Welcome and thank you for choosing S

Welcome and thank you for choosing S-Bank! Attached you will find all the necessary
forms to take the first step in applying for a mortgage loan.
If you need assistance or when you have completed the forms, please call the Mortgage
Department for an appointment to review the application and start the actual processing
of the loan. We will be happy to arrange a time that is convenient for you.
Mortgage Application

Completed application and signed by all borrowers with government monitoring
section on page three filled out

Attached disclosures to be completed and signed by all borrowers

If a purchase, please provide us with a fully executed purchase and sale agreement

Self-employed persons must provide copies of signed and dated federal tax
returns with all schedules attached, for the last two years, personal and corporate

Copy of two years most recent W2 forms

Copy of one month most recent paystubs

Copy of two months most recent bank statements or two month history from bank
website (must have URL address of bank on print out)

A check for the appraisal report and the credit report(s) will be due upon your receipt
from us of the estimated Truth in Lending and Good Faith Estimate statements, which
will be mailed to you within three business days of the submission of your application. If the payment is not received from you, it may delay your approval and your
closing. You may not submit a payment for these fees prior to your receipt of the
disclosures listed above. Please note the fees for the appraisal and credit report are as
follows:
June 2015
Single Family Dwelling/Condo
2-4 Unit Dwelling
Condominium
Joint Credit Report
Individual Credit Report
$400.00
575.00
400.00
24.00
17.00

Borrower’s Signature Authorization Form- (see attached)

Equal Credit Opportunity Notice / Receipt of Disclosure
Acknowledgment- (see attached)

Important Notice To Borrower(s) -(see attached)

Rate Lock Agreement- (see attached)

Shopping for Your Home Loan (see attached)

Consumer Handbook on Adjustable Rate Mortgages- (see attached)

Mortgage Information Disclosure Statement- (see attached)

Compensation Disclosure

Notice to Joint Borrowers

List of Housing Counselors

Important New Account Notice

Servicing Disclosure Notice

4506T Form
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.
Your appraisal will be delivered to you along with the commitment letter.
Thank you for requesting a Mortgage application from S Bank. If you have any
questions please call us at (800) 695-1300.
Sincerely,
S Bank
June 2015
S BANK
195 Washington Street
Weymouth, Ma 02188
800-695-1300
BORROWER’S SIGNATURE AUTHORIZATION FORM
I hereby authorize S BANK to verify my past and present employment earnings records,
bank accounts, stock holdings and other asset balances that are needed to process my
mortgage loan application. I further authorize S BANK to order a consumer credit report
and verify other credit information, including past and present mortgage and landlord
references. It is understood that a photocopy of this form will also serve as authorization.
The information the lender obtains is only to be used in the processing of my application
for a mortgagee loan.
____________________________
Signature
___________________________
Signature
June 2015
__________________________________
Date
__________________________________
Date
S BANK
195 Washington Street
Weymouth, MA 02188
800-695-1300
EQUAL CREDIT OPPORTUNITY NOTICE
(Massachusetts)
The Federal Equal Credit Act and comparable provisions of Massachusetts law prohibit
creditors from discriminating against credit applicants on the basis of ethnicity, race,
color, religion, national origin, sex, marital status, age (provided that the applicant has the
capacity to enter into a binding contract), ancestry, gender identity, sexual orientation
(not where minor children are the sex object), children, handicap, genetic information,
because all or part of the applicants income is derived from any public assistance
program; or because the applicant has in good faith exercised any right under the
Consumer Credit Protection Act. The federal agency that administers compliance with
this law is:
Federal Deposit Insurance Corporation
Consumer Response Center
1100 Walnut Street, Box 11
Kansas City, MO 64106
The state agency, which administers compliance with state law, is:
Massachusetts Commission Against Discrimination
One Ashburton Place, Boston, Massachusetts 02108
The undersigned acknowledge receipt of a copy of the above disclosure statement and
further acknowledge receipt of:






