Occupancy Affidavit
Tells lender whether property being bought/refinanced is a primary residence, second home or investment property.
> Bank gives higher interest rates depending on risks. If you live in the home, less risk (primary residence), if it’s an investment property, it’s higher.
California Domestic Partnership Addendum to Uniform Residential Loan Application
Some states recognize domestic partnerships as if two people are married. This form tells the lender if they do or do not have a domestic partner.
Borrower Certification and Authorization
This form gives permission to lender to confirm employment, have their assets, credit report and financial records in their possession.
Hazard Insurance Authorization and Requirements
Homes that have mortgages have to have hazard insurance. This form also allows lender to be the loss payee recorded on the hazard insurance.
W-9
Interest paid on loans is tax deductible. This allows the borrower to write off the interest on their taxes.
Acknowledgement of Receipt of Appraisal Report
If there was an appraisal completed the borrower has the right to a copy. By the borrower signing this form, they are confirming they have a copy.
Compliance Agreement
Just bc the borrower has signed loan docs does not mean the loan will fund. This form informs the borrower if anything else needs to be signed before the loan funds, the borrower will comply with any requests.
Consumer Credit Disclosure
Borrower has the right to know their credit score. This form gives the borrower their credit scores.
The Housing Financial Discrimination Act of 1977 Fair Lending Notice
This says the borrower was not discriminated against.
Hazard Insurance Disclosure
The max amount of insurance coverage the lender can force borrower to have is replacement cost of the house. Not the appraised value.
California Impound Disclosure/Waiver
Form says whether borrower has to give an impound/escrow account or if they request to have one or decline to have one.
California Per Diem Interest Disclosure
Borrower has to pay interest the day the loan funds. This pg tells borrower amount of interest they pay per day (per diem).
Sometimes two boxes & one checked; sometimes overlapping interests.
Signature Affadavit and AKA statement
Borrower signs this confirming their signature is their signature (this is why signature needs to be consistent).
Lender uses this page to cross reference all signatures on other docs to make sure no one forged the borrower’s signatures.
-All names found on borrower’s credit report go on the AKA section of this form. Borrower signs AKA line exactly as their name appears to confirm that they have gone by this name before. If the AKA is not them, they’d print “Not known as”.
Contact verification form
The borrower confirms all contact information the lender has for them is correct. Mailing address, phone #’s, etc.
Counseling Checklist for Military Home Buyers
On VA loans, the VA is letting the veteran know if they miss any payments, home counseling may be required.
Counseling lets them know how bad foreclosure is & they shouldn’t miss other payments.
USA Patriot Act
This is where the notary signing agent records for the lender the ID information used to identify the borrower.
Federal Equal Credit Opportunity Act Notice
This lets borrower know that credit score was a determining factor on their approval. Also that they can discriminate based on credit score. Bad credit equals higher interest rate.
Flood Insurance Coverage Subject to Change Disclosure
Flood zones are constantly being updated all over the country. The lender is letting them know that if they are ever to be rezoned as a flood zone, they will be required to have flood insurance at that time.
Initial Escrow Account Disclosure Statement
This form shows how the impound acct will look in the next 12 months. It shows the balance every month for the next 12 months and when they make the tax and insurance payment for how much.
Mailing Address Certification
Not all borrowers want the mortgage statement (bill) send to the property address. This form lets the lender know exactly where the borrower prefers the bill.
Consumer Credit Score Disclosure
The borrower has the right to their credit scores. This pg tells them what their credit scores were. This is not a full report, just scores.
Notice Concerning the Furnishing of Negative Information to the Consumer Reporting Agency
This form states if the borrower misses a mortgage payment, it will be reported and negatively affect their credit score.
Notice to VA Loan Borrowers
VA loans are assumable. This is the form that lets the veteran know this.
Payment Letter to Borrower
This form is two dif. forms in one form for most lenders. First, it tells borrower what their full payment is including their impound acct. if they have one (only shows principal and interest).
This form also dubs as their first payment coupon in the rare case lender forgets to bill the borrower. There is a address on where to send first payment.
