Business Real Estate Secured Lending Documents User Guide

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1 Consumer Deposit Consumer Lending Real Estate Lending Business Services Business Real Estate Secured Lending Documents User Guide P.O. Box Mineral Point Road Madison, WI MBUG48 CUNA Mutual Group 2013 All Rights Reserved

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 Business Lending document for any specific purpose. Competent business lending personnel with experience in making the type of business 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 Group cannot provide legal advice. If you have questions related to specific loan transactions, please consult your attorney.

3 Contents Introduction 1 Chapter 1: FNMA Application (1003) 3 Chapter 2: Business Real Estate Fixed Rate Note 16 Chapter 3: Business Real Estate Adjustable Rate Note 23 Chapter 4: Business Real Estate Balloon Note 32 Chapter 5: Business Real Estate Balloon Note Addendum 41 Chapter 6: Business Real Estate Mortgage / Deed of Trust 46 Chapter 7: Business Real Estate 1-4 Family Rider 61 Chapter 8: Business Real Estate Adjustable Rate Rider 68 Chapter 9: Business Real Estate Condo Rider 75 Chapter 10: Business Real Estate PUD Rider 80 Chapter 11: FEMA Standard Flood Zone Determination 85 Chapter 12: Flood Insurance Notice 88 Intro3 Business Real Estate Secured Lending Documents User Guide

4 Introduction Welcome to the Business Real Estate Secured Lending User Guide. To enable you to take care of most of your business lending needs, LOANLINER systems has developed two lending packages, one for non-real estate secured loans, and one for real estate secured loans. Both packages will share the Business Adverse Action Notice, the Business Guaranty Agreement, and the Authorization Designation documents. Instruction for the shared documents will be provided in the Miscellaneous Business Lending User Guide. This User Guide will help you process the following documents for business real estate secured loans: FNMA Application (1003) Business Real Estate Fixed Rate Note Business Real Estate Adjustable Rate Note Business Real Estate Balloon Note Business Real Estate Balloon Addendum Business Real Estate Mortgage / Deed of Trust Business Real Estate 1-4 Family Rider Business Real Estate Adjustable Rate Rider Business Real Estate Condominium Rider Business Real Estate Planned Unit Development (PUD) Rider FEMA Standard Flood Zone Determination Flood Insurance Notice Now you can create a cost-effective loan processing system that s tailored to meet the needs of your credit union. LOANLINER s Business Lending documents were designed to reduce the paperwork for you and your borrowers. LOANLINER s Business Lending documents have been designed for compatibility with most data processors hardware and software. All documents are written in clear, straightforward language, and are easy to use and understand. With the LOANLINER program 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 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 expertise. You will have direct access to this expertise via any of the channels described below. Lending Resource Center. The Lending Resource Center offers a comprehensive and timely way to stay on top of key lending and compliance issues and a variety of resources to improve your lending performance, available at your fingertips 24 / 7. Key resources include: compliance alerts with action steps; training and 1 Business Real Estate Secured Lending Documents User Guide

5 operational needs; credit union best practices; lender tutorial; product news and updates; featured questions and answers; and optional notification of newly published alerts and articles. The Lending Resource Center is available only to credit unions using LOANLINER Lending or Deposit documents; or credit unions that offer one or more of the following CUNA Mutual Group products: credit disability insurance, credit life insurance, debt cancellation, guaranteed asset protection, or mechanical repair coverage. To request access, go to LOANLINER Business Documents User Guides. We strongly recommend that all credit unions review each LOANLINER Business 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: User Guide for Small Business Lending Documents User Guide for Business Real Estate Secured Lending Documents User Guide for Miscellaneous Business Lending Documents User Guide for Business Deposit Documents LOANLINER Customer Service. Providing you with assistance in selecting and ordering documents, checking the status of your order, or billing questions. Call or Compliance Alerts. Stay informed about compliance and regulation changes. For recent compliance updates, go to and click on Lending Resource Center. LOANLINER Compliance Support. Providing you with assistance in selecting documents as well as answers to your compliance and document usage questions. Call or Your CUNA Mutual Group Representative. Call your CUNA Mutual Group account representative at for more information. Using this Guide This User Guide provides the basics on how to use the LOANLINER Business Real Estate Secured Lending documents. You can download a current User Guide from the LOANLINER Lending Resource Center. This User Guide is intended to be used as: A learning tool to learn the LOANLINER Business Lending program. A reference tool once you begin using the documents on a regular basis. A set of instructions for modifying certain documents with state-specific notice requirements. If you need detailed assistance, you can rely on your local CUNA Mutual Group representative or the LOANLINER staff for expert help on using any of the Business Lending documents. The User Guide was designed to make it easy for you to reference each document. Each chapter provides the following information: Document description Document sample Document instructions 2 Business Real Estate Secured Lending Documents User Guide

