Horizon Bank s Mortgage Warehousing Application

Transcription

1 Horizon Bank s Mortgage Warehousing Application Company Name: DBA Name (if applicable): City/State/ Zip: Telephone #: ( ) Fax #: ( ) Fed. Id. #: MERS ID # Form of Organization Sub S. Corporation C -Corporation Partnership Sole Proprietor Other State Incorporated/Formed Year Incorporated/Formed Ownership/Principal (total must equal 100% Principal Officer/Title % Of Ownership % SS#: Date of Birth: Residence Home Phone Number: Cell Phone Number: Annual Salary From Company Distributions Commission Principal Officer/Title % Of Ownership % SS#: Date of Birth: Residence Home Phone Number: Cell Phone Number: Annual Salary From Company Distributions Commission Principal Officer/Title % Of Ownership % SS#: Date of Birth: Residence Home Phone Number: Cell Phone Number: Annual Salary From Company Distributions Commission 1

2 Principal Officer/Title % Of Ownership % SS#: Date of Birth: Residence Home Phone Number: Cell Phone Number: Annual Salary From Company Distributions Commission Is your Company a Subsidiary of another organization? No If you answered, Please provide the following: Parent Corporation: City/State/ Zip: Principal Business: Fed Id. #: Which of the following is the Company approved to do business with? (Check those that apply) Date Approved Lender Id. # FNMA FHA VA GNMA FHLMC Origination History/Loan Origination Year to Date: $ Volume Year 201 $ 2

3 Total residential mortgage volume for the past 12 months Percentage of loan origination serviced: % Percentage of Loan % Conventional % Nonconforming % Governmental 1st Mortgage $ 2nd Mortgages $ Total $ Product Mix: A % B % C % D % Volume Percentage: Retail % Wholesale % Warehouse Facility Limit Requested: $ Location of Production Branches (Attach list if necessary): Address City/State Phone Number Contact Person List the three main closing agents used: Name Address Phone Number Licensing: Circle states in which you originate mortgage loans: AK AL AR AZ CA CO CT DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA MV WI WY 3

4 Investor Information Investor Name: % of Business: Date Approved: Investor Name: % of Business: Date Approved: Investor Name: % of Business: Date Approved: Investor Name: % of Business: Date Approved: 4

5 List at least three banking relationships: Bank Name: Account Type: Account #: Bank Name: Account Type: Account #: Bank Name: Account Type: Account #: Warehouse relationships Warehouse Lender: Active: : No: If not active why Date Approved: Address Expiration Date Average Days on Line Rate Per File Fee Non-Usage Fee Line Amount: 5 Average Outstanding:

6 Warehouse Lender: Active: : No: If not active why Date Approved: Address Expiration Date Average Days on Line Rate Per File Fee Non-Usage Fee Line Amount: Average Outstanding: Warehouse Lender: Active: : No: If not active why Date Approved: Address Expiration Date Average Days on Line Rate Per File Fee Non-Usage Fee Line Amount: Average Outstanding: Warehouse Lender: Active: : No: If not active why Date Approved: Address Expiration Date Average Days on Line Rate Per File Fee Non-Usage Fee Line Amount: Average Outstanding: Do you have any pending Warehouse Application in process? (If yes, please supply contact information) How did you hear about Horizon Bank s Warehouse Facility? 6

7 Quality Control: Does your company have a quality control program with written procedures in place? No Fulfillment Services: Does your company use a third-party vendor that focuses on back-office operations including: vendor management, title and escrow, closing coordination, document preparation and post-closing? No (If yes, please supply contact information) Fidelity Bonding (Insurance carrier subject to review and approval by Horizon Bank) Carrier Name: Approval Date: Coverage Amount: Expiration Date: Errors and Omission Coverage Carrier Name: Approval Date: Coverage Amount: Expiration Date: Litigation Are you involved in any litigation or is any litigation threatened between you and any investor, correspondent or governmental agency? No Was your company ever suspended from selling or servicing mortgages by an investor? No Has FHA, VA, GNMA, FHLMC or FNMA ever suspended your company, any branch or an officer? No Has an officer, director, or major shareholder been affiliated with any company/business that was suspended by FHA, VA, GNMA, FHLMC or FNMA and/ or subject to voluntary bankruptcy proceedings? No. Has your company had any unfavorable findings (in addition to the above) with regards to mortgage operations or servicing activities included in any audit, examination or reports to HUD, VA, GNMA, FHLMC, FNMA or any other regulatory investigatory agency? No Does the company and/or any of its officers, managers, directors, or employees have an ownership interest directly or indirectly in any Title Company, Escrow Company or Closing Agency? No Please attach full details of any responses to the above questions. 7

