with any applicable state or federal requirements and (2) the credit union does not have actual knowledge at the time the loan is granted that the fair market value stated in the Acknowledgment is incorrect. Document Description When used Purpose Document number Imprinting Number of pages The document is completed and signed at closing. The Texas Constitution requires that the credit union and the borrower sign this Acknowledgment at closing. ETX40* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 265

272 Texas Acknowledgment of Fair Market Value Sample 266 CUNA Mutual Group

273 Utah Deposit and Servicing Disclosure Notice The Utah Deposit and Servicing Disclosure Notice includes two disclosures that may be provided at the closing for a mortgage loan. The notice includes a Deposit Disclosure Statement that must be given to an applicant for a loan if fees or deposits are collected by the lender in connection with the loan application. The Servicing Disclosure Statement must be given to an applicant for a loan if the mortgage loan applied for may be sold or assigned or if the servicing of the loan may be sold or assigned. Document Description When used Purpose Document number Imprinting Number of pages The Utah Deposit and Servicing Disclosure Notice may be provided at the closing for a mortgage loan. The Deposit Disclosure Statement informs the applicant whether and under what conditions fees collected in connection with an application for a mortgage loan are refundable. The Servicing Disclosure Statement informs the applicant that the lender may sell or assign the mortgage loan applied for or the servicing of the mortgage loan. RUT20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. Two First Mortgage Documents User Guide 267

274 Utah Deposit and Servicing Disclosure Notice Page One Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Deposit Disclosure Statement. 268 CUNA Mutual Group

275 Utah Deposit and Servicing Disclosure Notice Page One Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Deposit Disclosure Statement. This section should only be filled in if fees or deposits have been received from the applicant. This section informs the applicant of the fees and deposits that have been accepted by the lender in connection with the loan, and whether those fees and deposits are refundable. Enter the amount and a description of each fee. Check the appropriate checkbox to indicate whether the fee is refundable. Describe the conditions under which all or a part of the fee may be refundable. First Mortgage Documents User Guide 269

276 Utah Deposit and Servicing Disclosure Notice Page Two Sample Use the numbers provided to locate the corresponding instructions on the next page. 4. Servicing Disclosure Statement. 5. Acknowledgment of Receipt. 270 CUNA Mutual Group

277 Utah Deposit and Servicing Disclosure Notice Page Two Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 4. Servicing Disclosure Statement. This section informs the applicant that the mortgage loan may be sold or assigned by the lender and that the loan servicing may be sold or assigned. If the mortgage loan and loan servicing will not be sold or assigned, you may X this section out. 5. Acknowledgment of Receipt. Each applicant should print his/her name and sign and date the Utah Deposit and Servicing Disclosure Statement. First Mortgage Documents User Guide 271

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279 Utah Initial Servicer Disclosure Statement The Utah Initial Servicer Disclosure Statement must be given at the time of any first mortgage loan closing. It informs the borrower of the name of the initial servicer that will be servicing the loan and the address at which loan payments should be made. Document Description When used Purpose Document number Imprinting Number of pages The Utah Initial Servicer Disclosure Statement is given at the time of closing of a first mortgage loan. The Utah Initial Servicer Disclosure Statement informs the borrower of the name of the initial servicer of the mortgage loan and the address for mailing loan payments. RUT20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 273

280 Utah Initial Servicer Disclosure Statement Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 274 CUNA Mutual Group

281 Utah Initial Servicer Disclosure Statement Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Borrower(s). This section provides a place to record each borrower s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the borrower(s) of the name of the initial loan servicer and the address to which payments should be mailed.. Enter the name of the initial servicer of the loan. Enter the address for mailing loan payments. 4. Acknowledgment of Receipt. Each borrower should print his/her name and sign and date the Utah Initial Servicer Disclosure Statement. First Mortgage Documents User Guide 275

