1 DEPARTMENT OF LABOR, LICENSING AND REGULATION SUBTITLE 03 - Commissioner of Financial Regulation Chapter: Credit Unions Authority: Financial Institutions Article, , Annotated Code of Maryland Note: brackets mean [new language], cross outs mean deleted language..08 Real Estate Lending. A. Definitions. (1) "Appraisal" means an objective estimate of value established using a real estate appraisal policy approved by the board of directors in accordance with all applicable federal and State laws and regulations and in conformity with secondary market guidelines including but not limited to the Federal National Mortgage Association (FNMA) and/or Federal Home Loan Mortgage Corporation (FHLMC). (2) "Appraiser" means an individual who performs appraisals under the authority of real estate appraisal policies and procedures approved by the Commissioner of Financial Regulation under Financial Institutions Article, 2-110, Annotated Code of Maryland. (3) "Construction mortgage" means an interim loan covering residential construction and development costs in which funds are advanced at specific stages of construction with a portion held back until completion of the project. (4) "Escrow account" means either a special limited-withdrawal share account or an accounts payable account used for the accumulation of funds to pay for not more than 1 year's taxes, ground rent, assessments, insurance premiums, or other charges that could affect the credit union's lien position. (5) "Flood insurance" means insurance affording protection against loss or damage from flood and other hazards covered by a standard mortgage clause in favor of the credit union and subsequent purchasers of the mortgage. (6) "Hazard insurance" means property insurance affording protection against loss or damage from fire and other hazards covered by a standard extended coverage endorsement with a standard mortgage clause in favor of the credit union and subsequent purchasers of the mortgage. (7) "Insured or guaranteed loan" means a loan that is fully or partially insured or guaranteed by the federal government, State government, local government, or any agency of these governments. (8) "Lender's title insurance" means insurance that protects: (a) The credit union against loss due to clouds or defects in title to real property in an amount equal to the current principal balance of the loan; and (b) Subsequent purchasers of the mortgage or deed of trust. (9) "Market value" means the highest price that real property will bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller acting in a prudent and knowledgeable manner, and assuming the price is not affected by undue stimulus.
2 (10) "Net worth" means retained earnings as defined under generally accepted accounting principles. Retained earnings include, but are not limited to, undivided earnings, regular reserves, and any other appropriations designated by management or the Commissioner. (11) "Permanent financing" means a longer-term mortgage loan greater than 10 years in maturity and covering development costs, construction costs, legal expenses, and other related costs. Permanent financing is also known as a take-out loan for a construction loan. (12) "Principal residence" means a structure where the owner will be domiciled or will reside permanently within the time period established by the applicable federal loan programs or within 60 days after initial disbursement of the loan. (13) "Private mortgage insurance" means mortgage insurance that is purchased for conventional loans on that amount of the loan that is in excess of 80 percent loan to value. (14) Purchase Money Mortgage. (a) "Purchase money mortgage" means the acquisition of property through the use of a first mortgage or first deed of trust. (b) "Purchase money mortgage" does not include refinances or seasoned loans. (15) "Refinance cash out" means the repayment of an existing mortgage debt from the proceeds of a new mortgage that has the same borrower and the same security property, which: (a) Is settled in accordance with existing underwriting guidelines; and (b) May include: (i) The unpaid principal balance of the existing first mortgage, (ii) Closing costs, (iii) Points, (iv) The amount required to satisfy any outstanding subordinate mortgage liens, and (v) Additional cash that the borrower may use for any purpose. (16) "Refinance no cash out" means the repayment of an existing mortgage debt from the proceeds of a new mortgage that has the same borrower and the same security property, which: (a) Is settled in accordance with existing underwriting guidelines; and (b) May include: (i) The unpaid principal balance of the existing first mortgage, (ii) Closing cost, (iii) Points, and (iv) The amount required to satisfy any outstanding subordinate mortgage liens. (17) Residential Real Property. (a) "Residential real property" means a structure designed for residential use by not more than four families, at least one unit of which shall be occupied by the owner of the structure. (b) "Residential real property" includes a one- to four-family unit in a planned unit development or condominium project where certain portions of the secured property are owned in common with others.