Shopping for Your Home Loan
Consumer Handbook on Adjustable Rate Mortgages (if loan is an ARM)
Mortgage Information Disclosure Statement
Privacy Notice Policy
Servicing Disclosure Statement
Important Information about procedures for opening a new account
I/we understand this information is made available on behalf of S Bank for the
applicant(s).
__________________________ ____________
Signature
Date
__________________________ ____________
Signature
Date
June 2015
S BANK
195 Washington Street
Weymouth, Ma 02188
800-695-1300
IMPORTANT NOTICE TO BORROWER (S)
The responsibility of the attorney for the mortgagee is to protect the interest of the
mortgagee.
Mortgagors may, at their own expense, engage an attorney of their selection to represent
their interests in the transaction.
As of the expiration date of the Note, the Lender may demand payment of the Note, may
rewrite the Note by agreement at a greater of lesser rate of interest, or may by agreement,
allow payments to be made on the Note at the same, or at a lesser or a greater rate of
interest.
___________________________
Signature
__________________________________
Date
___________________________
Signature
__________________________________
Date
June 2015
S BANK
195 Washington Street
Weymouth, MA 02188
800-695-1300
RATE LOCK AGREEMENT
APPLICANTS: ______________________________________________________
PROPERTYADDRESS: ____________________________________________
In this agreement “you or your” means each and every Applicant applying for the subject
financing.
Please select one of the following options:
(____) INTEREST RATE AND POINTS LOCKED IN FOR
_________ DAYS.
If you choose this option your initial interest rate and points will be locked for the
number of days indicated above. The initial interest rate and points agreed to today
between lender and applicant are _____% and _____ points.
If for any reason, your loan does not close within the indicated lock period, the initial
interest rate and points will be set ten (10) business days prior to your scheduled
mortgage closing date. The interest rate and points assigned to your loan will be either
the rate and points agreed to at this time or the rate and points ten (10) business days prior
to your closing, whichever is higher.
(____)
FLOATING TERMS
You have elected not to lock your interest rate and points at this time and will be assigned
by S Bank ten (10) business days prior to your scheduled mortgage closing date. If you
wish to exercise Option 1, your terms will be locked in at the time we receive a properly
executed replacement Mortgage Rate Lock-in Agreement.
If you fail to exercise either of the options described above, your initial interest rate
and points will be assigned by S Bank ten (10) business days prior to your scheduled
mortgage closing date. The assigned rate and points will be the then current market
interest rate and points applicable to the program for which you have been approved.
Please sign below to indicate you understand the above stated policy:
Borrower
Date
Borrower
Date
THIS LOCK-IN IS ONLY EFFECTIVE UPON CONFIRMING SIGNATURE BY
AN AUTHORIZED OFFICER OF S -BANK.
________________________________________, accepted by S-Bank
June 2015
S Bank
195 Washington Street
Weymouth, Ma 01288
800-695-1300
FIXED RATE/FIXED TERM DISCLOSURE NOTICE
IMPORTANT MORTGAGE LOAN INFORMATION
- PLEASE READ CAREFULLYGENERAL
This disclosure notice is given to you in connection with your application for a fixed-rate
mortgage loan with the Lender, and provides information that you should read.
THIS DISCLOSURE NOTICE IS NOT A RESTATEMENT OF, A REPLACEMENT
FOR, OR A PART OF ANY LOAN COMMITMENT, PROMISSORY NOTE,
MORTGAGOR (OR DEED OF TRUST) OR OTHER DOCUMENT YOU MAY SIGN
IF LENDER AGREES TO MAKE LOAN TO YOU, AND DOES NOT REPRESENT A
COMMITMENT BY LENDER TO MAKE A LOAN TO YOU. YOU SHOULD
BECOME FAMILIAR WITH AND UNDERSTAND THE PROVISIONS OF ALL
SUCH DOCUMENTS BEFORE SIGNING THEM.
Since the Lender may sell any loan it makes, the terms of any Loan you may obtain from
the Lender may be enforced by a purchaser of the loan. For purposes of easy reference,
the term
“Noteholder” is used below to refer interchangeably to the Lender or to any person that
would have the right to enforce the Loan terms.
PREPAYMENT
You would be permitted to prepay all or any part of the unpaid Loan balance at any time
upon notifying the Noteholder in writing that you were making a prepayment and the
amount of the prepayment.
A prepayment of LESS than the entire unpaid Loan balance would reduce your Loan
term, but would not excuse you from making your regularly-scheduled payments when
due unless you first obtained the Noteholder’s approval to skip one or more payments. A
prepayment of less than the entire unpaid Loan balance also would NOT affect the
amount of your regularly-scheduled payment, which would change only when the interest
rate changed.
June 2015
LATE PAYMENT CHARGE
The Noteholder would impose a late charge for any regularly scheduled monthly payment
of principle and interest not received within 15 days after the date payment was due. The
amount of the late charge would be 3% of the principal and interest
.
DUE ON SALE
Your sale of transfer of all or any portion of the property securing your Loan would give
the Noteholder the right to call your Loan immediately due and payable UNLESS you
obtain the Noteholder’s written consent to the sale of transfer BEFORE it occurred. The
Loan documents would set forth in detail what would constitute such a sale or transfer.
ESCROW PAYMENTS
With each regularly-scheduled payment under your Loan, you would be required to pay
to the Noteholder a portion of the real estate taxes, Hazard (Homeowner’s) Insurance,
Flood Insurance, if applicable, and any other charges or fees expected to become due on
your home. The purpose of requiring these payments in advance is to assure the
Noteholder that the taxes, and insurance and other charges would be paid when due.
(Nonpayment could result in the Noteholder Losing its right to be “first in line” to receive
the proceeds of a sale of the home should there be a default on the Loan.) In addition, the
Noteholder might require that you obtain private mortgage insurance on your Loan and
other insurance on your home to protect the Noteholder against default. If so, you would
be required to pay the premium for this insurance with each regularly scheduled loan
payment.
The payments for such taxes, private mortgage insurance and other assessments
commonly are called escrow payments. The funds represented by these escrow payments
could be held by the Noteholder until the taxes, insurance premiums or other assessments
were due, at which time the Noteholder would pay them on your behalf. In addition, you
would be required to make the necessary escrow payments throughout the term of the
loan.
If your escrow payments were insufficient to pay the required amount in your escrow
account, the Noteholder would notify you of the amount necessary to bring the account
up to the required balance. Generally, you would be required to pay the additional
amount in pro-rated monthly payments until your escrow account is schedule to be reanalyzed. We reserve the right however, to require you to pay the amount of any
deficiency in a lump sum by giving you written notice. In that case, you must pay the
amount of the deficiency within 30 days. If your escrow payments resulted in a surplus in
your escrow account at the end of a payment period, the Noteholder would credit the
surplus to the amount due in the next payment period and would reduce your required
escrow payments for the next payment period proportionately unless you request
payment of the surplus in writing.
June 2015
If you failed to make a required escrow payment, the Noteholder would have the right to
apply all or a portion of your regularly-scheduled payment of principle and interest to
cover the required escrow payment. If your payments were insufficient to cover the
required escrow payments, the Noteholder would have the right to pay any taxes,
insurance premiums and other assessments with its own funds to protect its security
interest in the property securing the Loan. Your failure to make required escrow
payments would give the Noteholder the right to call the Loan immediately due and
payable, and could result in a forced sale of your home. Please read your Mortgage Loan
Documents carefully for more details on escrow accounts, application of payments and
protection of Lender’s security.
June 2015
S Bank
195 Washington Street
Weymouth, MA 02188
800-695-1300
SERVICING DISCLOSURE STATEMENT
NOTICE TO FIRST LIEN MORTGAGE 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. Section 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 advanced notice before a transfer occurs.
Check the appropriate box under “Servicing Transfer Information.”
Servicing Transfer Information
X
We may assign, sell, or transfer the servicing of your loan while the loan is
Outstanding
or
__
We do not service mortgage loans of the type for which you applied. We intend
to assign, sell, or transfer the servicing or your mortgage loan before the first
payment is due.
or
__
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.
Acknowledgment of Mortgage Loan Applicant(s)
I/We have read this disclosure form, and understand its contents, as evidenced by my/our
signature(s) below. I/We understand that this acknowledgement is required as part of the
mortgage loan application.
______________________________
Borrower
Date
June 2015
_____________________________
Borrower
Date
S Bank
195 Washington Street
Weymouth, MA 02188
800-695-1300
NOTICE TO JOINT BORROWERS
You are not being asked to submit this application with a co borrower, and you are
welcome to submit the application in your name alone, as an individual borrower.
Applications submitted in individual names, as well as joint names will be given
equal consideration.
Acknowledgement
It is our intent that this application is submitted as a joint loan. We intend that
both of us be liable for the debt that is being incurred in this process. The lender
has not requested either of the applicants to obtain another borrower as a
requirement for approval of this loan.
_______________ _________
Borrower
Date
June 2015
____________________
Borrower
___________
Date
S-BANK
Homeownership Counseling Organization List
You will be provided with a list of Counseling Organizations approved by the U.S.
Department of Housing and Urban Development (HUD), and they 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 to you. This list will show you
several approved agencies in your area. You may look at this list now, or can find other
approved counseling agencies at the Consumer Financial Protection Bureau’s (CFPB)
website: www.consumerfinance.gov/mortgagehelp or by calling 1-855-411-CFPB
(2372). You can also access a list of nationwide HUD approved counseling
intermediaries at http://portal.hud.gov/hudportal/HUD?src=/ohc_nint.
The current list of Counseling Organizations located in your area will be mailed to you
within three days of the receipt of your loan application.
The undersigned applicants hereby acknowledge receiving a list of Homeownership
Counseling Organizations located in Massachusetts provided by S-Bank, as required by
RESPA’s Regulation X, 12 C.F.R. § 1024.20. S-Bank retrieved the list of
Homeownership Counseling Organizations from CFPB’s website at
www.consumerfinance.gov/find-a-housing-counselor.
Read and acknowledged this ________________ day of _______________ 201___.
_____________________________
Borrower
June 2015
_______________________________
Borrower
S Bank
195 Washington Street
Weymouth, MA 02188
800-695-1300
IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A
NEW ACCOUNT
To help the government fight the funding of terrorism and
money laundering activities, Federal Law requires all financial
institutions to obtain verify, and record information that
identifies each person who opens an account.
What this means for you: When you open an account, we will
ask for your name, address, date of birth, and other
information that will allow us to identify you. We may also ask
to see your driver’s license or other identifying documents.
June 2015