8 Checklist for required documentation to accompany this application: Resumes of principal officers as well as individuals responsible for underwriting, closing and regulatory compliance or quality control. A signed personal financial statement for all principals of Applicant owning a 10% interest or more (use Horizon Banks Personal Financial Statement form) Most recent tax returns for all principals of Applicant owning a 10% interest or more. A photo ID of each principal owner (copy of drivers license, passport or corporate photo ID). Current roster of loan officers. Preceding two (2) years Audited Financial Statements of Conditions and Income(if subsidiary or affiliate, the individual audited financial statement must be submitted). Preceding two (2) year s Tax Returns for the company. Most recent interim Financial Statements signed by an officer of the company Parent company s most recent Audited Financial Statements and interim s are required if you are a subsidiary or affiliate company. Copies of your most recent FNMA, FHLMC, HUD or VA approval letters. Copies of your most recent FNMA, FHLMC, HUD or VA Management Report, including production statistics, and overall ratings of lender performance. Copies of Articles of Incorporation Current Certificate of Good Standing or Existence from the state of incorporation Bylaws; or copies of Partnership Agreement (and Certificate of Limited Partnership, if applicable). Copy of your company s Quality Control Program. Copy of State License. Copy of your company s E & O and Fidelity Bond policies. E&O Coverage of the three main closing agents Signed Authorization/ Release for Business and Individuals Application Fee: $

9 The undersigned on behalf of themselves and above named corporation ("Applicants") acknowledge and agree that any forms, contracts or any other written material as well as method of doing business are confidential proprietary property of Horizon Bank, Mortgage Warehousing Division ("HB"). The Applicants agree not to take, copy, use or otherwise appropriate, for the Applicant s use or the use by any other person or entity any such proprietary property. The provisions of this paragraph shall survive in the event no business is conducted between the Applicant and HB, or shall survive after termination of any business relationship between Applicant and HB. The Applicant s signature below constitutes the authority of HB or its agents and affiliates to obtain information necessary (such as credit checks) in the evaluation of Applicant. Signature Title Date Signature Title Date Signature Title Date Signature Title Date Please return this Application and all required documentation from page 7 to Kori Riggs or Heather Penziol at the following address: Horizon Bank, NA 515 Franklin Square, 3 rd Floor Michigan City, IN

10 AUTHORIZATION / RELEASE FOR BUSINESSES AND INDIVIDUALS (the Applicant ) acknowledges that it is in the best interest of both Applicant and Horizon Bank, N.A. ( Warehouse Lender ) for Warehouse Lender to perform due diligence concerning Applicant s background and experience. Applicant further acknowledges that Applicant benefits from the efficiencies in the due diligence process that are possible when Warehouse Lender and other similarly-situated entities in the mortgage industry exchange information about their experiences in doing business with individuals and companies such as Applicant. Therefore, Applicant hereby consents and gives Warehouse Lender permission to submit the name of Applicant s company and any and all employees of that company for screening through any and all mortgage industry background databases, including, without limitation, databases operated by Mortgage Asset Research Institute, Inc., such as the Mortgage Industry Data Exchange ( MIDEX ). Applicant understands that Warehouse Lender performs quality control reviews of the loans that Applicant submits to Warehouse Lender for registration, review, underwriting, and/or purchase. Applicant understands and hereby consents to the release of information about any loan application that is believed to contain misrepresentations and/or irregularities. Applicant agrees and gives its consent that it and its employees may be named as the originating entity or loan officers on such loans, whether or not Applicant or its employees are implicated in the misrepresentations and/or irregularities. Applicant hereby releases and agrees to hold harmless Warehouse Lender, Mortgage Asset Research Institute, Inc., all MIDEX subscribers, and any trade associations that endorse the MIDEX system from any and all liability for damages, losses, costs, and expenses that may arise from the reporting or use of any information submitted by Warehouse Lender or any other MIDEX subscriber to Mortgage Asset Research Institute, Inc., recorded in the MIDEX system, and used in any way by Warehouse Lender or any other MIDEX subscriber. Signed For Applicant: (Signature) Warehouse Lender: Horizon Bank, N.A. 515 Franklin Square Michigan City, IN (Print or Type Name) Its Company: Date: 10

