NYSERDA
New York Energy Smart Loan Fund
Application & Approval Requirements
To process your application, we will need the following:
1) Please complete the attached forms and application using black ink in its entirety (including the
Government monitoring information). Applications containing “white-out” will not be processed.
2) Please ask an Ulster Savings Bank Representative if income verification is required, if so:
a) Please provide your most recent year to date pay stub documenting one full month earnings
along with W-2 Statement covering most recent tax year.
b) For self-employed borrowers, please supply individual signed and dated Federal income tax
return for the most recent year including all schedules.
3) The attached IRS Form 4506-T must be fully executed.
4) Copy of a recorded deed for subject property.
5) Please provide copies of the most recent tax bills for the subject property.
♦ Collateral:
1) 1 – 4 family residence including condos.
2) Owner-occupied, primary residence and second homes only.
♦ Total Loan to Value:
1) Total loan to value up to 85% based on credit score, loan type, property type and total
indebtedness(*).
* Total indebtedness equals the sum of all liens, including this new loan on the subject property.
♦ Terms and Conditions:
1) Fixed Interest Rate. A pricing adjustment of 0.500% will be added to the published interest
rates for No Income Verification loans.
2) Reduction of up to 4.00% from the Lender’s interest rate with a floor of 3.00%.
3) Repayment terms range from 12 – 120 months.
4) Minimum loan amount is $5,000. Maximum loan amount is $20,000.
5) Homeowners insurance must be provided showing Ulster Savings Bank as lien holder.
6) If the subject property is located in a HUD designated flood hazard area, proof of flood
insurance must be provided.
♦ Closing Costs:
1) Customer pays applicable mortgage tax, recording fees and cost above the one unit charge for
the appraisal.
2) Bank pays for title search and appraisal (one unit).
USB NYSERDA Cover
4/01/09
Ulster Savings Bank
180 Schwenk Drive
Kingston, NY 12401
Date:
SERVICING DISCLOSURE STATEMENT
NOTICE TO FIRST LIEN MORTGAGE LOAN APPLICANTS: THE RIGHT TO COLLECT
YOUR MORTGAGE LOAN PAYMENTS MAY BE TRANSFERRED
You are applying for a mortgage loan covered by the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2601 et seq.).
RESPA gives you certain rights under Federal law. This statement describes whether the servicing for this loan may be transferred to
a different loan servicer. “Servicing” refers to collecting your principal, interest, and escrow payments, if any, as well as sending any
monthly or annual statements, tracking account balances, and handling other aspects of your loan. You will be given advance notice
before a transfer occurs.
Servicing Transfer Information
We may assign, sell, or transfer the servicing of your loan while the loan is outstanding.
We do not service mortgage loans of the type for which you applied. We intend to assign, sell, or transfer the service of
your mortgage loan before the first payment is due.
X
The loan for which you have applied will be serviced at this financial institution and we do not intend to sell, transfer, or
assign the servicing of the loan.
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Affiliated Business Arrangement Disclosure
To: _________________________ Property: _________________________________
_________________________
From: Ulster Savings Bank
_________________________________
Date:
__________________________________
This is to give you notice that ULSTER SAVINGS BANK has a business relationship with
ROBERT J. RYAN, INC., ULSTER INSURANCE SERVICES, INC., and U.S.B. AGENCY, INC.
These named companies are wholly owned subsidiaries of ULSTER SAVINGS BANK.
Because of this relationship, this referral may provide ULSTER SAVINGS BANK a financial or
other benefit.
A) Set forth below is the estimated charge or range of charges for the settlement services
listed. You are NOT required to use the listed providers as a condition for settlement of our loan
on the subject property.
THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE
WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT
YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE
SERVICES.
SETTLEMENT SERVICE PROVIDER
RANGE OF CHARGES
Hazard Insurance
Robert J. Ryan, Inc. and Ulster Insurance Services, Inc.
180 Schwenk Drive
Kingston, NY 12401
Title Insurance
U.S.B. Agency Inc.
180 Schwenk Drive
Kingston, NY 12401
$ 500.00 - $ 6,000.00
$ 400.00 - $ 4,000.00
B) Set forth below is the estimated charge or range of charges for the settlement services of an
attorney, credit reporting agency, or real estate appraiser that we, as your lender, will require
you to use, as a condition of your loan on this property, to represent our interests in the
transaction.
There are no required services performed by affiliated businesses.
I/we have read this disclosure form, and understand that ULSTER SAVINGS BANK is referring
me/us to purchase the above-described settlement services(s) and may receive a financial or
other benefit as the result of this referral.
Signature
Signature
Signature
Signature
Affiliated Business Arrangement Disclosure
10/30/08