Meeting Your Credit Union s Needs Through First Mortgage Compliance Expertice

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1 LOANLINER First Mortgage Documents Selection Guide P.O. Box Mineral Point Road Madison, WI Phone: Word Wide Web: MXR183

2 Meeting Your Credit Union s Needs Through First Mortgage Compliance Expertice Increasing Income and Loan Volume Real estate secured loans are becoming increasingly important to credit union lending, growing to about 35% of the overall industry loan portfolio. First mortgages are an important component in offering real estate loans and are key to growing your lending program. Improving Efficiency You can create a cost-effective mortgage loan document system that s tailored to meet the needs of your credit union. The LOANLINER First Mortgage documents are available in a fillable PDF format to allow simple tab and fill functionality on a PC. They can also be integrated into a data processing or loan origination system. The documents also fully comply with secondary market requirements. Managing Lending Risk With LOANLINER documents you can rest assured that every document is compliant with federal and state regulations and standards. CUNA Mutual Group guarantees that your first mortgage documents are compliant, giving you compliance peace of mind. Strengthening Member Relationships Offering First Mortgage loans allows you to become the member s Primary Financial Institution, which is the key to keeping profitable member accounts. LOANLINER First Mortgage documents increase staff and member confidences at every state of the lending process. 1

3 LOANLINER Service and Support Lending Resource Center The Lending Resource Center helps you stay on top of key lending and compliance issues by providing you with tools and resources such as: compliance alerts with assessment and action steps; training and operational needs; credit union best practices; lender tutorials; product news and updates. 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 products: credit disability insurance, credit life insurance, debt cancellation, guaranteed asset protection or mechanical repair coverage. To request access, go to LOANLINER First Mortgage Documents User Guides We strongly recommend that all credit unions review the LOANLINER First Mortgage Documents User Guides for important document usage information, and state regulations. Document User Guides are provided for Origination Documents, Processing Documents, Closing Documents, Post-Closing Documents, and State-Based Documents. The User Guides can be found in the Lending Resource Center. LOANLINER Customer Service For 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 LOANLINER Compliance Support For assistance in selecting documents as well as answers to your compliance and document usage questions, call or Your CUNA Mutual Representative Call your CUNA Mutual Group Account Representative at for more information. 2

4 Selection Guide Table of Contents CHOOSE AN ORIGINATION DOCUMENT FNMA 1003 Application Appraisal Disclosure (C-9) Servicing Disclosure Statement Affiliated Business Arrangement Disclosure Statement Adjustable Rate Mortgage (ARM) Disclosure Consumer Handbook on Adjustable Rate Mortgages (CHARM) Buying Your Home: Settlement Costs and Helpful Information Good Faith Estimate Truth in Lending Disclosure FACT Act Notices Adverse Action Notice CHOOSE A PROCESSING DOCUMENT Verification of Mortgage Verification of Deposit Verification of Employment Interest Rate Lock-In Agreement Commitment Letter Flood Hazard Determination Flood Insurance Notice Private Mortgage Insurance (PMI) Disclosure CHOOSE A CLOSING DOCUMENT Fixed Rate Note Adjustable Rate Mortgage (ARM) Note Fixed/Adjustable Rate Note Nonconvertible Fixed/Adjustable Rate Note Convertible Biweekly Payment Note Convertible Balloon Note Balloon Addendum Security Instrument Mortgage/Deed of Trust Adjustable Rate Rider Fixed/Adjustable Rate Rider Nonconvertible Fixed/Adjustable Rate Rider Convertible Biweekly Payment Rider Balloon Rider Family Rider Condominium Rider Planned Unit Development Rider Second Home Rider Notice of Right to Cancel HUD-1 Settlement Statement HUD-1A Settlement Statement CHOOSE A POST-CLOSING DOCUMENT Balloon Loan Refinancing Instrument Loan Modification Agreement Satisfaction Transmittal Summary STATE-BASED DOCUMENTS

