Have the potential buyer completely fill out the attached documents. FAX all the attached documents to the Credit Services Department at

Transcription

1 RE: VMF Loan #: To Whom It May Concern: Attached is information to assist you in selling your home. Have the potential buyer completely fill out the attached documents. FAX all the attached documents to the Credit Services Department at Mail the application to: Attention: Credit Services Department Vanderbilt Mortgage and Finance, Inc. PO Box 9800 Maryville, TN If you have questions, please contact our Credit Services Department at Our office hours are Monday through Thursday, 8:30 A.M. 8:00 P.M. and Friday, 8:30 A.M. 5:30 P.M. (ET). Sincerely, Customer Service Dedicated to serving our customers! Vanderbilt Mortgage and Finance, Inc. PO Box 9800, Maryville, TN Alcoa Trail, Maryville, TN Phone: Fax: Toll Free: Federal Tax ID#: Loan Assumption Cover Letter and Checklist-VMF/1453 (June 2011) NMLS # 1561

2 Checklist when completing the credit application: Print clearly. Complete all the information requested. Write your Vanderbilt loan number on the top of the credit application. Checklist to help sell your home: Pickup any trash outside your home. Pickup any toys, tools, and any other items that may clutter up your yard. Keep your lawn mowed. Replace any broken windows or torn screens. Wash the exterior of your home. Wash your windows inside and out. Clean the interior of your home. Wash and repair any damaged paneling. Shampoo the carpet. Have the curtains cleaned. Repair any maintenance problems (i.e., burned out lights, leaky faucets, etc.) Have as few distractions as possible when showing your home. Confine any pets to a restricted area. Advertising Your Home: The internet is a great place to list your home for thousands of people to see. Two excellent websites are and Other places to advertise your home are in your home town newspaper, Thrifty Nickle, Bargain Mart, or your local community classified newspaper. Below are some sample ads. $500 down, need someone to assume low monthly payments. For more info call (phone #) Owner must sacrifice 98, 14x70, 3BR 2BA, under $10,000 nice. Financing available. (phone #) Reduced! Like new 96 3BR, 2BA, 14x70 was $15,000 now $10,000 very low down payment. (phone #) Owner desperate to sell! 1-Owner, 96 MH 3BR, 2BA real sharp! (phone #) Assume Payment x70 3BR, 2BA setup on convenient lot, payment $150/mo. (phone #) Low interest rate & low monthly payment! 14x70 MH 3BR 2BA. (phone # ) Assumption Cover Letter and Checklist-VMF/1453 (February 2011) NMLS # AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE STATEMENT Reference No.:

3 To: Applicant(s): Property: (a) Manufactured Home Description (If Applicable): #REF! If the above Description is left blank it means that the Description is unknown at the time of the delivery of this Affiliated Business Arrangement Disclosure Statement. From: (1) CMH Homes, Inc. (or CMH of KY, Inc. for locations in Kentucky) ("CMH") as to Paragraph A, (2) Wimbledon Properties, LLC. ("Wimbledon") as to Paragraph A, and/or (3) Vanderbilt Mortgage and Finance, Inc. ("Vanderbilt") as to Paragraphs A and/or B This is to give you notice that CMH, Wimbledon, Vanderbilt, and HomeFirst Agency, Inc. ("HomeFirst") have business relationships with each other. CMH, Wimbledon, Vanderbilt and HomeFirst are each indirect, wholly owned subsidiaries of the same parent company. Thus, each is an affiliate of the other. Because of this relationship, this referral may provide CMH, Wimbledon, and/or Vanderbilt a financial or other benefit. A. Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOT required to use the listed provider(s) as a condition for settlement of your loan on the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES. Provider and Settlement Service (1) Vanderbilt / Your Financing Charge or Range of Charges (1) Conventional: Interest rates range from 6.63% to 14.50% (if secured by land). or 7.89% to 15.50% (if not secured by land). : Interest rates range from 8.00% to 10.50%. I: Interest rates range from 5.88% to 8%. (2) Vanderbilt / Services Related to Origination of your loan and FHA Insurance (2) Conventional: Origination fee of 0% or 2% of financing amount. : Origination fee of 0% to 2% and FHA Insurance of 2.25% of financing amount, plus 1% annual FHA premium payable with monthly payment. I: Origination fee of 0% to 2% and FHA Insurance of 1%, and Underwriting, Document Preparation and MERS fees $526.95, plus.085% or.090% (or 0% or.025% for loans with terms 15 years or less) annual FHA premium (based on loan to value) payable with monthly payment. For Example: $35,000 Conventional I $60,000 Conventional I $90,000 Conventional I $150,000 Conventional I $200,000 Conventional I $ $1, $1, $1, $2, $2, $1, $3, $3, $3, Financing in this amount is not available $5, $4, Financing in this amount is not available $6, ABADS (pre-acceptance and application)-all/1947 (September 2011) NMLS# 1561 (3) HomeFirst / The Following Kinds of Insurance or (3) For the Indicated Insurance or Contractual Protection, the Contractual Protection Premium or Cost Range From: (a) Hazard Insurance on the Manufactured or Modular Home You Are Purchasing a) Cost determined by several factors, including: Home's price or value; whether new or pre-owned; if pre-owned, age of Home; where

