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
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