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283 Vermont Authorization to Obtain Credit Report The Vermont Fair Credit Reporting Act provides that a person may not obtain the credit report of a consumer unless that person has secured the consent of the consumer, per Vt. Stat. Ann. Tit. 9, 2480e. The consent must be in writing if the consumer made a written application or request for credit. Document Description When used Purpose Document number Imprinting Number of pages This document must be provided at or within three (3) days after application for a mortgage loan. The purpose of the document is for the consumer to give permission to the Lender so that the Lender can obtain a credit report in connection with the transaction. RVT10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 277

284 Vermont Authorization to Obtain Credit Report Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Signature(s). 278 CUNA Mutual Group

285 Vermont Authorization to Obtain Credit Report Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant that by signing the notice, they give permission to the lender to order a credit report. 3. Signature. The applicant(s) should sign and date the Vermont Authorization to Obtain Credit Report. First Mortgage Documents User Guide 279

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287 Vermont Addendum to Residential Mortgage Loan Application Vermont law provides that parties to a civil union have all the same benefits, protections and responsibilities under the law, whether they derive from statute, administrative or court rule, policy, common law or any other service of civil law, as are granted to a spouse in marriage Vt. Stat. Ann. Tit. 15, 1204(a). Vermont law grants parties to a civil union the same homestead rights as are granted to married couples. Document Description When used Purpose Document number Imprinting Number of pages This document is used as an addendum to the residential loan application. The purpose of the document is so that Lender can determine whether a party to civil union may hold a homestead interest in the property. RVT10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. Four First Mortgage Documents User Guide 281

288 Vermont Addendum to Residential Mortgage Loan Application Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Applicant Name. 2. Homestead Validation. 3. Signature(s). 282 CUNA Mutual Group

289 1. Applicant Name. 2. Homestead Validation. 3. Signature(s). First Mortgage Documents User Guide 283

290 1. Applicant Name. 2. Homestead Validation. 3. Signature(s). 284 CUNA Mutual Group

291 1. Applicant Name. 2. Homestead Validation. 3. Signature(s). First Mortgage Documents User Guide 285

292 Vermont Addendum to Residential Mortgage Loan Application Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Applicant Name(s). Each applicant needs to record their name. 2. Homestead Validation. Each applicant needs to answer the homestead question. 3. Signature(s). Each applicant should sign and date a Vermont Addendum to Residential Mortgage Loan Application. 286 CUNA Mutual Group

293 Virginia First Mortgage Application Disclosure The Virginia First Mortgage Application Disclosure must be provided to an applicant for a first mortgage loan at the time of the application. The disclosure describes when, if ever, the interest rate, points, and fees quoted will be locked in, states that all the loan terms not legally locked in are subject to change until closing, and provides an estimate of the processing time required for the loan application. The estimate of the processing time must take into account the time needed for the performance of any local government inspections or other functions necessary to close the loan. The disclosure must be initialed by the applicant. The Virginia First Mortgage Application Disclosure is not required if a lender makes 10 or fewer such loans in any 12-month period. Document Description When used Purpose Document number Imprinting Number of pages The Virginia First Mortgage Application Disclosure is used when an applicant applies for a first mortgage loan. The Virginia First Mortgage Application Disclosure informs the applicant that the interest rate, point, and fees are subject to change until an interest rate lock-in agreement has been established. It provides to the applicant an estimate of the time required for processing the loan application. RVA10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 287

294 Virginia First Mortgage Application Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Disclosure. 4. Applicant and Lender Initials. 5. Estimated Processing Time. 288 CUNA Mutual Group

295 Virginia First Mortgage Application Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Disclosure. This section informs the loan applicant that the terms, interest rate, point, and fees quoted to the applicant are subject to change until a lock-in agreement has been established. 4. Applicant and Lender Initials. Each applicant, and the lender, should initial the Virginia First Mortgage Application Disclosure to indicate agreement with the content. 5. Estimated Processing Time. Enter the estimated number of days that will be required for processing the loan application. First Mortgage Documents User Guide 289