4 Home located and coverage terms: One Year Term: $35,000 Hom $60,000 Hom $90,000 Hom $150,000 Hom $200,000 Hom $210 to $2,238 $230 to $3,081 $289 to $3,847 $403 to $6,408 $495 to $8,540 (b) Home Buyer Protection Plan (insurance) or Home Protection Plan (service contract) (b) Cost determined by which product is offered in a particular state and whether the Home is single (SS) or multi (MS) section. Product is available for new homes only: New Home/5 Year Term SS HBPP $384 to $487 SS HPP $769 MS HBPP $464 to $589 MS HPP $967 (If Home (SS or MS) is located in North Carolina, HPP cost is $819) B. Set forth below is the estimated charge or range of charges for the settlement services of an attorney, credit reporting agency, or real estate appraiser that we (Vanderbilt), as your lender, will require you to use, as a condition of your loan on this property, to represent our interests in the transaction. Provider and Settlement Service Charge or Range of Charges (1) Real Estate Appraiser / Appraisal (1) $250 to $450 (2) Credit Reporting Agency(ies) / Credit Report on You (2) $0 ACKNOWLEDGEMENT I/We acknowledge receipt of a copy of this disclosure statement within 3 business days of my/our loan application or prior to or at the time of the referral of the settlement service(s) described above. I/We further acknowledge that I/we have read this disclosure form and that I/we understand that CMH, Wimbledon, and/or Vanderbilt is referring me/us to purchase the abovedescribed settlement service(s) and may receive a financial or other benefit as the result of this referral. Signature of: Signature of: ABADS (pre-acceptance and application)-all/1947 (September 2011) NMLS# 1561 Information About Your Credit Application

5 Communications that relate to your credit application that will be submitted to a lender (the Lender ), its status or other questions you may have about your application or the loan process, will be addressed by the Lender s designated representative. The retailer from whom you may purchase a home and its sales consultants may assist you with matters associated with the sales transaction for example, the type of home to purchase, options, site improvements, sales features that may impact your financing options, etc. During the sales process, if there are questions that may impact the financing of your purchase, your sales consultants may conference or connect you and the appropriate representative(s) of the Lender for your convenience. Following the receipt of your credit application, a representative from the Lender may contact you to discuss your application. Should you have any questions about your application, please contact the Lender at the number provided. By signing below, you acknowledge that you have read and understood the details provided, and also consent to the Lender sharing the decision of your credit application and other necessary personal financial information with your retailer in order to facilitate your sales transaction and other purposes. 's Signature Co-Buyer's Signature Information Notice (Application)-Multi/1130 (February 2010) NMLS # 1561 Applicant Authorization Part I - General Information 1. Applicant(s) 2. Name and address of Lender Vanderbilt Mortgage and Finance, Inc. 500 Alcoa Trail

6 Maryville, TN Part II - Applicant Authorization I hereby authorize the Lender to verify my past and present employment earnings records, bank accounts, stock holdings and any other asset balances that are needed to process my loan application. I further authorize the Lender or its assignees to order a consumer credit report and verify other credit information, including past and present mortgage and landlord references. It is understood that a copy of this form will also serve as authorization. 's Signature Co-Buyer's Signature Applicant Authorization All/577 NMLS # 1561 MORTGAGE BANKER DISCLOSURE (TEXAS) Mortgage Banker: VANDERBILT MORTGAGE AND FINANCE, INC. Registration Number: 64733

7 Pursuant to the requirements of section of the Texas Mortgage Banker Act, chapter 157, Texas Finance Code, you are hereby notified of the following: COMPLAINTS REGARDING MORTGAGE BANKERS SHOULD BE SENT TO: THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING 2601 NORTH LAMAR, SUITE 201 AUSTIN, TEXAS TOLL-FREE CONSUMER HOTLINE We confirm receipt the date set forth below. Buyer s Signature Print Buyer s Name Co-Buyer s Signature Print Co- Buyer s Name Vanderbilt Mortgage and Finance, Inc. PO Box 9800, Maryville, TN Alcoa Trail, Maryville, TN Phone: Fax: Toll Free: Federal Tax ID#: Mortgage Banker Disclosure-TX/153 (June 2011) NMLS# 1561 WHY AM I RECEIVING THIS NOTICE? Texas law requires your lender to give you this Notice when you apply for a home loan with an interest rat or greater. IMPORTANT NOTICE TO HOME LOAN BORROWERS READ THIS NOTICE TO GIVE YOU IMPORTANT INFORMATION THAT CAN HELP YOU, PROTECT YOU, AND MAYBE SAVE YOU MONEY. CAN HOUSING COUNSELING REALLY HELP ME?

