Continental American Mortgage
Information Needed for Application
Sales
contract and property description
Social
Security number for each borrower
Copy
of drivers license or government issued ID
Current
and prior residences (2 year history)
Employer's name, address and phone (2 years)
Pay
stubs for last 30 days
Forms
W2 for last two years
Current
landlord or mortgagee address, account number and payment amount
All
pages of last two months' statements for all checking, savings, CD, money
market, mutual fund, 401k or other retirement accounts or other asset
accounts
Credit
card account number, minimum payment and balance for active cards
Creditor
name, address, account number, payment and balance for other monthly credit
obligations (cars, student loans, 401k)
Other
real estate owned and leases, if any
Divorce
decree or Bankruptcy list of creditors and Discharge, if any
Tax
returns for last two years if self-employed or highly commissioned
Refinances:
current principal and escrow balances, escrow reconciliation page
from coupon book, homeowner's insurance declaration page, previous survey
and title policy
Check
in the amount of $490 to cover appraisal, credit report and processing of
verifications.
Add an additional $65 if co-borrower is not legally married to
borrower.
6116
N. Central Expwy., Suite 400 Dallas,
Texas 75206 (214)
361-1191
Fax (214) 361-5223 Dear
Applicant: As a private
lender involved in the financing of residential real estate, we are controlled
in part by the Equal Credit Opportunity Act (ECOA) as amended.
This law requires that we provide you with the following notice: The
Federal Equal Credit Opportunity Act prohibits creditors from discriminating
against credit applicants on the basis of sex, marital status, race, color,
religion, national origin, age, source of income, or family planning. The federal agency, which administers compliance with this
law concerning this private lender, is the Federal Trade Commission (Dallas
Regional Office), Room 452B, 500 South Ervay Street, Dallas, Texas, 75201. Although
we are not required to do so by law, we would like to advise you that married
individuals are allowed to maintain separate accounts and obtain credit
separately without regard to sex or marital status.
You are not required to answer questions regarding income from alimony,
child support, or separate maintenance payments unless it will be used to
repay the debt contemplated by our loan application. The
credit information, which we requested, is considered relevant and necessary for
the determination of your qualification for the loan applied for, and the
information will be used in your best interests to determine your eligibility.
Disclosure of the requested information is voluntary, and there is no
penalty of any kind for your failure to respond.
Your loan application interview will be conducted in accordance with the
requirements of the Equal Credit Opportunity Act. A copy
of our loan underwriting standards is available upon request. The loan application interview is confidential between
yourself and the loan officer of the company.
No other person or party is required, and your request for a private
interview will be honored. The
Federal Government requires the company to collect information to monitor our
compliance with the prohibited discriminations.
The company is required to note race and sex on the basis of sight and/or
surname even if you choose not to do so.
Applicant
Date Applicant
Date Continental American Mortgage Corp.
6116
North Central Expressway, Suite 400 Dallas,
Texas 75206 (214)
361-1191
Fax (214) 361-5223 Applicant:__________________________________________ Loan
Number:_______________________________________ Property
Address:____________________________________ Lender:
Continental American Mortgage Corp.
6116 North Central Expressway, Suite 400
Dallas, Texas 75206
Telephone: (214) 361-1191
FAX: (214) 361-5523 I/We
reaffirm, by our signature(s) on this authorization, as true, complete, and
correct all the statements given by me/us in the processing of this loan. In addition, I/We hereby
authorize my/our current and previous employer(s), bank(s) accountant(s),
creditor(s), and/or any other sources requested, to release any information
needed to the above referenced lender, or any subsequent Investor or Assignee,
for the purpose of verifying or reverifying the accuracy of any statements,
documents and credit information related to my loan. This information is for the
confidential use of this lender or its designee only. A photographic or carbon copy of
this authorization, (being a photographic or carbon of the SIGNATURE(S) of the
undersigned), may be deemed to be equivalent of the original and may be used as
a duplicate original.
Applicant
Social Security
Date
Applicant
Social Security
Date
ECOA STATEMENT
Continental American Mortgage
6116
N. Central Expwy., Suite 400
Dallas, Texas 75206
Phone
(214) 361-1191 Fax
(214) 361-5223
Recent changes in federal mortgage
disclosure laws now require that Mortgage Brokers disclose information on
the income traditionally earned in helping people buy homes.
The mortgage application process has
not changed. Only the manner in which these disclosures are required to be
made has changed.
In helping you obtain home financing,
your Mortgage Broker earns an income by arranging loans for people like you.
This income is generated from the service they provide through their expertise,
experience, and ability to match your home loan needs with the right lender and
the right loan.