3 (c) "Residential real property" does not include a unit in a cooperative project. (18) "Secondary mortgage loan market" means a nationally recognized market, the most common of which has been created by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), where first mortgages are securitized or sold, or both, separately to investors. (19) "Secondary residence" means one structure in addition to a principal residence: (a) here the owner resides for at least 2 weeks every calendar year; or (b) Which the owner will not rent to others for at least 2 weeks every calendar year. (20) "Security instrument" means either a deed of trust or a mortgage that constitutes a lien. (21) "Value" means the lower of the appraised market value or the purchase price. B. Requirements. A credit union may make loans secured by residential real property only in accordance with a written loan policy adopted by the board of directors. The policy shall have four [seven] sections, if applicable, as follows: (1) General real estate lending policy; (2) Purchase money mortgages, refinances; (3) Construction,mortgage permanent financing; (4) Second mortgages, home equity loans/lines of credit; (5) Nonconforming real estate loans; and [(6) Foreclosure Policy; and ] [(7) Loan Modification Policy.] C. General Real Estate Lending Policy Section. (1) The general real estate lending policy section shall, at a minimum, address the following: (a) Types of real estate loans to be offered, for example: (i) Purchase money mortgages, refinances cash out, or refinances no cash out with fixed or adjustable rates; (ii) Second mortgages, home equity loans/lines of credit, open-end, closed-end with fixed or adjustable rates; (iii) Nonconforming real estate loans; and (iv) Construction mortgages; (b) The Maryland lending statute under which each type of loan is written; (c) Total real estate lending limits determined by the board of directors, which: (i) Do not exceed the lesser of 30  percent of total credit union assets that can be invested in real estate loans, or four times total credit union capital that can be invested in real estate loans, and (ii) May not be exceeded unless approved in writing by the Commissioner; (d) The credit union's market area for real estate loans; (e) The terms and pricing of real estate loans;
4 (f) The qualifications and experience needed by personnel involved in making real estate loans; (g) Monitoring and quality control standards and procedures that address the loan portfolio, collateral, and interest rate risk; (h) Any requirement that a borrower contribute funds to an escrow account maintained in the credit union for accumulation of funds to pay real estate taxes, hazard insurance, ground rents, flood insurance, PMI, and any other similar expense items; (i) Any requirement that a borrower have hazard insurance, as permitted by the Commercial Law Article, Annotated Code of Maryland, and with the following provisions: (i) The hazard insurance company may be chosen by the borrower, and (ii) The credit union should be listed as the loss payee on the insurance policy; (j) Any requirement that a borrower provide a termite inspection on the improvements of the real property; (k) Any requirement that a borrower provide a perc test if the real property has a septic tank system; (l) Any requirement that a borrower provide a chemical/bacteriological and yield test if the property has a well water system; (m) Any requirement that a borrower provide a survey of the real property; and (n) Provisions that notify loan officers of the requirements of C(2) (6) of this regulation. (2) The loan application, security instrument, and note, if a deed of trust is used, shall be executed on the most current version of the Federal Housing Administration (FHA), Veterans' Administration (VA), Federal Home Loan Mortgage Corporation (FHLMC), or Federal National Mortgage Association (FNMA) standard forms or uniform instruments for the jurisdiction in which the property is located. If FHA, VA, FHLMC, or FNMA uniform instruments do not exist, the credit union shall have on file a current attorney's opinion stating that the forms in use meet the requirements of applicable federal, State, and local law. (3) The loan shall be: (a) Secured by a properly executed and recorded mortgage or deed of trust on real property naming the credit union as the secured party or beneficiary; and (b) If a deed of trust is used, supported by a properly executed promissory note. (4) A credit union shall comply with all requirements of the Flood Disaster Protection Act. (5) A credit union shall require that real estate loans in excess of $100,000 have an appraisal prepared and signed by the appraiser before the date of the approval of the loan. In the case of an insured or guaranteed loan, the appraisal form shall comply with the requirements of the insuring or guaranteeing agency. All negative comments by the appraiser shall be explained or reflect financial adjustments, or both. (6) Appraisal Guidelines. (a) In accordance with Financial Institutions Article, 2-110, Annotated Code of Maryland, the credit union shall have on file with the Commissioner an approved real estate appraisal policy and procedure which includes the following appraisal guidelines: (i) The appraiser may not have a financial interest in the real estate being appraised;
