Disclaimers

Equal Credit Opportunity Act

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives 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 concerning USAloans, is:

Federal Trade Commission, Equal
Credit Opportunity

600 Pennsylvania Ave., N.W.
Washington, DC 20580
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Home Mortgage Disclosure Act Notice

The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this Web site.

USA Patriot Act – Customer Identification Requirements

In accordance with Section 326 of the USA Patriot Act, applicants for new accounts are requested to provide current picture identification that verifies identity including name, address and other identifying information.
Protection of our customer’s identity and confidentiality is our pledge to you. We proudly support all efforts to protect and maintain the security of our customers and our country.

Texas Mortgage Banker Disclosure (RE: Title 7 Texas Annotated Code §81.200(c))

Consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550.

The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

Mortgage Lending Criteria

The following provides, in general terms, underwriting criteria for a Mortgage Loan application. It is the policy of USAloans to consider the creditworthiness of applicants and their ability the repay the loan for all Mortgage Loan applications. The primary factors used to determine creditworthiness include, but are not limited to, the following:

Verification of Funds

USAloans reserves the right to verify funds that are indicated to be used for the earnest money deposit, down payment, and closing costs, if applicable.

Appraisal

A written certified appraisal, agency approved equivalent or property inspection waiver is required for all mortgage loans. The purpose of an appraisal is to determine whether the collateral is of sufficient value to cover the requested loan. It is important to note that not all loan programs require an appraisal. Please consult your licensed mortgage loan officer.

Interest Rates

Interest rates are obtained and dependent on general market conditions. Contact USAloans directly for current interest rates.

Terms

Loan programs and terms offered by Lower are established commensurate to the Government Sponsored Enterprises (GSE) guidelines and/or its investor criteria.

Flood Plain

If the real estate is located in a special flood hazard area, flood insurance will be required and must meet the following requirements: (1) The community must be participating in an approved flood program; (2) Insurance must be obtained in the amount at least equal to the lowest of (a) the unpaid principal balance of the new loan amount, (b) the replacement cost of the insurable improvements, or (c) the maximum amount available; and (3) A copy of the insurance policy must be submitted to USAloans on or before closing.

Additional Criteria

All loans originated within agency conforming and high-balance loan limits must conform to standard automated underwriting system eligibility requirements as well as any additional requirements or overlays imposed by the specific loan program. All loan applications for non-agency loan programs will be subject to all guidelines and requirements specific to the particular loan program.

Where recommended or required by an investor, an automated underwriting system (AUS) submission will be considered alongside manual application of loan program guidelines. The decision to lend is based on the particular loan program guidelines and underwriting of pertinent documents supplied by the applicant or a third party. A title search will be performed on all loans prior to closing and USAloans must secure a commitment for title insurance prior to closing.

Mortgage Disclosures and Closing Costs

USAloans will provide a written loan estimate of closing costs when sufficient information regarding the mortgage loan is available and in accordance with all applicable laws and regulations. In addition, other Federal and State Disclosures are provided that contain information on important terms and conditions associated with loan applications. It is our primary goal to provide the best customer experience possible, and to accomplish that goal we want USAloans customers to be well informed!

Construction-Permanent Admin Fee

This is a fee used to administer a construction-permanent loan. It includes monitoring draws and inspection fees during construction, as well as updates to the title of the property. This fee is reserved for transactions that allow you to finance the construction phase of your new home, after which, your loan converts into permanent financing with regular mortgage payments.