Mortgage Application
Certification
The undersigned certify the following:
I/We have applied for a real estate loan. In applying for the loan, I/we have completed a loan application containing various information on the purpose of the loan, the amount and source of the down payment, employment and income information, and assets and liabilities. I/We certify that all of the information is true and complete. I/we have made no misrepresentation in the loan application or other documents, nor did I/we omit any pertinent information.
I/We understand and agree that the lender reserves the right to change the mortgage loan review process to a full documentation program. This may include verifying the information provided on the application with the employer and/or the financial institution.
The borrower and co-borrower in the joint loan application and in this document authorize and approve their signatures below to be construed and relied upon by all parties as evidence and indication of their intent to apply jointly for credit in the loan application for credit and in this document. You are not required to complete this agreement merely because you have received these disclosures or signed a loan application.
I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements when applying for this mortgage, as applicable under the provision of Title 18, United States Code, Section 1014.
Mortgage Loan Fee Agreement
I/We understand that the $20 fee I have paid COMMONWEALTH CREDIT UNION is for the credit report for a proposed mortgage loan.
I/We understand on Home Equity loans $25,000 and under, there may or may not be closing costs involved. However, it is required that this form be signed and returned by all members.
I/We am responsible for all expenses that occur as a result of processing my mortgage loan application. I/We understand there may be an additional $20 fee if my loan is withdrawn or turned down.
I/We understand that a NSF fee may be charged, as allowed by the applicable law, if any type of remittance item is returned for any reason.
I/We understand that during the application process I/we should not open any new credit or installment accounts or increase the balance of any existing accounts because it may effect the approval of this loan.
I/We authorized COMMONWEALTH CREDIT UNION to establish a Ready Access escrow account in my/our name(s) for mortgage loan proceeds and/or advance deposits required by COMMONWEALTH CREDIT UNION.
I/We understand that if my loan requires Private Mortgage Insurance (PMI), final approval must come from the Private Mortgage Insurance Company. Private Mortgage Insurance may be discontinued once the loan to value is 80%. Some restrictions apply.
Equal Credit Opportunity Act
The Federal Equal Credit Opportunity Act prohibits discrimination against credit applications on the basis of sex and marital status. Beginning March 23, 1977, the Act extends this protection to race, color, religion, national origin, age, whether all or part of the applicant’s income is derived from any public assistance program, or if the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency which administers compliance with the law concerning this mortgage corporation is the:
Assistant Secretary for Fair Housing and Equal Opportunity Department of Housing & Urban Development Washington, D.C. 20410.
Fair Lending Notice
It is illegal to discriminate in the provision of, or in the availability of, financial assistance because of the consideration of:
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Trends, characteristics of conditions in the neighborhood or geographical area surrounding a housing accommodation, unless the financial institution can demonstrate in the particular case that such a consideration is required to avoid an unsafe and unsound business practice; or
- Race, Color, Religion, Sex, Marital Status, National Origin or Ancestry.
It is illegal to consider the racial, ethnic, religion or national origin composition of a neighborhood or geographical area surrounding a housing accommodation or whether or not, under what terms and conditions to provide financial assistance.
The provisions govern financial assistance for the purpose of the purchase, construction, rehabilitation or refinancing of one- to- four unit family residences occupied by the owner and for the purpose of the home improvement of any one to four unit family residence.
If you have any questions about your rights, or you wish to file a complaint, contact the manager of this financial institution or:
National Credit Union Administration
Office of Examination and Insurance
Washington, D.C. 20456
General Release & Authorization
To Commonwealth Credit Union, Inc. (CCU):
I/We have applied for a real estate loan.
I/We, loan applicant, acknowledge that in the course of doing business, Commonwealth Credit Union, the lender, and others must have access to certain non-public and confidential information of the loan applicant to facilitate the loan approval process; and that it is necessary for them to use certain third parties to conduct an investigation, verification of information, fact finding and gathering requirements to assist in the approval process. The third parties may include, but are not limited to, appraisers, surveyors, and others.
This release authorizes Commonwealth Credit Union, the lender and all others in the loan approval process, including the mortgage guaranty insurer (if any), to access my/our personal confidential information and provide it to third parties who are deemed by them to be necessary, on a need to know basis only, to perform services with respect to real estate to be mortgaged and other information contained in the loan application and other documents required in connection with the loan, for purposes of processing for approval, whether before the loan is closed or as part of its quality control program. Said information may be provided to them and to any investor to whom the lender may sell my/our mortgage, any and all information and documentation that they request. Such information includes, but is not limited to, employment history, income, bank, money market and similar account balances, credit history, copies of income tax returns, real estate appraisals, and surveyor’s information.
Should Commonwealth Credit Union not have a program that will fit my/our needs, I/we authorize Commonwealth Credit Union, Inc., 417 High Street, Frankfort, KY 40602 (CCU) to release & transfer all pertinent information to Select Mortgage Group Ltd., Co. for a no-cost, no obligation analysis.
Commonwealth Credit Union or any other one or all of them may address this general release and authorization to any party named in the loan application or otherwise named herein.
The confidential information of the loan applicant may be used only for the express purposes contained in this release or as required or allowed by law.
A photographic or fax copy of this authorization is deem to be the equivalent of the original and may be used as a duplicate’s original.
| _______________________________ | _______________________ | _____________ |
| Borrower's Signature | Social Security Number | Date |
| _______________________________ | _______________________ | _____________ |
| Co-Borrower's Signature | Social Security Number | Date |
By clicking "I Agree" below, you are acknowledging that you have read, understand, and agree to ALL of the information within this document.