The Home Lending Source

I. PURPOSE
Any person has the right to make a loan inquiry and to file a written application for a mortgage loan or home improvement loan and to receive a written response to the application. The Home Lending Source (HLS) takes into account the presence of active community and neighborhood organizations, the presence of government, nonprofit, and private programs in the neighborhood intended to eliminate negative environmental influences, other revitalization efforts, and any other factors potentially mitigating the effect of physical decline and participates in an array of programs designed to make home ownership attainable.

This criterion is to ensure compliance with Federal Regulation B (Equal Credit Opportunity Act), Regulation Z (Truth-in-Lending Act), Regulation C (HMDA) and Regulation X (RESPA) requirements relating to Mortgage Loan Applications. Additionally all State laws governing application are covered in this policy.

II. COMPLETED APPLICATION
A completed application is one where HLS can consider the credit worthiness of the applicant and the market value of underlying collateral (real estate). When either of the following has occurred, it is considered a completed application:

a) HLS has a name, social security number, property address, estimation of the property value, applicant income, and loan amount.

b) HLS denies a credit request (even without all the information in part a).

Note: If information required in determining an applicant's eligibility is missing, we are required to diligently attempt to obtain the information needed.

III. PREQUALIFICATION/PRE-APPROVAL
Applications submitted without a property address are considered prequalification's. Formal HLS Pre-Approvals submitted to an underwriter will be treated the same as applications. Informal Pre-Approvals issued by a loan officer shall be limited to a format that is compliant with Regulation B and Regulation Z.

Prequalification Property Identification:

When a property address is identified, the consumer must submit the address to HLS immediately. It is not necessary to wait for a purchase contract before a property address is submitted.
By determining the property address, the Prequalification is now considered a completed application.

V. THREE DAY DISCLOSURES (Regulation Z and RESPA )

Once a loan has been received and a property address has been determined, the Loan Originator has three (3) business days (this excludes Sundays, and specified Federal legal public holidays) to disclose the Truth In Lending disclosure, the Good Faith Estimate disclosure, and the Servicing or RESPA disclosure to the applicant.

VI. NOTIFICATION OF ACTION TAKEN (REG B)

A Loan Originator has thirty (30) days, after receiving a completed application, to notify the borrower of an approval or a denial. Notification of approval may be verbal. However, notification of a denial must be in writing according to current HLS procedures.

Testimonial

They really cared about my situation and wanted to help me!

- Carolyn S (Canton, OH)