6 Chapter 1 FNMA Application (1003) The Federal National Mortgage Association (FNMA) Application is used to collect information on the loan applicant(s) in order to evaluate their creditworthiness. It collects pertinent information relative to the applicant s present financial condition, credit history, ability to repay the loan, information on the dwelling being used as security and personal information on the applicant(s). The information contained on the application and used with other underwriting tools at the Credit Union will evaluate the creditworthiness of borrowers as well as assess their ability to repay the loan. This application can be used with non-conforming loan packages like our business loan package. For purposes of business lending, this document will be nonconforming. Document Description When used: Purpose: Document number: How distributed: Imprinting: Number of pages: State-specific versions: The FNMA Application 1003 can be used at the time a borrower wants to apply for a business real estate loan. This is the application approved and developed by the FNMA or Fannie Mae. There are a few areas on the application that do not fully apply to credit unions or business real estate loans; however, CUNA Mutual Group cannot make any changes to this application. The application gathers all of the borrower information necessary to evaluate the value of the property, as well as the creditworthiness and capacity of the borrower to repay the loan. EST63* This application should be given to the applicant(s) when applying for a business real estate loan. The Credit Union should keep a signed copy of the application. No imprinting available Six None *Indicates spaceholder for version number 3 Business Real Estate Secured Lending Documents User Guide

7 Chapter 1 Page one sample Use the numbers provided to locate the corresponding instructions on the next page. UNIFORM RESIDENTIAL LOAN APPLICATION This application is designed to be completed by the applicant(s) with the Lender's assistance. Applicants should complete this form as "Borrower" or "Co-Borrower", as applicable. Co-Borrower information must also be provided (and the appropriate box checked) when the income or assets of a person other than the Borrower (including the Borrower's spouse) will be used as a basis for loan qualification or the income or assets of the Borrower's spouse or other person who has community property rights pursuant to state law will not be used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other person has community property rights pursuant to applicable law and Borrower resides in a community property state, the security property is located in a community property state, or the Borrower is relying on other property located in a community property state as a basis for repayment of the loan. Pursuant to California Civil Code (j), a married applicant may apply for a separate account. If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below): 1 2 Borrower Co-Borrower I. TYPE OF MORTGAGE AND TERMS OF LOAN Mortgage VA Conventional Other: Applied for: FHA USDA/Rural Housing Service Amount Interest Rate No. of Months Amortization Type: % Subject Property Address (Street, City, State & Zip) Legal Description of Subject Property (attach description if necessary) Fixed Rate GPM Agency Case Number Other (explain): ARM (type): II. PROPERTY INFORMATION AND PURPOSE OF LOAN Lender Case Number No. of Units Year Built Purpose of Loan: Purchase Refinance Construction Construction-Permanent Other (explain): Complete this line if construction or construction-permanent loan. Property will be: Primary Residence Secondary Residence Year Lot Original Cost Amount Existing Liens (a) Present Value of Lot (b) Cost of Improvements Total (a+b) Acquired Investment Complete this line if this is a refinance loan. Year Original Cost Amount Existing Liens Purpose of Refinance Describe Improvements made to be made Acquired Cost: Title will be held in what Name(s) Manner in which Title will be held Estate will be held in: Fee Simple Leasehold (show Source of Down Payment, Settlement Charges and/or Subordinate Financing (explain) expiration date) 3 Borrower III. BORROWER INFORMATION Co-Borrower Borrower's Name (include Jr. or Sr. if applicable) Co-Borrower's Name (include Jr. or Sr. if applicable) Social Security Number Home Phone Date of Birth Yrs. School Social Security Number Home Phone (incl. area code) (mm/dd/yyyy) (incl. area code) Date of Birth (mm/dd/yyyy) Yrs. School Married Separated Unmarried (Include Single, Divorced, Widowed) Dependents (not listed by Co-Borrower) no. ages Present Address (Street, City, State, Zip) Own Rent Married Separated Unmarried (Include Single, Divorced, Widowed) Dependents (not listed by Borrower) no. ages Present Address (Street, City, State, Zip) Own Rent Mailing Address, if different from Present Address No. Yrs. Mailing Address, if different from Present Address No. Yrs. If residing at present address for less than two years, complete the following: Former Address (Street, City, State, Zip) Own Rent Former Address (Street, City, State, Zip) Own Rent No. Yrs. No. Yrs. Freddie Mac Form 65 07/05 (rev. 6/09) Page 1 of 6 EST638-e Fannie Mae Form /05 (rev. 6/09) 4 Business Real Estate Secured Lending Documents User Guide

8 Chapter 1 Page one instructions Instructions are given for each section of the document. Please refer to the corresponding number on the sample document to determine each section s relative position on the document. Although the FNMA Application can be used for a variety of lending situations, the instructions below are specifically for business real estate lending. 1. Type of mortgage and terms of loan. This section provides a place to identify the type of mortgage and terms of the loan. Check the mortgage type as Conventional or Other, as applicable. For Agency and Lender Case Numbers enter N/A. Enter the terms of the loan including dollar amount, interest rate, and number of months. Check the type of amortization as fixed rate. 2. Property information and purpose of loan. This section provides a place to record information about the property and purpose of the loan. Record the address of the property, the number of units, a legal description of the property, and the year the property was built. Check the purpose of the loan as purchase or refinance as applicable. Check how the property will be used as secondary residence or investment, as applicable. For Complete this line if construction or construction-permanent loan enter N/A. If this is a refinance loan, then enter year acquired, original cost, amount of existing liens, and purpose of refinance, and describe improvements (check either made or to be made and enter cost), as applicable. 3. Borrower information. This section provides a place to record information for each borrower. Enter the name of the business or individual. Enter the borrower s social security number, home phone including area code, date of birth (mm/dd/yyyy), and years of school. Check marital status if the borrower is an individual. Enter the number and ages of any dependent not listed by co-borrower. Enter the present address (street, city, state, and zip), check if own or rent and enter number of years residing at this address. Enter the mailing address if different from present address. If residing at present address for less than two years, enter former address (street, city, state, and zip), check if own or rent and enter number of years residing at this address. 5 Business Real Estate Secured Lending Documents User Guide

9 Chapter 1 Page two sample Use the numbers provided to locate the corresponding instructions on the next page. 4 Name & Address of Employer Borrower IV. EMPLOYMENT INFORMATION Co-Borrower Name & Address of Employer Self-Employed Yrs. on this Job Yrs. employed in this line of work/profession Self-Employed Yrs. on this Job Yrs. employed in this line of work/profession Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code) If employed in current position for less than two years or if currently employed in more than one position, complete the following: Name & Address of Employer Name & Address of Employer Self-Employed Dates (from - to) Monthly Income Self-Employed Dates (from - to) Monthly Income Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code) Name & Address of Employer Name & Address of Employer Self-Employed Dates (from - to) Monthly Income Self-Employed Dates (from - to) Monthly Income Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code) 5 Other (before completing, see the notice in "describe other income," below) V. MONTHLY INCOME AND COMBINED HOUSING EXPENSE INFORMATION Gross Monthly Income Borrower Co-Borrower Total Base Empl. Income* Overtime Bonuses Commissions Dividends/Interest Net Rental Income Total Rent First Mortgage (P&I) Other Financing (P&I) Hazard Insurance Real Estate Taxes Mortgage Insurance Other: Total Combined Monthly Housing Expense Homeowner Assn. Dues Present *Self-Employed Borrower(s) may be required to provide additional documentation such as tax returns and financial statements. Describe Other Income Notice: Alimony, child support, or separate maintenance income need not be revealed if the Borrower (B) or Co-Borrower (C) does not choose to have it considered for repaying this loan. Proposed B/C Monthly Amount Freddie Mac Form 65 07/05 (rev. 6/09) Page 2 of 6 EST638-e Fannie Mae Form /05 (rev. 6/09) 6 Business Real Estate Secured Lending Documents User Guide

10 Chapter 1 Page two instructions Instructions are given for each section of the document. Please refer to the corresponding number on the sample document to determine each section s relative position on the document. 4. Employment information. This section provides a place to record information about each employer for each borrower. Enter the name and address of employer. Check if self-employed. Enter the number of years on this job and the number of years employed in this line of work / profession. Enter the position title or type of business. Enter the business phone number including area code. If employed in current position for less than two years or if currently employed in more than one position, enter the applicable employment information. 5. Monthly income and combined housing expense information. This section provides a place to record information about income and current housing expense. Enter the gross monthly income for each borrower and the total for the following income sources from base employee income, overtime, bonuses, commissions, dividends / interest, net rental income and other sources. Enter the combined monthly housing expense for both the present situation and the proposed situation and the total for rent, first mortgage, other financing, hazard insurance, real estate taxes, mortgage insurance, homeowner association dues, and other. If other was included for monthly income, enter B for borrower, or C for co-borrower, and describe the income and enter the monthly amount. 7 Business Real Estate Secured Lending Documents User Guide

11 Chapter 1 Page three sample Use the numbers provided to locate the corresponding instructions on the next page. 6 VI. ASSETS AND LIABILITIES This Statement and any applicable supporting schedules may be completed jointly by both married and unmarried Co-Borrowers if their assets and liabilities are sufficiently joined so that the Statement can be meaningfully and fairly presented on a combined basis; otherwise, separate Statements and Schedules are required. If the Co-Borrower section was completed about a non-applicant spouse or other person, this Statement and supporting schedules must be completed about that spouse or other person, also. Completed Jointly Not Jointly Description ASSETS Cash deposit toward purchase held by: List checking and savings accounts below Name and address of Bank, S&L, or Credit Union Cash or Market Value Liabilities and Pledged Assets. List the creditor's name, address and account number for all outstanding debts, including automobile loans, revolving charge accounts, real estate loans, alimony, child support, stock pledges, etc. Use continuation sheet, if necessary. Indicate by (*) those liabilities which will be satisfied upon sale of real estate owned or upon refinancing of the subject property. LIABILITIES Name and address of Company Monthly Payment & Months Left to Pay Payment/Months / Unpaid Balance Acct. No. Name and address of Bank, S&L, or Credit Union Acct. No. Name and address of Company Payment/Months / Acct. No. Name and address of Bank, S&L, or Credit Union Acct. No. Name and address of Company Payment/Months / Acct. No. Name and address of Bank, S&L, or Credit Union Acct. No. Name and address of Company Payment/Months / Acct. No. Stock & Bonds (Company name/number & description) Acct. No. Name and address of Company Payment/Months / Life insurance net cash value Face amount: Subtotal Liquid Assets Acct. No. Name and address of Company Payment/Months / Real estate owned (enter market value from schedule of real estate owned) Vested interest in retirement fund Acct. No. Name and address of Company Payment/Months / Net worth of business(es) owned (attach financial statement) Automobiles owned (make and year) Other Assets (itemize) Total Assets a. Acct. No. Alimony/Child Support/Separate Maintenance Payments Owed to: Job Related Expense (child care, union dues, etc.) Total Monthly Payments Net Worth (a minus b) Total Liabilities b. Freddie Mac Form 65 07/05 (rev. 6/09) Page 3 of 6 EST638-e Fannie Mae Form /05 (rev. 6/09) 8 Business Real Estate Secured Lending Documents User Guide

12 Chapter 1 Page three instructions Instructions are given for each section of the document. Please refer to the corresponding number on the sample document to determine each section s relative position on the document. 6. Assets and liabilities. This section provides a place to record information on the borrower s assets and liabilities. Check if this section will be completed jointly or not jointly (Read the instructions to determine how to make this decision.). For assets record the following information: Enter who is holding the cash deposit toward purchase and the cash or market value. List checking and savings accounts by recording the name and address of the bank, S&L, or credit union, the account number, and the cash or market value for each account. List any stock & bonds by recording the company name / number and description; and the cash or market value. List any life insurance net cash value by recording the face amount in dollars. Enter subtotal of liquid assets. Enter any cash or market value for real estate, vested interest in retirement fund, net worth of any business owned, automobiles owned (record make and year), and any other assets (itemize). Enter total of assets. For liabilities, list the creditor s name, address and account number for all outstanding debts, including automobile loans, revolving charge accounts, real estate loans, alimony, child support, stock pledges. For each liability enter the name and address of company, the account number, the monthly payment, the number of months left to pay and the unpaid balance. For either alimony or child support, enter the name of the person owed and the monthly payment. For any job related expense enter the monthly payment. Enter total monthly payments. Enter total liabilities. Enter net worth (total assets total liabilities). 9 Business Real Estate Secured Lending Documents User Guide

13 Chapter 1 Page four sample Use the numbers provided to locate the corresponding instructions on the next page. VI. ASSETS AND LIABILITIES (cont.) Schedule of Real Estate Owned (if additional properties are owned, use continuation sheet.) Property Address (enter S if sold, PS if pending sale or R if rental being held for income) Type of Property Present Market Value Amount of Mortgages & Liens Gross Rental lncome Mortgage Payments Insurance, Maintenance, Taxes & Misc. Net Rental Income Totals List any additional names under which credit has previously been received and indicate appropriate creditor name(s) and account number(s): Alternate Name Creditor Name Account Number 7 VII. DETAILS OF TRANSACTION a. Purchase price b. Alterations, improvements, repairs c. Land (if acquired separately) d. Refinance (incl. debts to be paid off) e. Estimated prepaid items f. Estimated closing costs g. PMI, MIP, Funding Fee h. Discount (if Borrower will pay) i. Total Costs (add items a through h) j. Subordinate financing k. Borrower's closing costs paid by Seller l. Other Credits (explain) m. Loan amount (exclude PMI, MIP, Funding Fee financed) n. PMI, MIP, Funding Fee financed o. Loan amount (add m & n) p Cash from/to Borrower (subtract j, k, l & o from i) 8 VIII. DECLARATIONS Borrower If you answer "yes" to any questions a through i, please use continuation sheet for explanation. Yes No a. Are there any outstanding judgments against you? b. Have you been declared bankrupt within the past 7 years? c. Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years? d. Are you a party to a lawsuit? e. Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment? (This would include such loans as home mortgage loans, SBA loans, home improvement loans, educational loans, manufactured (mobile) home loans, any mortgage, financial obligation, bond, or loan guarantee. If "Yes," provide details, including date, name and address of Lender, FHA or VA case number, if any, and reasons for the action.) Co-Borrower Yes No Freddie Mac Form 65 07/05 (rev. 6/09) Page 4 of 6 EST638-e Fannie Mae Form /05 (rev. 6/09) 10 Business Real Estate Secured Lending Documents User Guide

14 Chapter 1 Page four instructions Instructions are given for each section of the document. Please refer to the corresponding number on the sample document to determine each section s relative position on the document. 6. Assets and Liabilities (cont.). This section continues to collect information on the borrower s assets. For each property owned by the borrower, enter the property address, type of property, present market value, amount of mortgages and liens, gross rental income, mortgage payments, insurance maintenance and taxes, and net rental income. List any additional names under which credit has previously been received and indicate the appropriate creditor name(s) and account number(s). 7. Details of transaction. This section provides a place to collect information on the transaction details. Enter the dollar amount for each of the following: Purchase price Alterations, improvements, repairs Land (if acquired separately) Refinance (include debts to be paid off) Estimated prepaid items Estimated closing costs PMI, MIP, funding fee Discount (if borrower will pay) Enter total costs (all the above) Subordinate financing Borrower s closing costs paid by seller Other credits (explain) Loan amount (exclude PMI, MIP, and funding fee financed) PMI, MIP and funding fee financed Loan amount including PMI, MIP and funding fee financed Cash from / to Borrower 8. Declarations. This section provides checkboxes for the borrower to respond with a yes or no to specific questions regarding credit history. If the borrower answers yes to any of the questions, provide a continuation sheet for the explanation. 11 Business Real Estate Secured Lending Documents User Guide