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297 Washington Waiver of Document Copies Prior to Loan Closing The Washington Waiver of Documents Disclosure applies to real estate loans when the loan is used to purchase the dwelling. The lender is required to provide copies of the appraisals and other documents they relied on to evaluate the value of the dwelling to be financed. This information must be given to the applicant before the closing, but can be given to the applicant later if the applicant signs the Waiver of Document Copies Prior to Loan Closing. Document Description When used Purpose Document number Imprinting Number of pages The Washington Waiver of Document Copies Prior to Loan Closing is used in connection with real estate loans when the loan is used to purchase the dwelling. The Waiver of Document Copies must be provided to and signed by the applicant prior to closing. The Washington Waiver of Document Copies Prior to Loan Closing relieves the lender of the requirement to provide copies of appraisals and other documents to the applicant prior to closing. Required documents can then be provided to the applicant at the time of closing. RWA10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 291

298 Washington Waiver of Document Copies Prior to Loan Closing Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Waiver of Document Copies Prior to Loan Closing. 4. Signature(s) of Applicant(s). 292 CUNA Mutual Group

299 Washington Waiver of Document Copies Prior to Loan Closing Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Waiver of Document Copies Prior to Loan Closing. Enter credit union name. Check the appropriate checkbox(es) and add the appropriate information to identify the documents for which the borrower waives the lender s requirement to provide copies prior to loan closing. 4. Signature(s) of Applicant(s). This section provides a place for the applicant(s) to sign and date the Washington Waiver of Document Copies Prior to Loan Closing. First Mortgage Documents User Guide 293

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301 Wisconsin Escrow Notice The Wisconsin Escrow Notice must be given before the loan closing if the lender requires an escrow to assure the payment of property taxes. The Wisconsin Escrow Notice informs the borrower regarding the manner in which the borrower may require the escrow agent to make payments. It also informs the borrower of the procedure that must be followed in arranging for the escrow agent to make the property tax payments. The borrower must notify the escrow agent, by November 1, which of the available three (3) payment options have been selected. The escrow agent must then make payments in that manner annually until otherwise notified. If the borrower receives the payments from the escrow account, the borrower must send a copy of the receipt for paid property taxes to the lender by March 31. This Notice is not required if it is the practice of the escrow agent to pay to the borrower the amount held in escrow by December 20. It is also not required if it is the practice of the escrow agent to send a check to the borrower, made payable to the borrower and the treasurer authorized to collect the tax, by December 20. If this practice changes in any year for any reason, the escrow agent must notify the borrower by October 15 of that year. Document Description When used Purpose Document number Imprinting Number of pages The Wisconsin Escrow Notice is used when the lender requires an escrow account for the payment of property taxes in connection with the loan. The Wisconsin Escrow Notice informs the borrower of three (3) options for the payment of property taxes from the escrow account, the procedures for selecting one of the options, and the borrower s obligations to communicate with and provide documentation to the escrow agent in connection with payment of taxes from the escrow account. RWI20* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 295

302 Wisconsin Escrow Notice Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Borrower(s). 2. Property Address. 3. Notice. 4. Acknowledgment of Receipt. 296 CUNA Mutual Group

303 Wisconsin Escrow Notice Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Borrower(s). This section provides a place to record each applicant s name. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Notice. This section informs the borrower of the payment options, procedures for selecting the options and their communication obligations. 4. Acknowledgment of Receipt. Each borrower should sign and date the Escrow Notice. First Mortgage Documents User Guide 297

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305 Wisconsin Explanation of Personal Obligation The Wisconsin Explanation of Personal Obligation is a notice to the cosigner. It is used when the first mortgage loan is for $25,000 or less. It informs the cosigner that he/she is liable and responsible for repaying the amount indicated, that he/she may be sued by the lender for collection of the amount owed, and that he/she is entitled to a copy of all documents the borrower (consumer) has signed in connection with the loan obligation. The cosigner must sign the Explanation of Personal Obligation at the same time the borrower signs the documents evidencing the consumer credit transaction. Document Description When used Purpose Document number Imprinting Number of pages The Wisconsin Explanation of Personal Obligation is used when there is a cosigner on a first mortgage loan of $25,000 or less. The Wisconsin Explanation of Personal Obligation informs the cosigner of the amount he/she is liable for in connection with the loan, and informs the cosigner of the right to receive copies of all documents that have been signed by the borrower. MXWI0* *Spaceholder for version number No imprinting available One First Mortgage Documents User Guide 299

306 Wisconsin Explanation of Personal Obligation Sample Use the numbers provided to locate the corresponding instructions on the next page CUNA Mutual Group

307 Wisconsin Explanation of Personal Obligation Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name of Customer. Enter the borrower s name. 2. Name of Credit Union. Enter the credit union name. 3. Date of Transaction. For closed-end first mortgage loans, enter the closing date. 4. Total of Payments. For closed-end first mortgage loans, enter the total amount of payments. 5. Credit Limit. For open-end lines of credit, enter the credit limit. 6. Signature. The cosigner should sign and date the Wisconsin Explanation of Personal Obligation. First Mortgage Documents User Guide 301

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309 Wisconsin Preapplication Fee Disclosure The Wisconsin Preapplication Fee Disclosure must be given at the time of application for a first mortgage loan. It informs the applicant as to whether application fees or other charges paid in connection with the loan application are refundable, whether the terms of the agreement to make the loan are fixed through the date of loan closing, and the terms of the loan agreement that may change if the loan is not closed on or before the date agreed upon. Document Description When used Purpose Document number Imprinting Number of pages The Wisconsin Preapplication Fee Disclosure is used at the time of application for a first mortgage loan. The Wisconsin Preapplication Fee Disclosure informs the applicant whether charges paid in connection with the application for the loan are refundable. It also provides information to the applicant regarding whether the terms of the loan agreement are fixed through the date of loan closing. RWI10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 303

310 Wisconsin Preapplication Fee Disclosure Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Property Address. 3. Disclosure. 4. Acknowledgment of Receipt. 304 CUNA Mutual Group

311 Wisconsin Preapplication Fee Disclosure Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name and address. 2. Property Address. This section provides a place to record the address of the property described in the Security Instrument (Mortgage/Deed of Trust). 3. Disclosure. Check the appropriate checkbox to indicate whether the application fee or other fees are refundable. Check the appropriate checkbox to indicate whether the terms of the loan agreement are fixed until the time of closing. Check the appropriate checkbox to indicate whether the terms of the loan agreement may change if the loan is not closed on or before the agreed upon date. List the terms of the loan agreement that may change, if applicable. 4. Acknowledgment of Receipt. Each applicant should sign and date the Wisconsin Preapplication Fee Disclosure. First Mortgage Documents User Guide 305

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313 Wyoming Notice of Required Insurance Wyoming statute Wyo. Stat states that if the creditor requires insurance, the debtor has to be notified that they can provide the required insurance themselves, but the creditor may decline the insurance provided. Document Description When used Purpose Document number Imprinting Number of pages This document is to be provided at or within three (3) days after application for a mortgage loan. This notice informs the applicant(s) that property insurance is required in connection with the loan. RWY10* *Spaceholder for version number Optional imprinting of credit union name, address, telephone number, and logo. One First Mortgage Documents User Guide 307

314 Wyoming Notice of Required Insurance Sample Use the numbers provided to locate the corresponding instructions on the next page. 1. Name(s) and Address of Applicant(s). 2. Notice. 3. Acknowledgment of Receipt. 308 CUNA Mutual Group

315 Wyoming Notice of Required Insurance Instructions Instructions are given for each section of the document. Refer to the corresponding number on the sample document on the facing page. 1. Name(s) and Address of Applicant(s). This section provides a place to record each applicant s name. The name and address of the applicant(s) must be printed/typed in this area. 2. Notice. This section informs the applicant that property insurance is required for this loan. 3. Acknowledgment of Receipt. The applicant(s) should sign and date the Wyoming Notice of Required Insurance. First Mortgage Documents User Guide 309