8 Yes. Contacting a housing counselor before closing might save you hundreds or thousands of dollars. Borrowing money with your home as collateral is a complicated process. Housing counselors understand this process and the documents used. Do not sign any documents until you have read and understand them. You are entitled to have your own attorney review any documents before closing the loan. ARE THERE HOUSING COUNSELING AGENCIES NEAR ME? Yes. To find a housing counseling agency near you, look at the list of HUD-approved housing counseling agencies your lender gave you. For additional copies call HUD: or or the Texas Finance Commission: or ARE ALL HOME LOANS AND LENDERS THE SAME? No. It is important to shop around. Be sure to obtain all cost information. Compare these costs to other lenders' costs. A nearby housing counseling agency can help you. WHERE CAN I GET MORE INFORMATION OR FILE A COMPLAINT? If you have questions or complaints, call or the Texas Finance Commission Home Loan Hotline: or homeloaninfo@fc.state.tx.us. Other resources include: Texas Department of Banking: Texas Office of Consumer Credit Commissioner: Texas Savings & Loan Department: U.S. Consumer Gateway: HUD: Fannie Mae: Federal Reserve: The loan you have applied for may be a "high cost home loan" as defined by state and federal law. Look at everything you earn and everything you owe and then ask yourself if you can afford to make the payments when due. If you can't afford this loan, you may lose your home. I/We acknowledge receipt of this Important Notice on OFFICIAL STATE OF TEXAS NOTICE REGARDING HIGH COST HOME LOANS (Signature) (Signature) Important Notice-TX-185 (02/23/2011) NMLS #1561 Page 1 of 2 AVISO IMPORTANTE PARA LOS PRESTATARIOS DE VIVIENDAS LEA ESTE AVISO PARA PROPORCIONARLE INFORMACIÓN IMPORTANTE QUE LE PUEDE AYUDAR, PROTEGER, Y TAL VEZ AHORRAR DINERO. POR QUÉ ESTOY RECIBIENDO ESTE AVISO? La ley de Texas requiere que su prestamista le dé este Aviso cuando usted solicita un préstamo hipotecario con una tasa de interés mayor o igual a 12%. LA ASESORÍA DE VIVIENDA PUEDE REALMENTE AYUDARME?

9 Sí. Poniendose en contacto con un asesor de viviendas antes de finalizar los trámites del préstamo podría ahorrarle cientos o miles de dólares. Pedir dinero prestado con su casa como garantía es un proceso complicado. Los asesores de viviendas entienden este proceso y los documentos utilizados. No firme ningún documento sin leerlo y entenderlo. Usted tiene derecho a qué su abogado revise los documentos antes de finalizar el préstamo. EXISTEN AGENCIAS DE ASESORÍA DE VIVIENDA CERCA DE MÍ? Sí. Para encontrar una agencia de asesoría de vivienda cerca de usted, vea la lista de agencias de asesoría de viviendas aprobadas por HUD qué su prestamista le proporcionó. Para obtener copias adicionales llame a HUD: o o a la Comisión de Finanzas de Texas: o TODOS LOS PRÉSTAMOS Y LOS PRESTAMISTAS SON IGUALES? No, Es importante consultar a varios. Asegúrese de obtener toda la información de costos. Compare estos costos a los costos de los otros prestamistas. Una agencia de asesoría de vivienda está cerca para ayudarle. DÓNDE PUEDO OBTENER MÁS INFORMACIÓN O PRESENTAR UNA QUEJA? Si usted tiene preguntas o quejas, llame o mande un correo electrónico a la Línea de Préstamos para Viviendas de la Comisión de Finanzas de Texas: o homeloaninfo@fc.state.tx.us. Otros recursos incluyen: Texas Department of Banking: Texas Office of Consumer Credit Commissioner: Texas Savings & Loan Department: U.S. Consumer Gateway: HUD: Fannie Mae: Federal Reserve: AVISO OFICIAL DEL ESTADO DE TEXAS SOBRE PRÉSTAMOS DE ALTOS COSTOS PARA VIVIENDAS El préstamo que ha solicitado puede ser un "préstamo de alto costo", como define la ley estatal y federal. Revise bien sus ingresos y sus cuentas/deudas, y luego considere si tiene lo suficiente para hacer los pagos debidos. Si usted no puede pagar este préstamo, puede perder su hogar. Yo/Nosotros reconocemos haber recibido este importante aviso de (Firma) (Firma) Important Notice-TX-185 (02/23/2011) NMLS #1561 Page 2 of 2