5 CHOOSE AN ORIGINATION DOCUMENT FNMA 1003 Application Uniform Residential Loan Application. Used to collect information on the loan applicant(s) and the property to be secured in order to evaluate credit worthiness for real estate secured loan transactions. Approved and developed by the Federal National Mortgage Association (Fannie Mae) for loans that are sold on the secondary market. Collects information about the applicant s present financial condition, credit history, and ability to repay the loan. Collects information on the dwelling being used as security. LOANLINER # EST63* Appraisal Disclosure (C-9) Informs the mortgage loan applicant of the right to receive a copy of the property appraisal report the Credit Union used in determining whether the loan is approved or denied. Used by State Chartered Credit Unions. Must be given to mortgage loan applicants at the time the application is received. Provides credit union contact information the applicant can use to request a copy of the appraisal report. LOANLINER # RM004* Servicing Disclosure Statement Notifies mortgage applicants that the lender may transfer its loan servicing rights to another servicer. Servicing refers to collecting principal, interest, and escrow account payments (if any) from the borrower. Disclosure must be given to mortgage loan applicants at the time the application is received. States whether the lender intends to sell the mortgage servicing immediately, whether the mortgage servicing can be sold at any time during the life of the loan, and the percentage of loans the lender has sold previously. LOANLINER # RM002* Affiliated Business Arrangement Disclosure Statement Required when the Credit Union is referring the loan applicant to a loan service provider with which the Credit Union has a financial interest or common ownership. Must be provided to the loan applicant within three (3) business days of the day the application is received. Informs the borrower of the name of the service provider and the nature of the business association between the Credit Union and the recommended service provider. States that use of the recommended service provider is not required. Provides estimates of the usual charges made by the recommended company. LOANLINER # RM003* 4

6 Adjustable Rate Mortgage (ARM) Disclosure Notifies the borrower of important provisions that are specific to the Credit Union s adjustable rate first mortgage loans and are not transaction specific for each individual borrower s loan. We prepare your credit union s ARM Disclosure based on information you provide to us in a special questionnaire. Must be given to the borrower at the time of the application for an adjustable rate mortgage loan. Informs the borrower how interest rate and payment amount are determined, how the interest rate can change, and how payments can change. LOANLINER # ARM00* Consumer Handbook on Adjustable Rate Mortgages (CHARM) The CHARM booklet was prepared by the Federal Reserve Board and the Office of Thrift Supervision. It provides useful basic information about Adjustable Rate Mortgage (ARM) loans by explaining how ARMs work and discussing common issues that borrowers may face. Federal regulations require that the CHARM booklet be given to the borrower at the time the borrower obtains a variable rate first mortgage application, or be mailed to the applicant within three (3) business days. Provides information about risk, advertising and information that borrowers can obtain from lenders. Contains a Mortgage Shopping Worksheet that can be used to compare features of different ARMs the borrower may be considering. LOANLINER # EST91* Buying Your Home: Settlement Costs and Helpful Information This booklet was prepared by the U.S. Department of Housing and Urban Development. Lenders and mortgage brokers are required by federal law, the Real Estate Settlement Procedures Act (RESPA), to give this booklet to borrowers when they apply for a loan, or within three business days of the application. Outlines the general steps to buying a home, from signing the agreement of sale, to applying for a loan, through the closing or settlement of the property. Includes a line-by-line explanation of the HUD-1 Settlement Statement. LOANLINER # RM009* Good Faith Estimate Designed to comply with the requirements of the Real Estate Settlement Procedures Act (RESPA) concerning estimates of settlement costs. Lenders and mortgage brokers are required by federal law to give this booklet to borrowers when they apply for a loan, or within three (3) business days of the application. Informs applicants of the estimated costs that are likely to occur at the time of settlement of the loan. LOANLINER # EST77* 5

7 Truth in Lending Disclosure The Truth in Lending Disclosure is used for Purchase transactions and is designed to give borrowers information about the costs of credit so they may compare those costs with those of other loan programs or lenders. Lenders and mortgage brokers are required by federal law to give this disclosure to borrowers when they apply for a loan, or within three (3) business days of the application. Provides estimates to the borrower of the total finance charges and annual percentage rate for the loan they have applied for. LOANLINER # MXX12* FACT Act Notices FACT Act Notice to the Home Loan Applicant The FACT Act Notice to the Home Loan Applicant must be used when you do not risk base price but somehow rely upon the credit score in real estate transactions. Notice must be provided before consummation, but not before the terms of credit have been communicated to the member. Informs the borrower that the Credit Union may report negative information about the borrower s accounts, such as late payments or defaults, to consumer reporting agencies. LOANLINER # MXX11* Risk Based Pricing Notice Informs the member that some aspect of their credit history has changed which is having a negative impact on the credit the member is requesting. LOANLINER # MXX61* Account Review Risk Based Pricing Notice Informs the member that some aspect of their credit history has changed which is having a negative impact on their existing account with the Credit Union. LOANLINER # MXX62* Credit Score Disclosure 1-4 Family Notice Used when loan is secured by one to four units of residential real property. Informs the member about the member s credit score and information regarding consumer reports and credit scores, including information required by FCRA Section 609(g). Provides a range of credit scores and a statement on how the member s credit score compares to other consumers. LOANLINER # MXX63* 6

