This Home Application can be used instead of the standard Fannie Mae application if your credit union does not intend to have these types of loans comply with secondary market standards. The Oak Tree open-end forms package can also support credit card access.
The first form is the Early Disclosure. This disclosure will exactly reflect your Home Equity Program and will meet current disclosure requirements.
What You Should Know About Home Equity Lines of Credit
This booklet “When Your Home Is On The Line” must be given to all applicants for an Open-End Home Equity Line of Credit.
Right to Receive A Copy of Appraisals
Letter to the First Lienholder
This optional-use form is used to help you determine the nature of your borrower's first mortgage.
Flood Hazard Determination Form
Flood Hazard Insurance Notice
This notice is used for those loans where the security property is located in a flood zone.
Credit Agreement/Federal Disclosure
This is a custom-written document containing the terms of credit, closing statement, and final disclosure requirements. Terms included in this document will reflect the exact nature of your Home Equity Program and will be taken from information you provide us.
Our Risk Based Lending Package includes: Risk Based Lending Origination Form, Risk Based Lending Servicing Form, Risk Based Lending Exception Form. According to the regulation Credit Unions must either provide Risk Based Lending documents notice as applicable or they must provide the appropriate exception notice to all applicants.
The Rescission Notice
This form is structured to allow for the three types of rescission possible with an Open-End Home Equity Program.
We have in-stock Mortgages/Deeds of Trust for all 50 states.
• Texas Open-End Lending
We include the additional forms required in Texas:
- The Acknowledgment As To Fair Market Value
- The Notice Concerning Extensions of Credit
- Fraud Notice
CLICK HERE for Closed-End Home Equity Package