To our valued member:
Thank you for your interest in our First Mortgages. I have enclosed a
packet of the information that you will need. Please fill out, date (all forms must
have the same date on them), sign and return all papers as indicated.
Document Check List
Loan application (return)
Disclosure notice (return)
Non-refundable application fees (return)
Notice of right to counsel (return)
Notice regarding proof of homeowners insurance (return)
Right to receive appraisal (return)
List of Homeownership Counseling agencies (return)
Credit Score Disclosure
HUD Settlement Costs Booklet (keep)
The loan processing should take approximately four to six weeks. If you
have any questions, please feel free to call or email me at 509-495-4921,
[email protected]
Sincerely,
Patrick Graham
Loan Officer
Avista Corp Credit Union
MLO 517634
Document Check List
Below is a list of items the Credit Union will need to complete your mortgage loan application.
Please include these items with your application to assist with the Approval and processing of your
application. If you have any questions about the below needed items please contact me at 509-495-4921
or [email protected]
Most Recent Paystubs for all borrowers
Most recent W-2’s for all borrowers ( Complete Tax Return if Self employed)
Statements supporting 401k/Pension value
Copies of Drivers Licenses for all borrowers
Copy of home owners insurance policy
Sincerely,
Patrick Graham
Loan Officer
Avista Corp Credit Union
MLO - 517634
DISCLOSURE STATEMENT
NOTICE TO MORTGAGE LOAN APPLICANTS: THE RIGHT TO COLLECT
YOUR MORTGAGE LOAN PAYMENTS MAY BE TRANSFERRED. FEDERAL LAW
GIVES YOU CERTAIN RIGHTS. READ THIS STATEMENT AND SIGN IT ONLY IF
YOU UNDERSTAND ITS CONTENTS.
Because you are applying for a mortgage loan that may be covered by the Real Estate
Settlement Procedures Act (RESPA) (12 U.S.C. #2601 et seq) you have certain rights under
that Federal law. This statement tells you about those rights. It also tells you what the
chances are that the servicing for this loan may be transferred to a different loan servicer.
"Servicing" refers to collecting your principal, interest and escrow account payments. If your
loan servicer changes, there are certain procedures that must be followed. This statement
generally explains those procedures.
Transfer Practices and Requirements
If the servicing of your loan is assigned, sold, or transferred to a new servicer, you
must be given written notice of that transfer. The present loan servicer must send you notice
in writing of the assignment, sale or transfer of the servicing not less than 15 days before the
date of the transfer. The new loan servicer must also send you notice within 15 days after the
date of the transfer. Also, a notice of prospective transfer may be provided to you at
settlement (when title to your new property is transferred to you) to satisfy these
requirements. The law allows a delay in the time (not more than 30 days after a transfer) for
servicers to notify you under certain limited circumstances, when your servicer is changed
abruptly. This exception applies only if your servicer is fired for cause, is in bankruptcy
proceedings, or is involved in a conservatorship or receivership initiated by a Federal agency.
Notices must contain certain information. They must contain the effective date of the
transfer of the servicing of your loan to the new servicer; the name, address, and toll-free or
collect call telephone number of the new servicer; and toll-free or collect call telephone
number of a person or department for both your present servicer and your new servicer to
answer your questions about the transfer of servicing. During the 60-day period following
the effective date of the transfer of the loan servicing, a loan payment received by your old
servicer before its due date may not be treated by the new loan servicer as late, and a late fee
may not be imposed on you.
Disclosure Statement (Page 2)
Complaint Resolution
Section 6 of RESPA (12 U.S.C. #2605) gives you certain consumer rights, whether or
not your loan servicing is transferred. If you send a "qualified written request" to your loan
servicer concerning the servicing of your loan, your servicer must provide you with a written
acknowledgment within 20 business days of receipt of your request. A "qualified written
request" is a written correspondence, other than notice on a payment coupon or other
payment medium supplied by the servicer, which includes your name and account number,
and your reasons for the request. Not later than 60 business days after receiving your request,
your servicer must make any appropriate corrections to your account, and must provide you
with a written clarification regarding any dispute. During this 60-day period, your servicer
may not provide information to a consumer reporting agency concerning any overdue
payment related to such a period or qualified written request.
Damage and Costs
Section 6 of RESPA also provides for damages and costs for individuals or classes of
individuals in circumstances where services are shown to have violated the requirements of
that Section.
Servicing Transfer Estimates by Original Lender
The following is the best estimate of what will happen to the servicing of your
mortgage loan: We are able to service this loan and presently intend to do so. However, that
may change in the future. For all the loans that we make in the 12-month period after your
loan is funded, we estimate that the chances that we will transfer the servicing of those loans
are between zero to 25%. This is only our best estimate and it is not binding. Business
conditions or other circumstances may affect our future transferring decisions.
Our record of transferring the services of the loans we have made is: We have not
transferred the servicing of any loans since we began real estate lending in 1987.
I/WE HAVE READ AND RECEIVED A COPY OF THIS DISCLOSURE
STATEMENT AS REQUIRED BY RESPA (12 U.S.C. #2601 ET SEQ), AND
UNDERSTAND ITS CONTENTS, AS EVIDENCED BY MY/OUR SIGNATURE(S)
BELOW.