11 Instructions for the completion of this form: Applications for credit may be made individually, or jointly with a co-applicant. This form may be used for joint applications if co-applicants share ownership of assets and responsibility for liability. Otherwise, separate forms and schedules are required. APPLICANT Personal Financial Statement CO-APPLICANT Name Name Current Address Current Address # of years at residence # of years at residence Previous Address Previous Address # of years at residence # of years at residence Telephone Number Telephone Number Social Security Number Social Security Number Date of Birth Date of Birth Present Employer Present Employer Occupation # of years employed Occupation # of years employed Address of Employer Address of Employer Business Phone Business Phone Purpose of Loan Request FAIR CREDIT REPORTING ACT DISCLOSURE Horizon Bank may provide credit information about you obtained in connection with your loan application to its affiliates so that we may offer you other services. If you do not wish for Horizon Bank to provide that information, please call us locally at or toll free at , or write to us at Horizon Bank, Attn: Credit Administration, 515 Franklin Square, Michigan City, Indiana

12 *Please attach a separate sheet if you need more space to complete schedule detail. Assets (assets you own) Amount Liabilities (debts you owe) Amount Cash in Bank: Checking Savings Certificate of Deposit Cash in other banks Loans payable to banks (schedule 7) Loans payable to others (schedule 7) Installment contracts payable (schedule 7) Credit cards (Mastercard, Visa & others) Retirement Accounts Due from friends, relatives and others (schedule 1) Land contracts owned (schedule 2) Securities owned (schedule 3) Closely held companies (schedule 3) Income taxes payable Other taxes payable Real Estate Taxes Loans on life insurance (schedule 4) Cash Surrender value of life insurance (schedule 4) Personal residence (schedule 5) Partial interest in real estate (schedule 5) Other real estate owned (schedule 5) Automobiles (year, make, model) Estimated tax liability if assets with capital gain were sold Mortgage on personal residence (schedule 6) Mortgages on other real estate (schedule 6) Land contracts Personal Property Other liabilities (detail) Other Assets (detail) TOTAL ASSETS TOTAL LIABILITIES NET WORTH (total assets less total liabilities) TOTAL LIABILITIES & NET WORTH Contingent Liabilities Name and address of contingent creditor Amount As co-signer As guarantor Lawsuits Other (detail) Name of debtor Owed to Collateral Payment Schedule Maturity Date Unpaid Balance TOTAL Name of debtor Type of property 1st or 2nd lien Owed to Payment Schedule TOTAL Unpaid Balance

13 No. of shares Description In whose name(s) registered L-Listed U-unlisted Cost Present Market value *Please detail below if securities are paid by broker in margin accounts or are restricted or controlled stocks. TOTAL Insured Insurance Company Beneficiary Face value of policy Cash value Loans Address and type of property Title in name(s) of Monthly Income Primary Residence $ Year Cost Year Acquired Present Market Value To whom payable How payable Interest Rate Maturity Date Unpaid Balance Primary Residence To whom payable Address Collateral or How payable Maturity Unsecured Date Unpaid Balance

14 Have you ever gone through bankruptcy? Have you ever had a judgment against you? Are any assets pledged or debts secured except as shown? Do you have a will? Number of dependents (if none, check "none") Marital status (answer only if this financial statement is provided in connection with a request for secured credit or applicant is seeking a joint account with spouse.) (Unmarried includes single, divorced, widowed) Are you involved in any suits or legal action? Are you a partner or officer in any joint venture? What date is income tax settled through? APPLICANT Married Separated Unmarried (please detail) (please detail) CO-APPLICANT Married Separated Unmarried (please detail) (please detail) ANNUAL INCOME APPLICANT: (Year Ending ) Salary, bonuses, commissions: $ Dividend Income $ Real Estate Income $ Other (alimony, child support, separate maintenance*) $ Total $ ANNUAL EXPENDITURES Federal Income and Other Taxes State Income and Other Taxes Rental Payments, Co-op or Condo Maintenance Mortgage Payments Property Taxes Interest & Principal Payments on Loans AMOUNT ($) WHEN DUE Co-APPLICANT: (Year Ending ) Salary, bonuses, commissions: $ Dividend Income $ Real Estate Income $ Other (alimony, child support, separate maintenance*) $ Total $ Are any significant changes expected in the next 12 months? No (if yes, attach information) Insurance Investments (inc. tax shelters) Alimony/Child Support *Income from alimony, child support, or separate maintenance income need not be revealed if the applicant or co-applicant does not wish to have it considered as a basis for repaying this obligation. REPRESENTATIONS AND WARRANTIES The information contained in this statement is provided to induce Horizon Bank, N.A. (Bank) to extend or to continue the extension of credit to the undersigned or to others upon guarantee of the undersigned. The undersigned acknowledge and understand that Bank is relying on the information provided herein in deciding to grant or continue credit or to accept a guarantee thereof. Each of the undersigned represents, warrants and certifies that the information provided herein is true, correct and complete. Each of the undersigned agrees to notify Bank immediately and in writing of any change in name, address, or employment, or any material adverse change in the (1) information contained in this statement (2) financial condition of any of the undersigned, or (3) ability of any of the undersigned to perform its (or their) obligations to the bank. In the absence of such notice or a new and full written statement, this should be considered as a continuing statement and substantially correct. If the undersigned fail to notify Bank as required above, or if any of the information herein should prove to be inaccurate or incomplete in any material respect. Bank may declare the indebtedness of the undersigned or the indebtedness guaranteed by the undersigned, as the case may be, immediately due and payable. Bank is authorized to make all inquiries Bank deems necessary to verify the accuracy of the information contained herein and to determine the credit-worthiness of the undersigned. The undersigned authorize any person or consumer reporting agency to give Bank any information it may have on the undersigned. Each of the undersigned authorizes Bank to answer questions about your credit experience with the undersigned. As long as any obligation or guarantee to Bank is outstanding, the undersigned shall supply annually an updated financial statement. This personal financial statement and any other financial or other information that the undersigned gives Bank shall be Bank property. REFERRAL AUTHORIZATION Customer acknowledges and assents to the referral of any application for any deposit, loan, investment or trust to any affiliate or subsidiary of Bank for review. Customer further authorizes any subsidiaries of Bank to whom any application is referred to make whatever inquiries they consider necessary and appropriate to review the application, including requesting a credit report from consumer credit reporting agencies and subsequently for any update, renewal, extension of payment, review for collecting or unilateral offers of extension of credit. Customer agrees that as a result of the referral terms, and conditions offered by the affiliate or subsidiary of Bank may differ from the terms and conditions originally offered by the Bank for any deposit, loan, investment or trust account application. The information listed, and or attached is given to obtain a loan with Horizon Bank, N.A. I/we hereby authorize Horizon Bank, N.A. to obtain information from others concerning my/our credit standing and other relevant information impacting this application. I/we agree that Horizon Bank, N.A. may provide information about my/our account to others. I/we certify that the above statements are true and that no information known to me called for herein has been omitted. Verification may be obtained from any source named herein. This application shall remain the property of Horizon Bank, N.A., Michigan City, IN. Tuition Other Living Expenses Medical Expenses Other Expense (List) TOTAL EXPENDITURES $ Date Date Your Signature Co-applicant's Signature (if you are requesting the financial accommodation jointly) Member FDIC EQUAL OPPORTUNITY LENDER Rev 3/03