FIRST FINANCIAL LENDER
2858 Stevens Creek Blvd., Ste #101, San Jose CA 95128 Telephone (408) 296-8288 ** Fax (408) 296-0380
NOTICES AND DISCLOSURES
BORROWER(S): ____________________________________________________________________ ____________________________________________________________________ SUBJECT PROPERTY: ____________________________________________________________________
By signing below, applicant(s) acknowledge that he/she/they have read this document and also acknowledge receipt of a copy of this document. NOTICE REGARDING - EQUAL CREDIT OPPORTUNITY ACT (ECOA) The Federal Equal Credit Opportunity Act (ECOA) prohibits creditors from discrimination against applicants on the basis of sex or marital status. The federal agency which administers compliance with the law concerning the mortgage lender is the Federal Home Loan Bank Board located at: THE OFFICE OF THE SUPERVISORY AGENT, 600 CALIFORNIA STREET, P. O. BOX 7948 SAN FRANCISCO, CA 94120 The state agency which administers compliance with the state law (if applicable) is the attorney general’s office, Sacramento, CA. NOTICE TO APPLICANT OF RIGHT TO RECEIVE COPY OF APPRAISAL REPORT You have the right to receive a copy of the appraisal report to be obtained in connection with the loan for which you are applying, provided that you have paid for the appraisal. If you want a copy of the appraisal report, contact your loan office at First Financial Lender at the address above. THE HOUSING FINANCIAL DISCRIMINATION ACT OF 1977 - FAIR LENDING NOTICE It is illegal to discriminate in the provision of or in the availability of financial assistance because of the consideration of 1.) Trends, characteristics or conditions in the neighborhood or geographic area surrounding a housing accommodation, unless the financial institution can demonstrate in the particular case that such consideration is required to avoid an unsafe and unsound business practice, or 2.) race, color, religion, sex, marital status, national origin or ancestry. It is illegal to consider the racial, ethnic, religious or national origin composition of a neighborhood or geographic area surrounding a housing accommodation or whether or not such composition is undergoing change, or is expected to undergo change, in appraising a housing accommodation or in determining whether or not, or under what terms and conditions, to" provide financial assistance. These provisions govern financial assistance for the purpose of the purchase, construction, rehabilitation or refinancing of one - to - four unit family residences occupied by the owner and for the purpose of the home improvement of anyone - to four unit family residence. If you have questions about your rights, or if you wish to file a complaint, contact the management of this financial institution or the Department of Real Estate 2201 Broadway, P.O. Box 187000 (mailing address), Sacramento, CA 958187000 MORTGAGE BROKER FEE DISCLOSURE You have applied to us, a mortgage broker, for a residential mortgage loan. We will submit your application for a residential mortgage loan to a participating lender with which it from time to time contracts with us upon such terms and conditions as you may request or a lender may require. The lenders have asked that this form be furnished to you to clarify the role of mortgage brokers. This form supplements other disclosures and agreements required by law that you should receive from us concerning your application. SECTION 1: NATURE OF RELATIONSHIP: In connection with this mortgage loan: We have separate independent contractor agreements with various lenders and while we seek to assist you in meeting your financial needs, we do not distribute the products of all lenders or investors in the market and cannot guarantee the lowest price or best terms available in the market. SECTION 2: THE BROKER’S COMPENSATION: The lenders whose loan products are distributed by us generally provide their loan products to us at wholesale rate. The retail price we offer you, your interest rate, total points and fees, will include our compensation. In some cases, we may be paid all of our compensation by either you or the lender. Alternatively, we may be paid a portion of our compensation by both you and the lender. For example, in some cases, if you would rather pay a lower interest rate, you may pay higher up-front points and fees. Also, in some cases, if you would rather pay less up-front, you may wish to have some or all of our fees paid directly by the lender, which will result in higher interest rate and higher monthly loan payments than you would otherwise be required to pay. We also may be paid by the lender based on (I) the value of the Mortgage Loan or related servicing rights in the market place or (II) other services, goods or facilities performed or provided by us to the lender. You may work with us to select the method in which we receive our compensation depending on you financial needs, subject to the lender’s loan program requirements and credit underwriting guidelines.
Rev 10/05
First Financial Lender – Notices and Disclosures The amount of fees and charges that you pay in connection with your loan will be estimated on your Good Faith Estimate. The final amounts will be disclosed on you HUD-1 or HUD-1A Settlement Statement. BORROWER’S ACKNOWLEDGEMENT OF LOAN PROCEDURES That the signing of an application form and/or any related documents in connection with our application for a loan with FIRST FINANCIAL LENDER, a California Mortgage Banker, does not mean or imply that there is a commitment on the part of FIRST FINANCIAL LENDER to grant us any such loan. That because of the present state of home financing, any expression to us of confidence that we may obtain a loan at a particular rate and/or amount, is an expression of belief and opinion only, and that the binding rate, points and loan amount are finalized in the written loan commitment. That I am voluntarily making application for a loan and regardless of the outcome of this application, the credit report fee of $15 to $50 and appraisal fee of $300 to $550 that I am paying FIRST FINANCIAL LENDER are non-refundable. These fees represent payments to the credit bureau and independent appraiser for purposes of determining our creditworthiness and the property valuation for submission for our loan to the lender. That if this loan request is terminated at my discretion any escrow charges, which may be assessed by a title insurance/escrow company, will become my responsibility in accordance with State Law. That it is the borrower’s responsibility to determine the tax consequences of this transaction and that he/she is advised to seek professional counsel from their CPA or tax attorney. That all charges associated with the funding of this loan request will be estimated and disclosed to me by FIRST FINANCIAL LENDER in a “Lender’s Good Faith Estimate” in compliance with the Federal Truth in Lending Laws. I understand that a portion of the loan origination fees as set forth in this estimate and/or discount fees as authorized by the lender will be paid to FIRST FINANCIAL LENDER as compensation for services provided. AUTHORIZATION TO OBTAIN CREDIT INFORMATION I/We herby give consent to have First Financial Lender obtain information regarding my/our employment, checking and/or savings accounts, mortgage ratings, credit history, and any and all credit matters related to this loan application. A photographic copy of this authorization bearing a photographic copy of the signature(s) of the undersigned may be deemed to be equivalent of the original hereof and may be used as a duplicate original.
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Rev 10/05