DATE: ________________________
SIGNATURE: __________________________
SIGNATURE: __________________________
NON-REFUNDABLE APPLICATION COSTS
IN MAKING APPLICATION FOR THE AVISTA CORP. CREDIT UNION REAL
ESTATE LOAN PROGRAM, I/WE ACKNOWLEDGE THAT CERTAIN OUT-OFPOCKET APPLICATION COSTS LISTED BELOW WILL BE INCURRED BY THE
AVISTA CORP. CREDIT UNION AND ARE NON-REFUNDABLE TO ME/US SHOULD
THIS APPLICATION BE DECLINED BY THE AVISTA CORP. CREDIT UNION FOR
ANY REASON INCLUDING, BUT NOT LIMITED TO, STANDARD LOAN
UNDERWRITING
PRACTICES,
OUTSTANDING
JUDGMENT
OR
LIEN
OBLIGATIONS, UNSATISFACTORY CREDIT WORTHINESS OR EMPLOYMENT
HISTORY.
NON-REFUNDABLE APPLICATION COSTS:
APPRAISAL (if applicable)
CREDIT REPORT
FEMA REPORT
TITLE INSURANCE
RECORDING FEES
DATE: ________________________
SIGNATURE: __________________________
SIGNATURE: __________________________
NOTICE REGARDING PREPARATION OF DOCUMENTS
AND RIGHT TO OBTAIN COUNSEL
IN CONNECTION WITH THIS LOAN, AVISTA CORP. CREDIT UNION SELECTS,
PREPARES AND COMPLETES CERTAIN INSTRUMENTS OR DOCUMENTS WHICH
MAY SUBSTANTIALLY AFFECT YOUR LEGAL RIGHTS, BUT IS DOING SO FOR ITS
OWN BENEFIT AND TO PROTECT ITS OWN INTEREST IN THIS TRANSACTION. IF
YOU HAVE ANY QUESTIONS REGARDING SUCH DOCUMENTS OR INSTRUMENTS
OR YOUR RIGHTS, YOU SHOULD CONSULT AN ATTORNEY OF YOUR CHOICE.
DATE: __________________
SIGNATURE: _____________________________
SIGNATURE: _____________________________
NOTICE REGARDING PROOF OF HOMEOWNERS INSURANCE
IN CONNECTION WITH THIS LOAN, AVISTA CORP. CREDIT UNION
REQUIRES THAT HOMEOWNERS INSURANCE, EQUAL TO THE AMOUNT OF THE
LOAN, BE OBTAINED BY THE TIME OF THE CLOSING. BY SIGNING BELOW, IT
IS AGREED THAT I (WE) WILL PROVIDE PROOF OF INSURANCE LISTING THE
AVISTA CORP. CREDIT UNION AS LIENHOLDER, FROM THE INSURANCE
COMPANY OF MY (OUR) CHOICE, ON OR BEFORE WE SIGN FINAL
DOCUMENTATION.
DATE: ________________________
SIGNATURE: __________________________
SIGNATURE: __________________________
NOTICE REGARDING RIGHT TO RECEIVE APPRAISAL
We may order an appraisal to determine the property’s value and charge you for this
appraisal. We will promptly give you a copy of any appraisal, even if your loan does not
close. You can pay for an additional appraisal for your own use at your own cost.
DATE: ________________________
SIGNATURE: __________________________
SIGNATURE: __________________________
HOMEOWNERSHIP COUNSELING AGENCIES
HOUSING
COUNSELING
AGENCIES
APPROVED
BY
THE
U.S.
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) CAN OFFER
INDEPENDENT ADVICE ABOUT WHETHER A PARTICULAR SET OF MORTGAGE
LOAN TERMS IS A GOOD FIT BASED ON YOUR OBJECTIVES AND
CIRCUMSTANCES, OFTEN AT LITTLE OR NO COST.
IF YOU ARE INTERESTED IN CONTACTING A HUD-APPROVED HOUSING
CONSELING AGENCY IN YOUR AREA, YOU CAN VISIT THE CONSUMER
FINANCIAL
PROTECTION
BUREAU’S
(CFPB)
WEBSITE
WWW.CONSUMERFINANCE.GOV/FIND-A-AHOUSING-COUNSELOR
AND ENTER YOUR ZIP CODE
YOU CAN ALSO ACCESS HUD’S HOUSING COUNSELING AGENCY WEBSITE VIA
WWW.CONSUMERFINANCE.GOV/MORTGAGEHELP
FOR ADDITIONAL ASSISTANCE WITH LOACTING A HOUSE COUNSELING
AGENCY, CALL THE CFPB AT 1-855-411-CFPB (2372)
DATE: ________________________
SIGNATURE: __________________________
SIGNATURE: __________________________
ACKNOWLEDGEMENT OF RECEIPT OF
VARIABLE RATE LOAN DISCLOSURES
I/We have received a copy of the real estate loan policy of the Avista Corp. Credit Union, the
adjustable rate mortgage disclosure, and the Consumer Handbook on Adjustable Rate
Mortgages.
DATE: __________________
SIGNATURE: _____________________________
SIGNATURE: _____________________________