5 (ii) The appraiser shall be independent of influence from the credit union, the borrower, the seller, or any other related third party; and (iii) The appraiser shall have demonstrated experience in appraising property similar in type and value to the real property that is being considered for the loan. (b) The credit union shall maintain evidence of the appraiser's professional certification, license, or any other recognized measure of competence in their field. D. Purchase Money Mortgages, Refinances Policy. (1) The purchase money mortgages, refinances policy section shall, at a minimum, address the following: (a) policy statement adopted by the board of directors that all purchase money mortgages will be underwritten to be sold on the secondary market if liquidity conditions or the interest rate risk exposure to the credit union makes the sale necessary; (b) A description of the loan products offered, for example, purchase money mortgages, refinances cash out, and refinances no cash out; (c) statement that any loan made under this section of the written loan policy shall be a loan to finance the purchase of a principal residence or secondary residence by a borrower or to refinance an existing mortgage or deed of trust by a borrower; (d) A requirement that loan maturities may not exceed 30 years; (e) The requirements for and the release of private mortgage insurance; (f) Underwriting guidelines that are consistent with nationally recognized secondary mortgage market standards such as the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC); and (g) Provisions notifying loan officers of the requirements of D(2) (5) of this regulation. [Loan Officers must register under NMLS and have a unique identifier number.] (2) A loan, including an adjustable rate loan, shall be amortized by substantially equal installments sufficient to retire the loan at maturity except when allowed by law. Installments shall be payable at least monthly. (3) A loan made under this section of the real estate policy may not exceed 80 percent of the appraised value of the property securing the loan at the time of disbursement, except that: (a) An insured or guaranteed loan may equal the maximum amount acceptable to the insuring or guaranteeing agency; (b) The loan amount may equal up to 95 percent of the value of the property if private mortgage insurance is obtained for the amount of the loan in excess of 80 percent of the value; (c) A loan made in accordance with any Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA), federal, State, county, or municipal program may equal the maximum loan-to-value amount acceptable under the program and shall be originated to be sold in the secondary market without recourse or with recourse if the program permits.
6 (4) A credit union shall require that a borrower provide an opinion or certificate of title signed by an attorney licensed to practice in the jurisdiction in which the property is located, or a lender's title insurance policy affirming the quality and position of the lien. (5) Loan Documentation. A loan file shall be maintained for each loan, and, at a minimum, contain all of the following: (a) loan application supported by an executed sales contract, or other applicable documents and any modifications, bearing the signature or signatures of principal parties to the transaction; (b) A written appraisal, if required, prepared and signed by the appraiser before the date of the approval of the loan; (c) In the case of an insured or guaranteed loan, an appraisal form which complies with the requirements of the insuring or guaranteeing agency; (d) When applicable, a private mortgage insurance certificate or documentation that the loan is insured or guaranteed; (e) When applicable, a complete settlement statement (Form HUD-1 or HUD-1A [or other similarly approved federal settlement forms]) detailing all charges and fees and distribution of the loan proceeds; (f) An opinion or certificate of title signed by an attorney licensed to practice in the jurisdiction in which the property is located, or a lender's title insurance policy affirming the quality and position of the lien; (g) A current hazard insurance policy; (h) A current flood insurance policy, if required; (i) A properly executed security instrument and note, if a deed of trust is used, and a document indicating the date or dates and place or places of recording of the instruments; (j) When applicable, evidence of compliance with the Federal Truth in Lending Act, 15 U.S.C et seq., which is incorporated by reference; (k) When applicable, disclosure required by the Real Estate Settlement Procedures Act, 12 U.S.C et seq., which is incorporated by reference; (l) Any and all other required loan documents including but not limited to credit documentation, verifications, surveys, and appraisals. E. Construction Mortgage Permanent Financing. The construction mortgage -permanent financing loan policy section shall, at a minimum, address the following: (1) The maturity of the construction loan may not exceed 2 years unless a time extension is granted in writing by the credit union for unusual circumstances; (2) The credit union may collect interest-only payments during the term of the construction loan; (3) The loan-to-value ratio for construction mortgages may not exceed 95 percent; (4) The appraisal requirements for construction loans are the same as those in C(5) and (6) of this regulation; (5) The construction mortgage agreement with the borrower shall contain, at a minimum, the following provisions:
