NEW YORK PREVAILING INTEREST RATE COMMITMENT
THE USE OF THIS FORM IS OPTIONAL. If you u this form properly without alteration, you may assume that you are in compliance with New York State Department of Financial Services disclosure requirements as t forth in Part 38.5(a) of the General Regulations of the Banking Board as in effect on April 1, 2003. However, u of this form does not constitute a guarantee against civil or criminal liability.
Each page must contain the Company Name, the title of the form and be numbered. Each page must contain either the initials or signature of the
applicant(s).
Instructions are enclod in brackets, are preceded by the word "INSTRUCTION", and are in italics. The instructions are for your benefit and should not be included in your New York Prevailing Interest Rate Commitment.
COMPANY NAME
Company Address
Telephone
Fax
NEW YORK PREVAILING INTEREST RATE COMMITMENT
[INSTRUCTION:U this form only where the proceeds will be ud to finance the acquisition of a dwelling or where a fee other than an application fee, property appraisal fee or credit report fee is taken prior to closing.]
(Items are checked if applicable.)
DATE:____________________
BORROWER(S):___________________________________________
PROPERTY ADDRESS: _____________________________________
_____________________________________
_____________________________________
TYPE OF MORTGAGE: __________Fixed Rate __________Adjustable
__________Purcha __________Refinance
We are plead to advi you that your application for a mortgage loan on the above-captioned property has been approved subject to the following terms and conditions:
1. LOAN AMOUNT: $___________ TERM: __________ years
[INSTRUCTION -Check and complete only if applicable.]
_____ Your loan has a balloon payment.
2. POINTS: The number of points that you will have to pay us will depend upon
the interest rate that is t prior to closing. You will be required to pay a minimum of _____ points to a maximum of _____ points at closing.
妈妈我爱你3a.ORIGINATION FEE: The origination fee is $_______ (_____% of the loan amount).
3b. DISCOUNT POINTS: The discount points are $_______ (_____% of the loan amount).
4. COMMITMENT FEE: The commitment fee is $__________ (_____ % of the loan
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amount). This fee _____ is _____ is not included in the Origination Fee or Discount Points or the Points stated above.
5. INTEREST RATE:
[INSTRUCTION: If a commitment fee, origination fee, points or other discounts are collected prior to the fixing of the interest rate, an Index and Margin or Ba Rate and Deviation must be disclod in accordance with part 38.5 of the General Regulations of the Banking Board.]
Your interest rate will be determined as checked below:
FOR FIXED INTEREST RATE MORTGAGES ONLY:
[INSTRUCTION: You must choo one of the following to t the interest rate of the mortgage loan.]
____ Your rate will be bad on an index rate plus a margin. They are as follows:
Margin: __________ Index:__________ Index Source:__________________
____ Your rate will be bad on an interest rate of _____ with a maximum deviation of _____. Therefore, the maximum interest rate at closing can
not be more than _____%. (INSTRUCTION: The deviation cannot be more
than 1%.)
FOR ADJUSTABLE INTEREST RATE MORTGAGES ONLY:
Adjustment period:_____ Caps - per adjustment: _____ Lifetime _____
Negative Amortization: _____Yes _____ No
Margin: __________ Index:__________ Index Source:__________________
[INSTRUCTION: If a commitment fee, origination fee, points or other discounts are not collected prior to the fixing of the interest rate, an Index and Margin or Ba Rate and Deviation need not be disclod in accordance with part 38.5 of the General Regulations of the Banking Board.]
Your interest rate will be determined at or prior to the closing date.
6. MAXIMUM RATE: Should the rate of interest at the time closing is scheduled
exceed the rate for which you qualify, this commitment shall be null and void.
The maximum rate of interest for which you qualify is _____%.
7.EXPIRATION DATE: The expiration date of this commitment is __________.
If your loan does not clo by this date, we have no obligation to honor the terms of this agreement.
[INSTRUCTION:See the additional information on the Expiration Date in the commentary immediately following this form.]
8. MORTGAGE BROKER FEE:
As compensation for its rvices, your Mortgage Broker will be paid as checked below:
____ We will pay your mortgage broker a fee of _____% of the loan amount or $__________. The compensation your mortgage broker will receive from
偏方大全us for its rvices is included in the rate, points, fees and terms of the
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loan as quoted by us in this commitment. The maximum points paid,
including any premium pricing payable by us to your mortgage broker
shall not exceed _____( ) points. The basis for the premium pricing
难忘的一件事600字payment, if any, is ____________________.
____ You will pay to your mortgage broker, upon your signed acceptance of this commitment _____ or at closing _____, a fee of _____% of the loan
amount or $__________.
[INSTRUCTION:If you offer a bonus to the mortgage broker, you must give the borrower a description of this bonus as soon as you know what it will be. Do not confu this bonus with premium pricing.Check only as applicable.]
____ Your mortgage broker _____ is _____ may be eligible to receive a lender-paid bonus (cash or non-cash). The basis for such lender-paid bonus, if
any, is ____________________.
( ) This bonus consists of _________________________.
( ) You will be notified if this occurs.
9. MORTGAGE BROKER FEE ACKNOWLEDGEMENT:
You acknowledge that a mortgage broker fee will be paid to your mortgage broker. You further acknowledge that there is no other fee agreement between you and your mortgage broker.
10.HAZARD INSURANCE: Prior to closing you shall furnish this office with an
如何删除空行original hazard insurance policy or a Binder Agreement, satisfactory to the lender. Hazard Insurance coverage must be for $__________or contain a “Guaranteed Home Replacement Cost Endorment”, whichever is lower. We cannot require you to obtain a policy which exceeds the guaranteed replacement cost of the improvements curing the loan.
11. FLOOD INSURANCE: [INSTRUCTION:Check only if applicable.]
_____ Flood insurance will be required as a condition of this loan.
12. PRIVATE MORTGAGE INSURANCE (“PMI”): PMI _____Is _____ Is Not required
as a condition of making this loan.
[INSTRUCTION: If Private Mortgage Insurance is required, state the condition(s) under which such insurance would no longer be required.]
13.REAL ESTATE TAX AND HAZARD INSURANCE ESCROWS:
[INSTRUCTION:Check only if applicable.]
_____ At closing, an escrow impound account will be established and an initial escrow deposit will be required in accordance with RESPA.
14. ASSUMPTION: Someone buying your hou:
_____MAY NOT ASSUME YOUR LOAN.
_____MAY ASSUME YOUR LOAN UNDER CERTAIN笼络
CONDITIONS:
15. NO ORAL MODIFICATION: This agreement cannot be changed orally.
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16. REFUNDABILITY:
Your Commitment Fee and/or points are non-refundable, except for the following conditions:
A) If this commitment is conditioned on the approval of a third-party investor
or mortgage insurance company and that party rejects the loan.