15 Chapter 1 Page five sample Use the numbers provided to locate the corresponding instructions on the next page. VIII. DECLARATIONS (cont.) f. Are you presently delinquent or in default on any Federal debt or any other loan, mortgage, financial obligation, bond, or loan guarantee? g. Are you obligated to pay alimony, child support, or separate maintenance? h. Is any part of the down payment borrowed? i. Are _ you a _ co-maker or _ endorser _ on a _ note? j. Are you a U.S. citizen? k. Are you a permanent resident alien? l. Do you intend to occupy the property as your primary residence? If "Yes," complete question m below. m. Have you had an ownership interest in a property in the last three years? (1) What type of property did you own -- principal residence (PR), second home (SH), or investment property (IP)? (2) How did you hold the title to the home -- solely by yourself (S), jointly with your spouse (SP), or jointly with another person (O)? Borrower Yes No Co-Borrower Yes No SPECIAL NOTICE FOR BALLOON MORTGAGES THIS LOAN MUST EITHER BE PAID IN FULL AT MATURITY OR REFINANCED TO A MARKET LEVEL FIXED-RATE MORTGAGE. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE IF YOU DO NOT QUALIFY FOR THE CONDITIONAL RIGHT TO REFINANCE AS SPECIFIED IN THE NOTE ADDENDUM AND MORTGAGE RIDER. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN IF QUALIFICATION CONDITIONS ARE NOT MET. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH MAY BE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER. 9 IX. ACKNOWLEDGMENT AND AGREEMENT Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, et seq.; (2) the loan requested pursuant to this application (the "Loan") will be secured by a mortgage or deed of trust on the property described in this application; (3) the property will not be used for any illegal or prohibited purpose or use; (4) all statements made in this application are made for the purpose of obtaining a residential mortgage loan; (5) the property will be occupied as indicated in this application; (6) the Lender, its servicers, successors or assigns may retain the original and/or an electronic record of this application, whether or not the Loan is approved; (7) the Lender and its agents, brokers, insurers, servicers, successors and assigns may continuously rely on the information contained in the application, and I am obligated to amend and/or supplement the information provided in this application if any of the material facts that I have represented herein should change prior to closing of the Loan; (8) in the event that my payments on the Loan become delinquent, the Lender, its servicers, successors or assigns may, in addition to any other rights and remedies that it may have relating to such delinquency, report my name and account information to one or more consumer reporting agencies; (9) ownership of the Loan and/or administration of the Loan account may be transferred with such notice as may be required by law; (10) neither Lender nor its agents, brokers, insurers, servicers, successors or assigns has made any representation or warranty, express or implied, to me regarding the property or the condition or value of the property; and (11) my transmission of this application as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or my facsimile transmission of this application containing a fascimile of my signature, shall be as effective, enforceable, and valid as if a paper version of this application were delivered containing my original written signature. Acknowledgment. Each of the undersigned hereby acknowledges that any owner of the Loan, its servicers, successors and assigns, may verify or reverify any information contained in this application or obtain any information or data relating to the Loan, for any legitimate business purpose through any source, including a source named in this application or a consumer reporting agency. X Borrower's Signature Date X Co-Borrower's Signature Date Freddie Mac Form 65 07/05 (rev. 6/09) Page 5 of 6 EST638-e Fannie Mae Form /05 (rev. 6/09) 12 Business Real Estate Secured Lending Documents User Guide

16 Chapter 1 Page five instructions Instructions are given for each section of the document. Please refer to the corresponding number on the sample document to determine each section s relative position on the document. 9. Acknowledgement and agreement. This section provides a disclosure for the borrower to consider regarding the information provided in the document before signing. Provide time for borrower to read the disclosure. Each borrower signs and dates the application. 13 Business Real Estate Secured Lending Documents User Guide

17 Chapter 1 Page six sample Use the numbers provided to locate the corresponding instructions on the next page. 10 X. INFORMATION FOR GOVERNMENT MONITORING PURPOSES The following information is requested by the Federal Government for certain types of loans related to a dwelling in order to monitor the lender's compliance with equal credit opportunity, fair housing and home mortgage disclosure laws. You are not required to furnish this information, but are encouraged to do so. The law provides that a lender may not discriminate either on the basis of this information, or on whether you choose to furnish it. If you furnish the information, please provide both ethnicity and race. For race, you may check more than one designation. If you do not furnish ethnicity, race, or sex, under Federal regulations, this lender is required to note the information on the basis of visual observation and surname if you have made this application in person. If you do not wish to furnish the information, please check the box below. (Lender must review the above material to assure that the disclosures satisfy all requirements to which the lender is subject under applicable state law for the particular type of loan applied for.) BORROWER CO-BORROWER I DO NOT WISH TO FURNISH THIS INFORMATION I DO NOT WISH TO FURNISH THIS INFORMATION ETHNICITY: ETHNICITY: Hispanic or Latino Hispanic or Latino Not Hispanic or Latino Not Hispanic or Latino RACE: RACE: American Indian or Alaska Native American Indian or Alaska Native Asian Asian Black or African American Black or African American Native Hawaiian or Other Pacific Islander Native Hawaiian or Other Pacific Islander White White SEX: SEX: Male Male Female Female To be completed by Loan Originator This application was provided: Loan Originator's Signature Date In a face-to-face interview In a telephone interview By the applicant and submitted by fax or mail By the applicant and submitted via or the Internet Loan Originator's Name Loan Origination Company's Name Loan Originator's Phone Number (including area code) Loan Originator Identifier Loan Origination Company Identifier Loan Origination Company's Address 11 Use this continuation sheet if you need more space to complete the Residential Loan Application. Mark B for Borrower or C for Co-Borrower. CONTINUATION SHEET/RESIDENTIAL LOAN APPLICATION Borrower: Co-Borrower: Agency Case Number: Lender Case Number: 12 I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code, Section 1001, et seq. X Borrower's Signature Freddie Mac Form 65 07/05 (rev. 6/09) Date X Co-Borrower's Signature Date Page 6 of 6 EST638-e Fannie Mae Form /05 (rev. 6/09) 14 Business Real Estate Secured Lending Documents User Guide

18 Chapter 1 Page six instructions Instructions are given for each section of the document. Please refer to the corresponding number on the sample document to determine each section s relative position on the document. 10. Information for government monitoring purposes. This section collects information in order to monitor the credit union s compliance with equal credit opportunity, fair housing and home mortgage disclosure laws. If the borrower chooses to furnish information, record both ethnicity and race (For race, more than one designation may be checked). If the borrower chooses to not furnish information, the credit union is required to note the information on the basis of visual observation or surname. Check how the interview was conducted (face-to-face, mail, telephone, or internet). Record interviewer s information including name, signature, phone number, and name and address of interviewer s employer. 11. Continuation sheet / residential loan application. This section provides space for the borrower to use if more space is needed to complete the Residential Loan Application. 12. Signatures. This section is provided for the borrower s signature(s) and borrower s acknowledgement that no false statements were made as applicable under Title 18, United States Code, Section 1001, et seq. 15 Business Real Estate Secured Lending Documents User Guide

19 Chapter 2 Business Real Estate Fixed Rate Note The Business Real Estate Fixed Rate Note is a fixed rate document that describes an agreement between the credit union and the borrower for 1-4 family, non-conforming real estate secured loans. If your credit union wants to make conforming loans, you should follow your existing real estate processes or contact your real estate processor for assistance. Document Description When used: Purpose: Document number: How distributed: Imprinting: Number of pages: State-specific versions: It is used to document how the borrower will repay the loan, including terms, payment amounts, dates, and total amount. It is used when a loan will be secured with real estate. It defines the business terms and conditions that will govern the real estatesecured loan. NXB02* The document is signed by the borrower. No imprinting available Three Alaska, Florida, Maine, New Hampshire, New York, Vermont, Virginia, West Virginia, Wisconsin have state-specific versions. *Indicates spaceholder for version number 16 Business Real Estate Secured Lending Documents User Guide

20 Chapter 2 Page one sample Use the numbers provided to locate the corresponding instructions on the next page. BUSINESS REAL ESTATE NOTE [Date] [City], [State] [Property Address] 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. (this amount is called "Principal"), plus interest, to the order of the Lender. The Lender is. I will make all payments under this Real Estate Note ("Note") in the form of cash, check or money order. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." 2. INTEREST Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a yearly rate of %. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note. 3. PAYMENTS (A)Time and Place of Payments I will pay principal and interest by making a payment every month. I will make my monthly payment on the day of each month beginning on. I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest before Principal. If, on I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "Maturity Date." I will make my monthly payments at or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My monthly payment will be in the amount of U.S.. 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a "Prepayment." When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the Note. I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest on the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes. 5. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partial Prepayment. MULTISTATE FIXED RATE REAL ESTATE NOTE (page 1 of 3 pages) NXB021 (LASER) 17 Business Real Estate Secured Lending Documents User Guide

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