Specializing in Teaneck Mortgages, New Jersey Home Loans, Teaneck Second Mortgages, Teaneck New Jersey Debt Consolidation

MORTGAGE BROKERAGE AGREEMENT AND DISCLOSURE

The above-named applicants ("you") have applied for a residential mortgage loan from the above-named Lender ("we," "us" or "our"), repayment of which will be secured by real property you own. We are required by applicable New Jersey law or regulation to provide the following disclosures.

FEES AND CHARGES
You will be charged the following fees in connection with your application for a mortgage loan. This disclosure does not disclose all of the fees and charges that you may be obligated to pay in connection with your loan.

 

Fee
 
Description
 
Amount
Terms and Conditions of
Refundability
Application Fee
Covers the cost of accepting and processing your mortgage loan application.
$ 995.00
Nonrefundable
Refundable if:
 
Amount refundable: $ 0.00:
Appraisal Fee**
Paid to an appraiser retained to determine the value of the property securing
$
Nonrefundable
If the appraisal has not been
Refundable if:
 
Amount refundable: $ 0.00:
Credit Report Fee**
Paid to a credit reporting agency for a report that discloses, among other things, your past credit payment history.
Nonrefundable
If the credit report has not been ordered the full amount will be refunded
*Refundable if:
 
Amount refundable: $ 0.00:
Other Fee
N/A
Nonrefundable
If the service has not been ordered, the full amount will be refunded
 *Refundable if:
 
Amount refundable: $ 0.00:

* The terms and conditions for the refund of certain fees are subject to applicable rules and regulations of the New Jersey Department of Banking and Insurance (N.J. A.C. §§3:1-16. 1 to 3:1-16. 11).

** The disclosed appraisal and credit report fees are estimates of the actual cost of the services. Should the actual costs exceed the estimate, you understand that you will be billed and will pay the shortfall at or prior to closing. If the estimated cost of the credit report, appraisal, or any other third party charge exceeds the actual cost, it will be refunded.

SPECIAL DELIVERY CHARGES

If this box is checked, then you authorize us to charge you for overnight delivery, messenger, fax, and other related special delivery fees required to expedite the processing and closing of your loan. The amount of each such fee, if any, is or will be disclosed on the good faith estimate of settlement charges.

OTHER CONDITIONS OF REFUND

You may, without penalty or responsibility to additional fees, withdraw your application at any time prior to acceptance of a commitment. Upon such withdrawal, we must refund to you only those fees to which you may be entitled, provided, however, that:

(1) if we fail to provide you with this disclosure, we must promptly refund all fees paid to us;

(2) if we fail to issue a commitment or justifiable credit denial and our realistic estimate of the time needed to do so has expired through no substantial fault on your part, and as a result you have withdrawn your application, we must promptly refund all fees paid to us; and

(3) where your application is denied, or a commitment is issued on terms and conditions substantially dissimilar to those for which you have applied, and such terms and conditions are not acceptable to you for reasons (other than bona fide underwriting considerations) which we knew or should have known at the time of application from facts disclosed on the face of your application, we must promptly refund all fees paid to us.

ESTIMATED PROCESSING TIME

Upon our receipt of your mortgage loan application and/or the fees disclosed above, we estimate that we will require 60 calendar days to process and either approve or deny your loan application. We will not be in a position to issue a commitment until after we have completed a satisfactory underwriting analysis of any appraisal and/or credit reports we require in connection with your loan application and any delays in our receipt of these items will delay the processing of your loan. We are not responsible for any delaythat arises through your substantial fault.

NON-SERVICING MORTGAGE BANKER

If this box is checked, then please be advised that we are licensed in New Jersey as a non-servicing mortgage banker and as such we do not hold mortgage loans or service mortgage loans for more than 90 days in the regular course of business.

REQUIRED "BORROWER" DESIGNATION

 If this box is checked, then we require you to designate a single applicant as the "Borrower" to receive disclosures and to have the rights and obligations of a "Borrower" under the New Jersey mortgage loan regulations, N.J.A.C. 3: 1-16.1 et seq. The designated "Borrower" is:
Name:
Address:

ATTORNEY ELECTION AS "BORROWER’S AGENT"

If this box is checked, then you are electing the attorney named below as the "Borrower’s Agent" to receive disclosures and to have the rights and obligations of a "Borrower’s Agent" under the New Jersey mortgage loan regulations, N.J.A.C. 3:1-16. 1 et seq. The attorney elected as "Borrower’s Agent" is:

Name:
Address:

HAZARD INSURANCE

NOTICE TO THE BORROWER

YOU MAY BE REQUIRED TO PURCHASE PROPERTY INSURANCE AS A CONDITION OF RECEIVING THE LOAN.

IF THE PROPERTY INSURANCE IS REQUIRED, YOU MAY SECURE INSURANCE FROM A COMPANY OR AGENTOF YOUR CHOICE.

LENDER REPRESENTATIVE

Should you have any questions, comments or complaints about our processing of your loan application, please contact the following designated person in writing or by telephone:
Name: Joseph Gross
Title: President
Address: 1086 Teaneck Rd., Teaneck, N.J. 07666
Telephone: (800) 662-0125
E-mail: joe.gross@qualifiedmortgage.com

ACKNOWLEDGMENT

Please acknowledge that you have received and read this disclosure by signing below, and return the signed disclosure to the mortgage lender or mortgage broker at the address indicated above. Please retain a copy of this disclosure for your records. This disclosure isneither a contract nor a commitment to lend.

I agree to retain 'Qualified Mortgage Inc.' as my Mortgage Broker under the above terms and conditions