More specifically, the services that
Mortgage Brokers provide are all the up-front work with your application. They
take your application, gather all necessary and required documentation, verify
credit reports and appraisals, and prepare your loan package for submission to
one of their various lenders. This process of preparing your loan package for
submission to lenders for approval is known as "processing" your loan.
Because the Mortgage Broker processes the loan, the lender doesn't need to.
This, in turn, allows the lender to discount the rates offered to the Mortgage
Broker in return for providing this valuable service.
In addition to obtaining discounted
rates from lenders, Mortgage Brokers have many lenders and many loan products to
choose from. Therefore, they are able to shop around to find the best rate and
the best loan...for you.
For all of these reasons, Mortgage
Brokers can remain competitive with other lending institutions while earning
income from the loans they arrange.
This income is what we are now required
to disclose although it will have little or no effect on the average homebuyer.
When shopping for a home loan compare
rates, points and fees between lending institutions. The cost will be reflected
in the APR (Annual Percentage Rate), and don't forget... the bottom line is what
it costs you!
We sincerely hope you will be happy in
your newly acquired or refinanced home. As your professional Mortgage Broker,
we're pleased to be of service to you now and in the future.
Borrower:
Date:
Co-Borrower:
Date:
Continental American Mortgage
6116
N. Central Expwy., Suite 400
Dallas,
Texas 75206
(214)
361-1191 F
ON ASSIGNMENT, SALE OR TRANSFER OF LOAN SERVICING
The servicing of the mortgage loan for
which you are applying may be assigned, sold or transferred to any other
mortgage servicer at any time while your loan is outstanding. Approximately 100%
percent of the loan servicing for loans originated by the lender during the past
calendar year transferred as of the end of the calendar year.
Check the appropriate line:
___X___
The lender originating your loan does not currently engage in the
servicing of any federally related mortgage loans and there is a present
intention on the part of the lender at the time of application to assign, sell
or transfer the servicing of such loan to a mortgage servicer.
_______
Although the lender originating your loan does engage in the servicing of
federally related mortgage loans, the lender has a present intention at the time
of the application to assign, sell or transfer the servicing of such loan to
another mortgage servicer.
______
The lender originating your loan has the capacity to service your loan,
but may elect to assign, sell or transfer your loan to another loan servicer.
The lender presently intends to assign, sell or transfer approximately _______
to_______percent of loan servicing for loans originated by the lender to another
loan servicer during the next twelve months This percentage is the best
available to the lender at this time.
Servicing procedures, transfer
practices and requirements and complaint resolution will be in accordance with
the model disclosure statement developed by the Department of Housing and Urban
Development ("HUD")
The applicant
has read and understood this disclosure.
Applicant
Date
Applicant
Date
Continental American Mortgage
Dallas,
Texas 75206
(214)
361-1191 Fax (214)
361-5223
PRIVACY POLICY
Thank you for trusting your important mortgage
application with our organization. In
order to process your loan, we must review personal credit and financial
information that you have provided to us with your loan application as well as
supporting documents. Credit
reports, deposit, and income verification and other information about you will
be reviewed during the course of processing, approval, and closing of your loan.
It is our policy to not share
any personal information pertaining to all borrowers and co-borrowers.
Information shared by our organization is specifically limited to third
parties and affiliates engaged for the purpose of funding your loan transaction.
Access is restricted to employees and agents involved in the timely
approval and closing of your loan.
We use paper and electronic resources, and we
comply with federal regulations to safeguard your personal information.
This policy applies to our customers and former customers.
Our policy is in compliance with the Gramm-Leach-Bliley Consumer Privacy
act, federal regulation [16 CFR Part 313] implemented by the Federal Trade
Commission.
I/we acknowledge receipt of this Notice
6116
N. Central Expwy., Suite 400
Dallas,
Texas 75206
Under the Equal Credit Opportunity Act
(ECOA) you have the right to receive a copy of the appraisal report used in
connection with your application for credit. If you wish to receive a copy,
please follow the instructions provided below
We
must hear from you no later than 90 days after we notify you about the action
taken or your loan application (the credit decision). If you withdraw your
application before we take action, we must hear from you no later than 90 days
after you withdraw your application.
To request a copy of the appraisal
report, you must contact us by writing to us at:
6116
North Central Expressway, Suite 400
Dallas,
Texas 75206
Please provide us with the
following information at the time you make your request:
*
The date of your application
*
The address of the appraised property
*
The address to which we should send the copy of the report
The ECOA requires that we mail or
deliver a copy of the appraisal report promptly (generally within 30 days) after
we receive your request, receive the appraisal report, or receive reimbursement
from you for the report, whichever occurs last.
Borrower
Date
Borrower
Date
Continental American Mortgage Corp.
6116 North Central Expressway, Suite 400
Dallas,
Texas 75206
Continental American Mortgage Corp. thanks you for the
opportunity to serve you in trying to secure a residential mortgage loan.
For the sake of good will, we want you to clearly understand the following:
Thank you for your confidence in using Continental
American Mortgage Corp. to work at securing your loan. We have an excellent
reputation for making loans, and we commit to working hard at keeping this
reputation.
Continental
American Mortgage Corp. does not guarantee the continued
availability of
any loan program.
Signed:
_____________________________ _____________________________
Borrower
Co-borrower
Continental American Mortgage
Dallas, Texas 75206
MORTGAGE BROKER/LOAN OFFICER DISCLOSURE
Mortgage
Broker or Loan Officer:
License Number:
The
information in this disclosure is provided to clarify the nature of our
relationship, my duties to you, and how I am to be compensated as a Mortgage
Broker or Loan Officer. This
disclosure is a requirement of the Texas Mortgage Broker License Act.
Since
I may be working for a company, references to “we” or “us” refer to me
and my company for which I am working.
(Check
all that apply)
You
the applicant(s), have applied with us for a residential mortgage loan:
( X ) We will submit your loan application to a
participating lender which we may from time to time contract upon such terms as
you may request or a lender may require. In
connection with this mortgage loan, we are acting as an independent contractor
and not as your agent. We will
enter into separate independent contractor agreements with various lenders.
While we will 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 or best terms available in the market.
(
) In connection with this mortgage loan, we are acting as an independent
contractor and not as your agent. We
will make your loan ourselves. We
may either sell the loan to an investor or retain it. (You will receive a separate disclosures to how we will
handle servicing rights on any such loan.)
We have a number of established independent contractor relationships with
various investors to whom we sell closed loans.
We are not an agent for any such investor in connection with the sale of
a loan. While we will seek to
assist you in meeting your financial needs, we cannot guarantee the lowest or
best terms available in the market.
(
) Our pricing for your loan is based upon current wholesale options
available to us in the secondary market where closed loans are sold.
Fees charged directly to you by us may vary depending on the type of loan
for which your have applied.
At the time of this disclosure, we are receiving $ in fees.
The
services which these fees are being charged include the following:
( ) Application Fee $ _________ ( ) Processing Fee $___________
(
) Appraisal Fee $
( ) Credit
Report Fee $___________
(
) Automated Underwriting Fee $__________ (
) Other__________
$___________
Of
this amount, $ is not refundable under any conditions.
The
remainder of this amount will not be subject to refund at any time after we have
ordered or obtained the services for which such fees are being collected.
The
estimated fees which we will charge will be as shown on the good faith estimate
which we are providing to you now or which you will be provided within three ( 3
) days in accordance with the requirements of the Real Estate Settlement
Procedures Act and its implementing regulations.
CONTINENTAL
AMERICAN MORTGAGE IS LICENSED UNDER THE LAWS OF THE STATE OF TEXAS AND BY STATE
LAW IS SUBJECT TO REGULATORY OVERSIGHT BY THE TEXAS SAVINGS AND LOAN DEPARTMENT.
ANY CONSUMER WISHING TO FILE A COMPLAINT AGAINST CONTINENTAL AMERICAN
MORTGAGE SHOULD COMPLETE, SIGN, AND SEND A COMPLAINT FOR TO THE TEXAS SAVINGS
AND LOAN DEPARTMENT, 2601 NORTH LAMAR BLVD., SUITE 201, AUSTIN, TEXAS 78705.
COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE
DEPARTMENT’S WEB SITE LOCATED AT WWW.TSLD.STATE.TX.US
OR OBTAINED FROM THE DEPARTMENT UPON REQUEST BY MAIL AT THE ADDRESS ABOVE, BY
TELEPHONE AT ITS TOLL-FREE CONSUMER HOTLINE AT 1-877-276-5550, BY FAX AT (512)
475-1360, OR BY E-MAIL AT TSLD@TSLD.STATE.TX.US.
THE
DEPARTMENT MAINTAINS THE MORTGAGE BROKER RECOVERY FUND TO MAKE PAYMENTS OF
CERTAIN TYPES OF JUDGEMENTS AGAINST A MORTGAGE BROKER OR LOAN OFFICER.
NOT ALL CLAIMS ARE COMPENSABLE AND A COURT MUST ORDER THE PAYMENT OF A
CLAIM FROM THE RECOVERY FUND BEFORE THE DEPARTMENT MAY PAY A CLAIM.
FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT SUBCHAPTER F
OF THE MORTGAGE BROKER LICENSE ACT ON THE DEPARTMENT’S WEB SITE REFERENCED
ABOVE.
Mortgage Broker/Loan Officer:
Signed:
Name:
Date:
Applicant(s)
Signed:
Name:
Date:
Signed:
Name:
Date: