BORROWERS - KNOW YOUR
RIGHTS
ATTENTION BORROWER: This may be the largest and most important loan you get during your lifetime. You should be aware of certain rights before you enter into any loan agreement.
1. You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.
2. You have the RIGHT to be informed about the total cost of your loan including the interest rate, points and other fees.
3. You have the RIGHT to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
4. You have the RIGHT to know what fees are not refundable if you decide to cancel the loan agreement.
5. You have the RIGHT to ask your mortgage broker to explain exactly what the mortgage broker will do for you.
6. You have the RIGHT to know how much the mortgage broker is getting paid by you and the lender for your loan.
7. You have the RIGHT to ask questions about charges and loan terms that you do not understand.
8. You have the RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.
9. You have the RIGHT to know the reason if your loan was turned down.
10. You have the RIGHT to ask for the HUD settlement costs booklet "Buying Your Home."
At Addie Mae we do not require you to sign a contract. HUD has drafted a proposed model contract for use that we would use if we required you to sign a contract or if you would like to have a contract. WE DO NOT REQUIRE YOU TO SIGN A CONTRACT, This completed form is provided here for disclosure purposes.
Notice to Prospective Borrower(s): Read this contract carefully so that you make an informed choice.
This contract is between:
All of our borrowers and Addie Mae In this agreement, Addie Mae is called "We" and the entity that will provide your mortgage loan funds is called the "investor" or "lender."
Who Do We Represent?
I REPRESENT YOU, BUT I MAY RECEIVE A FEE FROM A LENDER
We are your agent and We will get you the most favorable mortgage loan that meets your stated objectives. We will shop for your loan from among 165 investors / lenders. For our services, We may charge you a fee and may also receive an additional fee for your mortgage loan from an investor / lender.
We make mortgage loans available from
[ ] one lender: [or]
[x ] [165] investors / lenders.
What Will We Be Paid? For arranging your loan of up to your requested amount
at an interest rate acceptable to you on a fixed rate or ARM program I will receive no greater than 1% to 6% points and other compensation of 0% to 6% so that my total compensation will be no greater than: 6%.My TOTAL COMPENSATION will be made up of--
Fees YOU PAY me of: 1% to 6%
PlusFees a LENDER PAYS me of: 0% to 2% If you would rather pay a lower interest rate, you may pay higher upfront fees; if you pay less up front, you may pay a higher interest rate. Before you sign this contract, I can display alternatives for you.
The amounts disclosed here apply only if you qualify for this loan.
We agree to the terms of this contract. By signing below, the mortgage broker further certifies that the information in this contract is accurate and complies with all provisions of section 8 of the Real Estate Settlement Procedures Act and 24 CFR part 3500.
Borrower(s) Signature and Date
Borrower(s) Signature and Date
Mortgage Broker Signature and Date
Mortgage Broker License No. (Where applicable)
Notice to Borrower(s)
You are entitled to a copy of this contract. Signing this contract does not obligate you to obtain a mortgage loan through this mortgage broker, nor is it mortgage loan approval.
If you wish to seek additional housing counseling from a local HUD counseling center click here to locate one near you.
|
