This Home Application can be used instead of the standard Fannie Mae application if your credit union does not intend to have these types of loans comply with secondary market standards.
The Early Disclosure
This disclosure is required to be distributed at the time of application for Closed-End Adjustable rate Mortgages (ARMs) and is custom designed to match your credit union’s lending requirements.
RESPA Loan Forms
Certain Closed-End Mortgage Loans necessitate the use of various forms required by the Real Estate Settlement Procedures Act. The most common of these forms are listed below and are included in the package.
The Preliminary Truth-In-Lending Disclosure
- The Good Faith Estimate
- The Uniform Settlement Statement
- The Potential Servicing Transfer Disclosure Notice
- The Flood Hazard Insurance Notice - This notice is used for those loans where the security property is located in a flood zone.
Note for Loans Secured by Real Estate
This document contains the Promissory Note, the Federal Disclosure Statement required by Regulation Z, the Itemization of Amount Financed (optional) and the Credit Insurance Disclosure required by Regulation Z (optional). This form can also contain a customized Variable Rate provision for Adjustable Rate Mortgage Loans.
In order to ensure wide acceptance of the security instrument, the Mortgage/Deed of Trust is the standard Fannie Mae Mortgage/Deed of Trust.
The Rescission Notice
The Rescission Notice is designed to accommodate both regular Closed-End rescission and Closed-End rescission for refinances within the same institution where additional credit is granted. If you have Oak Tree’s Open-End Home Equity Package, a version of the Rescission Notice is now available that combines the Closed-End Rescission with the type used for Open-End Home Equity Lines of Credit.
CLICK HERE for Open-End Home Equity Package