When your credit union members need cash for big purchases, be able to lend to them with a Closed-End Home Equity Package. Whether they need money for a home renovation or enlarging their dwelling, the Closed-End Home Equity Lending Package is a great solution. A lump sum disbursement can help fund upfront project costs like down payments or deposits. The rest of the loan can pay the balance after work is complete or any extra expenses that might come up along the way.
Oak Tree has one of the most thorough Closed-End Home Equity Lending Packages in the industry. The Closed-End Home Equity Lending Forms Package includes the following:
This Home Equity Application can be used instead of the standard Fannie Mae Uniform Residential Loan Application if your credit union does not intend to have these types of loans comply with secondary market standards.
Demographic Information of Applicant/Co-Applicant
This form is used to gather demographic information to ensure that all applicants are treated fairly in accordance with HMDA requirements.
The Loan Estimate is used to disclose important details to the borrower about their requested mortgage loan.
Notice to Home Loan Applicant
This form is provided to consumers applying for an open-end or closed-end loan in which the proceeds are being used for a consumer purpose and the loan is secured by one to four units of real property.
Letter to the First Lienholder
This optional-use form is used to help you determine the nature of your borrower's first mortgage.
Flood Hazard Determination Form
This form is used to determine whether property is located in a special flood hazard area.
Flood Hazard Insurance Notice
This notice is used for those loans where the security property is located in a flood zone.
The Closing Disclosure is used to disclose the final terms and costs associated with your mortgage loan.
Note for Loans Secured by Real Estate
This Promissory Note can also contain a customized Variable Rate provision for Adjustable Rate Mortgage Loans.
The Rescission Notice
This form is provided for all non-purchase money transactions in which the credit union will retain security interest in the consumer’s principal dwelling.
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 ARM Disclosure (if applicable)
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.
CLICK HERE for Open-End Home Equity Package