7 (a) detailed description of the various stages at which funds will be disbursed and the inspection requirements for each stage; (b) A requirement that the final draw for the construction loan may not be made until the final use and occupancy permit from the appropriate local jurisdiction is obtained; and (c) requirement that before the construction loan is granted, all required building permits, perc tests, wetland determinations, surveys, and other required documents shall be completed; (6) If the construction loan amount is greater than $150,000, the borrower shall purchase a performance bond to ensure the contractor fulfills the contractor's obligations; (7) If applicable, when the permanent financing pays off the construction mortgage, all applicable provisions of D of this regulation shall apply to the purchase money mortgage; and (8) If applicable, provisions for permanent financing shall be addressed. F. Second Mortgage, Home Equity Loan/Line of Credit Policy. (1) The second mortgage, home equity loan/line of credit policy section shall, at a minimum, address the following: (a) description of the various loan products offered, for example, second mortgages, and home equity lines of credit; (b) Underwriting guidelines that are consistent with prudent loan underwriting standards for second mortgages and home equity lines of credit or secondary market conditions as they may exist; and (c) rovisions that notify loan officers of the requirements of F(2) (6) of this regulation. (2) Any loan made under this section shall be secured by the borrower's principal residence or secondary residence. (3) Loan maturities may not exceed 30 years in the case of home equity loan/lines of credit with a draw period. The payback period may not exceed 20 years. (4) A loan, including an adjustable rate loan shall be amortized by substantially equal installments sufficient to retire the loan at maturity except when allowed by law. Installments shall be payable at least monthly. (5) A loan made under this section of the real estate policy may not exceed 105 percent of the appraised value of the property securing the loan at the time of disbursement. (6) A credit union shall require a written bring-to-date title opinion or certificate of title signed by an attorney licensed to practice in the jurisdiction in which the property is located, or a lender's title insurance policy affirming the quality and position of the lien. G. Nonconforming Real Estate Loan Policy. (1) The nonconforming real estate loan policy section shall, at a minimum, address the following: (a) description of what constitutes the various loan products offered, for example, first mortgages, second mortgages, and home equity loans/lines of credit, which may be any of the following: (i) Purchase money mortgages that do not conform to secondary mortgage market standards,
8 (ii) Purchase money mortgages that exceed secondary mortgage market requirements for debt ratios, property requirements, etc., (iii) Second mortgages to borrowers who are rolling over unsecured debt into secured debt under a board of directors/credit committee approved work-out situation; (b) A methodology to segregate this category of real estate loans from the regular mortgage loan portfolio so that effective monitoring can be achieved that recognizes the higher risks associated with this type of loan; (c) Underwriting guidelines that are consistent prudent loan underwriting standards; and (d) Provisions that notify loan officers of the requirements of G(2) (7) of this regulation. (2) The nonconforming loan policy shall limit nonconforming loans to not more than 10 percent of the total real estate loan limit as described in C(1)(c) of this regulation. (3) A loan made under this section of the approved written loan policy shall be a loan secured by the borrower's principal residence or secondary residence. (4) Loan maturities may not exceed 30 years. (5) A loan, including an adjustable rate loan, shall be amortized by substantially equal installments sufficient to retire the loan at maturity except when allowed by law. Installments shall be payable monthly or more frequently. (6) A loan made under this section of the real estate loan policy may not exceed 100 percent of the appraised value of the property securing the loan at the time of disbursement unless the purpose of the loan is to secure existing unsecured debt with the credit union and no cash out is given in the transaction. (7) A credit union shall require a bring-to-date title opinion or certificate of title signed by an attorney licensed to practice in the jurisdiction in which the property is located, or a lender's title insurance policy affirming the quality and position of the lien. H. Any violation of this regulation, or any lending practices that may be considered unsafe or unsound at the discretion of the Commissioner, may result in the termination or restriction of the credit union's real estate lending policy.
Chapter 13 Outline / Page 1 Chapter 13: Residential and Commercial Property Financing Understanding the Mortgage Concept - secured vs. unsecured debt - mortgage pledge of property to secure a debt (See
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default
Appendix A to Part 3500--Instructions for Completing HUD-1 and HUD-1a Settlement Statements; Sample HUD-1 and HUD-1a Statements The following are instructions for completing the HUD-1 settlement statement,
REAL ESTATE BASICS Affordability Analysis An analysis of a buyer s ability to afford the purchase of a home, reviews income, liabilities, and available funds, and considers the type of mortgage a buyer
STATE HIGH COST/PREDATORY LENDING REGULATIONS Updated 1/10/2014 State: Law: Cite: North Carolina NC High Cost Home Loan Law NC Rate Spread Home Loans Check both rules HB 2188 effective 10/01/2008 changes
Financing Residential Real Estate Chapter 1: Finance and Investment Borrowing Money to Buy a Home Investments and Returns Types of Investments Ownership Investments Debt Investments Securities Investment
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
CONSTRUCTION AND PERMANENT LOAN FINANCING TERM SHEET This Term Sheet is to be utilized for disclosure of possible terms and conditions only. This is not to be construed as a commitment to lend. Terms and
Quick Reference Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Specific Program Rules are attached to this reference. A reservation cannot
Mortgage Assistance Program Down Payment Assistance DISCLOSURE NOTICE - APPLICATION PROCESS You are applying for financial assistance to purchase a home through the City of Livermore Mortgage Assistance
Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed
Glossary of Terms Here are some helpful definitions to common terms. 1003 Loan application 4506 IRS form requesting copy of tax return Abstract of title A historical summary provided by a title insurance
NEW YORK INTEREST RATE LOCK COMMITMENT THE USE OF THIS FORM IS OPTIONAL. If you use this form properly without alteration, you may assume that you are in compliance with New York State Banking Department
`2 TERMS AND CONDITIONS Each House Key Program Mortgage Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184, VA, USDA Rural Development, and Conventional
Chapter 19 Residential Real Estate Finance: Mortgage Choices, Pricing and Risks 10/25/2005 FIN4777 - Special Topics in Real Estate - Professor Rui Yao 1 Residential Financing: Loans Loans are classified
Title Insurance Glossary Abstract of Title A condensed history or summary of all transactions affecting a particular tract of land. Adjustable Rate Mortgages Mortgages with an interest rate that may change
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER August 6, 2010 MORTGAGEE LETTER 2010-23 TO: ALL APPROVED MORTGAGEES
NEW YORK PREVAILING INTEREST RATE COMMITMENT THE USE OF THIS FORM IS OPTIONAL. If you use this form properly without alteration, you may assume that you are in compliance with New York State Department
FHA Amendatory Clause & Real Estate Certification Borrower Name(s): Borrower Address: Property Address: FHA Case Number: FHA AMENDATORY CLAUSE It is expressly agreed that notwithstanding any other provisions
CHAPTER 10: LEVERAGED LOANS SECTION 1: UNDERSTANDING LEVERAGED LOANS 10.1 OVERVIEW A leveraged loan is an Agency loan that is supplemented by an affordable housing loan or grant from another funding source
Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. 4. [ ] VA 5. [ ] Conv. Ins. 6. File Number 7. Loan Number
PROGRAM NAME: REVISION DATE: 08/26/2015 5/1, 7/1, 10/1 Libor ARMs Jumbo OPTION I 15-Year Fixed Jumbo PRODUCT DESCRIPTION: MAXIMUM LOAN AMOUNTS: Note All loan amounts must be even dollar amount (i.e., $100,000.01
Program Description The Rehab loan program is an asset-based financing option designed for borrowers who wish to acquire, rehabilitate, and sell residential real estate. This program is well suited for
GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These
CITY OF HUNTSVILLE, ALABAMA DOWNPAYMENT ASSISTANCE PROGRAM - DAP Program Description & Guidelines Contact information: Community Development, 120 E. Holmes Ave, Huntsville, Ala. 35801, 256-427-5400, fax.
CASE NUMBER enter number (office use only) CITY OF PASSAIC DEPARTMENT OF COMMUNITY DEVELOPMENT 330 PASSAIC STREET PASSAIC, NEW JERSEY 07055 FIRST TIME HOMEBUYER ASSISTANCE PROGRAM AGREEMENT HUD # APPLICANT
Turn the equity in your home into an income you can t outlive What Is a Reverse Mortgage? A reverse mortgage is a loan designed for senior homeowners age 62 or older, that allows them to convert some of
Mortgage Basics Types of Mortgages Types of Collateral: Residential 1 to 4 family homes (up to 4 units) Commercial Larger apartments & non-residential Permanent vs. Construction Perm on completed existing
Section C. Maximum Mortgage Amounts on Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 General Information on 3-C-2 2 Without an Appraisal
Glossary of Terms 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low
Continuity of Obligation A continuity of obligation is required for all refinance transactions. A continuity of obligation exists when one or more of the following occur: At least one borrower on the existing
13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage Downpayment Assistance Program can
REAL ESTATE FINANCING AND SECURITY DEVICES BY SCOTT M. ELLERBY This outline focuses on the financing aspect of a real estate transaction. The transaction that requires a loan is examined from the viewpoint
Mortgage Terms Accrued interest Interest that is earned but not paid, adding to the amount owed. Negative amortization A rise in the loan balance when the mortgage payment is less than the interest due.
Ineligible Collateral Loans with the following characteristics are ineligible to support advances under the blanket lien line of credit with FHLB Dallas. This list may not be all-inclusive and may be modified
Homeowners Protection Act Introduction The Homeowners Protection Act of 1998 (the Act) was signed into law on July 29, 1998, and became effective on July 29, 1999. The Act was amended on December 27, 2000,
Chapter 5 Real Estate Finance Instruments 1 Chapter Objectives Contrast a financing instrument from a security instrument. Discuss advantages and disadvantages of trust deeds. Discuss advantages and disadvantages
Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.
THE OXBRIDGE FHA FACILITY FHA TERM SHEETS Set forth below are the various types of FHA Loans for which the Oxbridge FHA Facility will provide GAP funding (i.e. funding of borrower equity requirement) to
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER October 20, 2008 MORTGAGEE LETTER 2008-33 TO: ALL APPROVED MORTGAGEES
FHA 203(b) & 234(c) Introduction Eligible Products and Product Codes Maximum Loan Amount Minimum Loan Amount General Requirements This Product Guide outlines policies for Federal Housing Administration
HOME EQUITY LINES OF CREDIT CHECK LIST Date Name/Borrower Address Amount of Mortgage $ Application Income Verification Additional: A. Copy of Recorded Deed B. Copy of Survey C. Tax receipts- School, County,
Chapter 11: Refinances 11.1 Overview 11.2 Trust Land Documentation 11.3 Type of Refinances 11.1 Overview The Section 184 loan can be used to refinance a single family one- to- four unit dwellings located
EXHIBIT 1 HOME EQUITY CONVERSION FIXED RATE MORTGAGE PAYMENT PLAN Date of Payment Plan: FHA Case Number: Name of Lender: Name of Borrower and Eligible Non-Borrowing Spouse(s) Birthdate(s) First 12-Month
Broker Chapter 12 Financing Real Estate Copyright Gold Coast Schools 1 Learning Objectives Describe the difference between a note and a mortgage Explain the benefits of having the first recorded lien on
Mortgage- and Lender-Related Settlement Costs Charges for Establishing and Transferring Ownership Amounts Paid to State and Local Governments "All-in-One" Pricing of Settlement Costs Estimates of Settlement
Fifth Third Home Buying Guide A Guide to Residential Home Buying. Important Contacts and Numbers. Use this page to record important information as you move through the homebuying process. Realtor/Builder
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222 AN ACT TO UPDATE THE RATE SPREAD AND HIGH-COST HOME LOANS STATUTES, AND TO MAKE A CONFORMING CHANGE TO THE EMERGENCY
FHA Section 542(c) Risk-Sharing Program for Multifamily Housing Program Rules Purpose Kentucky Housing Corporation (KHC) has partnered with HOPE of Kentucky, LLC, and the Community Reinvestment Fund, USA
Charles County First Time Home Buyers Settlement Expense Loan Program for Charles County County "SELP" Program Guidelines & Procedures December 1997 Revised May 8, 2012 Supported by Charles County Commissioners
Guide to Getting Your First Mortgage 2040 Deyerle Ave, Suite 207 Harrisonburg, VA 22801 (540) 442-8583 www.vbsmortgage.com email@example.com Thank you for downloading our FREE guide! Feel free to share
Appraisal Standards and Guidelines chapter Union Capital requires appraisers and appraisal reports to meet USPAP and applicable Union Capital, FNMA, FHLMC, FHA and VA policies and requirements, as applicable.
The following guidelines apply to all DIRECTORS MORTGAGE s FHA Streamline Refinance loan program. All loans must adhere to the criteria of these guidelines or the individual loan programs. While DIRECTORS
Variable Names & Descriptions Freddie Mac provides loan-level information at PC issuance and on a monthly basis for all newly issued fixed-rate and adjustable-rate mortgage (ARM) PC securities issued after
LAND TITLE INSURANCE CORPORATION RATE MANUAL FOR THE STATE OF ARKANSAS ALL COUNTIES 3033 East First Avenue, Suite 605 Denver, CO 80206 Effective: January 1, 2015 1 TABLE OF CONTENTS Owner's Insurance 's
Mortgage Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z adjustable-rate mortgage (ARM) A mortgage that changes interest rate periodically based upon the changes in a specified index. adjustment
Construction-To-Perm Lending Rules Comparing Fannie to Freddie MortgageCurrentcy.com Why? New Construction Niche Do More Business with Builders Affiliation with Community Banks How It Works 6 Month Construction
360.100 Predatory lending -- Definitions -- Limitations on high-cost home loans -- Conditions -- Penalties. (1) The following definitions apply for the purposes of this section: (a) "High-cost home loan"
Training: Origination Through Post-Closing/ Endorsement 1 Module 8A Programs and Products: Refinance Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination
700. Sales/Broker's Commission: This is the total dollar amount of the real estate broker s sales commission, which is usually paid by the seller. This commission is typically a percentage of the selling
24-1.1E. Restrictions and limitations on high-cost home loans. (a) Definitions. The following definitions apply for the purposes of this section: (1) "Affiliate" means any company that controls, is controlled
Housing and Human Services Division Affordable Homeownership Program Guidelines The City s Affordable Homeownership Program (also referred to as the Inclusionary Housing Program) provides homeownership
SECTION 7004 STREAMLINE REFINANCE PROGRAM.01 INTRODUCTION The Streamline Refinance Program allows applicants to obtain new financing secured by property that is currently financed by AHFC (including previous
Final RESPA Rule Requirements The Department of Housing and Urban Development (HUD) released its final rule on the Real Estate Settlement Procedures Act (RESPA) on November 20, 2008. The final rule and
DISCLAIMER The information provided in this presentation and any printed material is for informational purposes only. None of the forms, materials or opinions is offered, or should be construed, as legal
Mortgage Glossary 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low
APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS The following are instructions for completing the HUD-1 settlement statement,
Real Estate Principles Chapter 12 Quiz 1. A prudent lender who is deciding whether or not to make a real estate loan to a prospective borrower will ensure that: A. the market value of the property is greater
COMMONWEALTH LAND TITLE INSURANCE COMPANY TITLE INSURANCE RATES AND CHARGES FOR THE STATE OF MAINE EFFECTIVE: NOVEMBER 12, 2012 (Unless Otherwise Specified Herein) TABLE OF CONTENTS SECTION 1... 1 TITLE
HOUSING LOAN SUBORDINATION POLICY Housing Loan Subordination Policy OBJECTIVE: To provide administrative guidance on processing requests for subordination of City/Agency loans PURPOSE: In consideration
Background The Homeowners Protection Act of 1998 became effective in July 1999. The act, also known as the PMI Cancellation Act, addresses the difficulties homeowners have experienced in canceling private
Bruce E. Foote Analyst in Housing Policy Katie Jones Analyst in Housing Policy May 26, 2009 Congressional Research Service CRS Report for Congress Prepared for Members and Committees of Congress 7-5700
1 Your Guide to the Settlement Statement A real estate transaction involves a series of exchanges, not only between the buyer and seller, but also with the lenders, brokers, and state and local governments.
NCUA Final Rule Loans in Areas Having Special Flood Hazards November 13, 2015 NCUA Final Rule Loans in Areas Having Special Flood Hazards TABLE OF CONTENTS Summary Analysis of the Final Rule 1 Detailed
TITLE 12 CHAPTER 19 PART 8 TRADE, COMMERCE AND BANKING MORTGAGE LENDING MORTGAGE LOAN COMPANY REQUIREMENTS 220.127.116.11 ISSUING AGENCY: Financial Institutions Division of the Regulation and Licensing Department.
Point Loma Credit Union - Mortgage Rates Home loans are available on residential zoned properties located in California. All applications are subject to lending criteria approval including, but not limited
RD AN No. 4635 (1980-D) April 2, 2012 TO: State Directors Rural Development ATTENTION: Rural Housing Program Directors, Guaranteed Loan Coordinators, Area Directors and Area Specialists FROM: Tammye Treviño
LOANLINER Business Lending and Deposit Compliance Overview Credit union member business lending (MBL) is heavily regulated by the Federal Credit Union Act and NCUA MBL rules. These laws impose a number
PROGRAM GUIDELINES THE ONE MORTGAGE PROGRAM The objective of this program is to provide down payment and closing cost assistance for those who are participating in the State approved One Program. The One
adjustable-rate mortgage (ARM) A mortgage whose interest rate changes periodically based on the changes in a specified index. View a list of common indices. adjustment date The date on which the interest