8 Credit Score Disclosure Not Secured by Residential Real Property Used when loan is not secured by one to four units of residential real property. Informs the member about the member s credit score and information regarding consumer reports and credit scores, including information required by FCRA Section 609(g). Provides a range of credit scores and a statement on how the member s credit score compares to other consumers. LOANLINER # MXX64* No Credit Score Available Disclosure Used when a credit score is not available for a member from the credit reporting agency regularly used by the Credit Union, and the Credit Union does not obtain a credit score from another credit reporting agency. Informs the member that no score was available and provides information regarding consumer reports and credit scores. LOANLINER # MXX65* Risk Based Pricing Notice with Credit Score Information Informs the member that due to their credit score they are receiving credit terms which are materially less favorable than consumers who have better credit histories. Provides the member s credit score, a range of credit scores and key factors that adversely affect the credit score. LOANLINER # MXX66* Account Review Risk Based Pricing Notice with Credit Score Information Used when performing account reviews at your credit union and based on a credit score, you increase the APR on the account. Provides the member s credit score, a range of credit scores and key factors that adversely affect the credit score. LOANLINER # MXX67* Adverse Action Notice Used to inform consumers when a creditor has taken adverse action on a credit application or existing debt. Adverse Action includes denial of credit/loans, or closing of accounts. Required for compliance with the Equal Credit Opportunity Act, Regulation B, and the Fair Credit Reporting Act (FCRA). Provides a listing of reasons credit was denied. Includes the name and contact information for the Consumer Report Agency (CRA) used to determine the adverse action taken. Informs the applicant of the right to receive a copy of their credit report. LOANLINER # MXX07* or MXX08* 7

9 CHOOSE A PROCESSING DOCUMENT Verification of Mortgage Used to obtain verification of an applicant s mortgage payment history when the loan application indicates there is a previous or existing mortgage or lien on the property used as security. LOANLINER # EVM43* Verification of Deposit Used to obtain verification of an applicant s deposit history from depository institutions listed on the loan application. LOANLINER # EVD41* Verification of Employment Used to obtain verification of an applicant s employment history from current and former employers listed on the loan application. LOANLINER # EVE49* Interest Rate Lock-In Agreement Used to guarantee an interest rate to a potential borrower, provided a loan is closed within the specified period of time. The Interest Rate Lock-In Agreement is given to the potential borrower when applying for a mortgage loan. Informs the borrower of the lock-in fee, the terms of the loan, the expiration date for the locked-in rate, and the conditions for the refundability of the lock-in fee. Informs the borrower of the information and documentation required from the borrower prior to the closing of the loan. LOANLINER # RM007* Commitment Letter The commitment letter states that the borrowers have formally been approved for the loan. Used after the underwriters have verified the supporting documentation provided with the application. Specifies the terms and conditions under which the loan is to be made. Specifies the loan amount, loan program, interest rate, and any conditions that must be met by the borrower prior to closing. LOANLINER # RM020* 8

10 Flood Hazard Determination Used to document the results of a determination as to whether the secured property is located in a special flood hazard area (SFHA) and will require flood insurance. Standard Federal Emergency Management Agency form. Required for every loan made by a credit union which is secured by a building or mobile home. Documents the National Flood Insurance Program Community Jurisdiction, and whether Federal Flood Insurance is available. If you are using a third party for flood determination, such as TotalTrac Flood from CUNA Mutual Group, they may provide this document for you. LOANLINER # EST88* Flood Insurance Notice Used when a determination has been made that the building or mobile home securing the loan is located in a special flood hazard area. The Credit Union cannot close the loan until the borrower presents proof that the flood insurance was purchased. Notifies the borrower(s) of the requirement to purchase flood insurance. Includes copies for the Credit Union, borrower, and loan servicer (if the credit is not the loan servicer). LOANLINER # EST89* Private Mortgage Insurance (PMI) Disclosure Used when a lender requires a borrower to obtain private mortgage insurance. Informs the borrower of the requirement to obtain private mortgage insurance, the borrower s right to cancel the private mortgage insurance, and the conditions for cancelling or terminating the private mortgage insurance. LOANLINER # RM040* (for fixed rate mortgage loans) LOANLINER # RM041* (for adjustable rate mortgage loans) 9

11 CHOOSE A CLOSING DOCUMENT Fixed Rate Note Used for fully amortizing, fixed rate first mortgage loans. The interest rate on the note will remain the same throughout the term of the loan. Documents how the borrower will repay the loan, including terms, payment amounts, dates, and total amount. The multi-state version is for credit unions lending in most states. Credit unions lending in Alaska, Alabama, Florida, Louisiana, Maryland, Maine, New Hampshire, New York, Vermont, Virginia, West Virginia, and Wisconsin should use the applicable state-specific version. LOANLINER # RN200* (multi-state version), plus state versions 5-1 Adjustable Rate Mortgage (ARM) Note Used for 1-4 family, first mortgage loans having a fixed interest rate for a period of 5 years and an adjustable interest rate thereafter. Documents how the borrower will repay the loan, including terms, payment amounts, dates and total amount. Your credit union can select the first day the rates will change, the frequency of change dates, the index, the maximum increase or decrease for any change, and the maximum rate. The multi-state version is for most states. Credit unions lending in Alabama, Alaska, Florida, Louisiana, Maryland, New Hampshire, Vermont, Virginia, West Virginia, and Wisconsin should use the applicable statespecific version. LOANLINER # RN400* (multi-state version), plus state versions Fixed/Adjustable Rate Note Nonconvertible Used for 1-4 family, first mortgage loans having an initial fixed interest rate that changes to an adjustable rate. The interest rate is fixed for a time period specified by the lender and then adjusts annually. Documents how the borrower will repay the mortgage loan, including terms, payment amounts, interest rate change dates, and total amount. The multi-state version is for most states. Credit Unions lending in Alabama, Alaska, Florida, Louisiana, Maryland, New Hampshire, Vermont, Virginia, West Virginia and Wisconsin should use the applicable statespecific version. LOANLINER # RN700* (multi-state version), plus state versions 10

12 Fixed/Adjustable Rate Note Convertible Used for 1-4 family, first mortgage loans having an initial fixed interest rate that changes to an adjustable rate. Differs from the Fixed/Adjustable Rate Note Nonconvertible in that it contains a conversion option to convert from the adjustable interest rate back to a fixed interest rate. Documents how the borrower will repay the mortgage loan, including terms, payment amounts, interest rate change dates, and total amount. The multi-state version is for most states. Credit Unions lending in Alabama, Alaska, Florida, Louisiana, Maryland, New Hampshire, North Carolina, Vermont, Virginia, West Virginia, and Wisconsin should use the applicable state-specific version. LOANLINER # RN800* (multi-state version), plus state versions Biweekly Payment Note Convertible Used for 1-4 family, first mortgage secured loans where the borrower will make biweekly payments. Each payment is applied immediately to the loan principal balance, causing the loan to be paid off much sooner than with monthly payments. Documents how the borrower is to repay the loan, including terms, payment amounts, dates, and total amount. If the borrower is in default for three consecutive biweekly payments, the lender can terminate the biweekly payment option and convert the Note to one with monthly payments. The multi-state version is for most states. Credit Unions lending in Alabama, Alaska, Florida, Louisiana, Maryland, New Hampshire, Vermont, Virginia West Virginia and Wisconsin should use the applicable statespecific version. LOANLINER # RN300* (multi-state version), plus state versions Balloon Note Used for 1-4 family, first mortgage loan having a fixed interest rate and a balloon payment at loan maturity. Usually amortized over a term of 30 years, but the actual term of the loan is for a short term usually 7 years. Documents how the borrower will repay the loan, including terms, payment amounts, dates, and total amount. The multi-state version is for most states. Credit Unions lending in Alabama, Alaska, Florida, Louisiana, Maryland, New Hampshire, New York, Vermont, Virginia, West Virginia and Wisconsin should use the applicable state-specific version. LOANLINER # RN600* (multi-state version), plus state versions 11

13 Balloon Addendum Used to amend and supplement the Balloon Note to give the borrower a conditional right to refinance the loan when the original note matures. The Addendum is an optional document allowing the lender to set the terms for a loan renewal at the time of the original transaction. Additional covenants allow borrower to refinance on the maturity date if the borrower still owns the property and is current on the loan. States how the interest rate on the new obligation will be calculated. Lender must notify borrower of the right to refinance; the lender determines the notice period. Borrower will pay the amount owed on the balloon payment if the borrower chooses not to refinance. Use state specific versions for North Carolina and West Virginia. LOANLINER # RA006* (multi-state version), plus state versions Security Instrument Mortgage/Deed of Trust In some states a security instrument for real estate is called a mortgage. In other states it is called a deed of trust, trust deed, or security deed. A mortgage, deed of trust, or security deed is used whenever a security interest is taken by the Credit Union in a dwelling. Contains standard clause stating the owner occupies the property. Gives the Credit Union the right to foreclose on a dwelling if the borrower is in default. Use state-specific Mortgage/Deed of Trust based on the physical location of the real estate. State-specific Security Instruments are required for every state you lend in. LOANLINER # RX~~9* ( ~~ = state code) 5-1 Adjustable Rate Rider Used to amend the Mortgage/Deed of Trust to secure the 5-1 Adjustable Rate Note to the Security Instrument. Provides additional covenants and agreements on the interest rate and monthly payment changes, the transfer of property or a beneficial interest in borrower. LOANLINER # RR004* Fixed/Adjustable Rate Rider Nonconvertible Used to amend the Mortgage/Deed of Trust to secure the Fixed/Adjustable Rate Note Nonconvertible to the Security Instrument. Provides additional covenants and agreements on the interest rate and monthly payment changes, the transfer of property or a beneficial interest in borrower. LOANLINER # RR007* 12

14 FIXED/ADJUSTABLE RATE RIDER CONVERTIBLE Used to amend the Mortgage/Deed of Trust to secure the Fixed/Adjustable Rate Note Convertible to the Security Instrument. Provides additional covenants and agreements on the interest rate and monthly payment changes, the transfer of property or a beneficial interest in borrower. Use the state specific version for North Carolina. LOANLINER # RR008* (multi-state version) Biweekly Payment Rider Used to amend the Mortgage/Deed of Trust to secure the Biweekly Payment Note to the Security Instrument. It is used when a first mortgage loan will be placed on a biweekly repayment schedule. Provides additional covenants and agreements on the interest rate and monthly payment changes, the transfer of property or a beneficial interest in borrower. Use the state specific version for Maine, New York, and West Virginia. LOANLINER # RR003* (multi-state version) Balloon Rider The Balloon Rider (Conditional Right to Refinance) incorporates the terms of the Conditional Right to Refinance into the Security Instrument. Must mirror the information stated in the Balloon Addendum (which is the document amending the Balloon Note). Supplements the terms of the Security Instrument (Mortgage/Deed of Trust) by stating the conditions that allow the borrower to refinance at the balloon maturity date. Use the state specific version for North Carolina and West Virginia. LOANLINER # RR006* (multi-state version) 1-4 Family Rider The 1-4 Family Rider must be used for a mortgage that is secured by a 1-4 family investment property or a twofamily to four-family principal residence. The 1-4 Family Rider is recorded along with the Mortgage/Deed of Trust. Deletes Section 6 of the Note concerning borrower s occupancy of the property. Use the state specific version for Michigan. LOANLINER # RR001* (multi-state version) 13

15 Condominium Rider Used to amend the Mortgage/Deed of Trust to accommodate provisions that apply to condominium property types. Incorporates the terms of the condominium association s constituent documents. Clarifies the obligations of the borrower regarding the condominium association. Outlines requirements for property insurance, condominium obligations, and public liability insurance. LOANLINER # RR002* Planned Unit Development Rider Used to amend the Mortgage/Deed of Trust to accommodate provisions that apply to planned unit development property types. Contains additional covenants for the borrower and the lender because the planned unit development association owns and maintains property for the benefit of its members. Outlines requirements for property insurance, condominium obligations, and public liability insurance. LOANLINER # RR009* Second Home Rider Used to amend the Mortgage/Deed of Trust when the mortgage is placed on a second home to be used and/or occupied exclusively by the borrower. Identifies the secured property as a second home for the borrower s sole use and not as an investment property. States that the borrower will be in default if the lender has been given false information regarding occupancy of the home. LOANLINER # RR010* Notice of Right to Cancel Used when a security interest in a consumer s principal dwelling is or will be retained or acquired to secure a credit transaction without a seller. Complies with the requirements of Reg Z regarding a consumer s right to rescind a credit transaction secured by the consumer s principal dwelling in a non-purchase money transaction. Each borrower must receive two copies of the Right to Cancel along with the Note and Disclosure Statement. Includes a copy for the Credit Union and four (4) borrower copies. LOANLINER # EST47* 14

16 HUD-1 Settlement Statement A standard form that clearly shows all charges imposed on borrowers and sellers in connection with the settlement. Used by the settlement agent (also called the closing agent) to itemize all charges imposed upon a borrower and seller for a purchase money real estate transaction. Must be used when there are both a buyer and a seller in the transaction. (When there is no seller, either the HUD 1 or the HUD 1A can be used.) Must be available for borrower inspection one (1) business day before the actual settlement. LOANLINER # RM001* HUD-1A Settlement Statement A standard form that discloses all of the actual costs of closing and explains how the funds will be distributed. Designed to comply with the requirements of the Real Estate Settlement Procedures Act (RESPA). This document, or the HUD 1, must be used for non-purchase money closed-end first mortgage loans. Must be kept by the Credit Union for five (5) years after closing. LOANLINER # EST22* 15

17 CHOOSE A POST-CLOSING DOCUMENT Balloon Loan Refinancing Instrument Used to renew, extend, and amend the Security Instrument and to amend the terms of the original Balloon Note. This is a balloon reset that the borrowers can elect if certain conditions of the Balloon Note are met. Used at the maturity date of the original Balloon Note. Amends the terms of the original Balloon Note and states the new terms of the Note that will be in effect upon the date of the Balloon Loan Refinancing Instrument, such as interest rate, payment amounts, and the new maturity date for the loan. LOANLINER # R6~~1* ( ~~ = state code) Loan Modification Agreement Used when a lender or servicer agrees to modify the terms of a real estate loan in order to avoid foreclosure of a delinquent mortgage loan. Documents the new terms of the Note that will be in effect upon the date of the Loan Modification Agreement, such as interest rate, payment amounts, and the new maturity date for the loan. Available for either Fixed or Adjustable Rate. Each state has a specific version. LOANLINER # R2~~1* ( ~~ = state code) for fixed rate loans LOANLINER # R4~~1* ( ~~ = state code) for adjustable rate loans Satisfaction Used to document that the mortgage loan has been paid and there is no longer a lien on the property. Depending on your state, a Satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Certifies that the Security Instrument has been paid off in full and any liens against it have been lifted. The Satisfaction is recorded in the appropriate government offices. Each state has a specific version, except Alabama which allows a marginal satisfaction. LOANLINER # R1~~0* ( ~~ = state code) 16

18 1008 Transmittal Summary Used to summarize key information used in the comprehensive risk assessment of the mortgage and the final underwriting decision such as loan purpose, property type, proposed monthly payments, and debt ratio for applications related to single-family conventional first mortgages. Must be used if the loan will be sold to a secondary market investor by a manual process. (If the Credit Union is using a electronic desktop underwriter, this is not required since the 1008 Transmittal Summary is part of the technology.) Required by Fannie Mae (FNMA) and Freddie Mac (FHLMC). If FNMA selects a specific mortgage for an underwriting performance review, a copy of this form should be used to transmit the documentation requested. LOANLINER # RM005* 17

19 STATE-BASED DOCUMENTS Many states require that documents and disclosures specific to their state be used in completing a first mortgage transaction (loan). These documents may be required to be used or given to the member early in the transaction at application time or as part of a set of closing documents. Therefore, in addition to selecting from our library of standard documents (Origination, Processing, Closing, and Post Closing), you may also need to order documents required by the state(s) your Credit Union lends in. The First Mortgage Documents order form and the First Mortgage State-Based Documents User Guide contain more information on these additional required documents. Due to the variety of these documents, we will not present an overview of the documents here. Please be aware that you may need to purchase any number of State-Based documents to complete a first mortgage that is in compliance with the state in which the loan is originated or closed. 18

20 P.O. Box Mineral Point Road Madison, WI Phone: World Wide Web: