Universal Credit Application (Consumer Real Estate)

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2 Universal Credit Application (Consumer Real Estate) Page 1 of 6

3 4. Applicant Information (continued) $ $ $ Page 2 of 6

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6 Massachusetts Residents. Under Massachusetts statute, Mass. Gen. L. ch. 184, Section 17B, you, the Applicant (and Co-Applicant) are entitled to know the following: 1. The responsibility of the attorney for the Mortgagee is to protect the interest of the Mortgagee. 2. Mortgagors may, at their own expense, engage an attorney of their own selection to represent their interests in the transaction. For Home Equity Line of Credit. The current annual percentage rate for finance charges and, if the rate may vary, a statement to that effect and of the circumstances under which the rate may increase and whether there are any limitations on any such increase, as well as the effects of any such increase; the conditions under which a finance charge may be imposed, including the time period within which any credit extended may be repaid without incurring a finance charge; whether any annual fee is charged and the amount of any such fee; and whether any other charges or fees may be assessed, the purposes for which they are assessed, and the amounts of any such charges or fees. Page 5 of 6

7 (203) Barbara C. Friedman GE Employees FCU Sub Way, Milford CT Page 6 of 6

8 NOTICES Thank you for applying for a mortgage loan from GE Employees Federal Credit Union/ AKA GE Credit Union. Please read these notices carefully. If you don't understand any part of the notices, ask us to explain. YOUR LEGAL REPRESENTATION IN CONNECTICUT According to the State of Connecticut law, section 49-6, we must disclose to you the following 1. You may have legal interest, which differ from ours. 2. You may not be required by us to be represented by our attorney 3. You may waive the right to be represented by an attorney. 4. Any complaints concerning a violation of this law should be directed to the Department of Banking, Hartford, Connecticut. APPRAISAL REPORT In considering your application, we will perform an appraisal of your property. This appraisal is for our purposes only. You have the right to a copy of the appraisal report used in connection with your application for credit. A copy will be provided to you within 3 business days after received. LOAN DECISIONS We must hear from you no later than 60 days after we notify you about the action taken on your credit application or if you withdraw your application. OUR POLICY ON INTERIM FINANCING We do have a policy of offering what is known as "interim financing". The term "interim financing" means short-term loans, the proceeds of which are used to purchase a 1-4 family residence and which is due and payable when you sell your current residence. We may charge you a fee of no more than $ if this is the type of loan for which you are applying * The undersigned applicant(s) hereby acknowledge that they have read, and understood the above notices. Applicant Applicant

9 FLOOD HAZARD NOTICE This certifies that the undersigned understands that this property may be in a special hazard area as designated by the Federal Insurance Administrator (FIA) under the National Flood Protection Act and flood insurance; but that due to procedures established by the FIA, GE employees Federal Credit Union may not have been able to obtain information needed for exact area identification prior to closing of the loan. If the property is located or later found to be located in a special flood hazard area, the purchase of flood insurance under the provisions of the National Flood Program is necessary and must be maintained for the life of the loan. The undersigned agree that flood insurance will be purchased if the property is located in a Special Flood Hazard Area, and if flood insurance is. The undersigned further agrees that if the property is determined to be in such special Flood Hazard Area, and if insurance is available in the community, (1) at the time the loan closed, or (2) after the loan closed, that the undersigned will obtain and pay for such insurance in accordance with Federal Flood Insurance guidelines. If Flood Insurance is not available in the community through the National Flood program, you understand that you must purchase private flood insurance and provide proof of this insurance coverage prior to close. If Flood Insurance is required, the undersigned agrees to make monthly payments to the holder of the note to pay premiums for such insurance. Borrower(s): Printed name(s) Property Address: Street / / City State Zip Signature Signature

10 RESPA SERVICING DISCLOSURE HOME EQUITY LOANS Lender: G.E. Employees Federal Credit Union 265 Sub Way Milford CT (203) Toll Free (800) NOTICE TO HOME EQUITY MORTGAGE LOAN APPLICANTS: THE RIGHT TO COLLECT YOUR HOME EQUITY MORTGAGE LOAN PAYMENTS MAY BE TRANSFERRED. FEDERAL LAW GIVES YOU CERTAIN RIGHTS. IF YOUR LOAN IS MADE, SAVE THIS STATEMENT WITH YOUR LOAN DOCUMENTS. SIGN THE ACKNOWLEDGMENT AT THE END OF THIS STATEMENT ONLY IF YOU UNDERSTAND ITS CONTENTS. Because you are applying for a home equity mortgage loan covered by the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. Section 2601 et seq.), you have certain rights under that Federal Law. This statement tells you about those rights. It also tells you what the chances are that the servicing for this loan may be transferred to a different loan servicer. Servicing refers to collecting your principal, interest and escrow account payments, if any. If your loan servicer changes, there are certain procedures that must be followed. This statement generally explains those procedures. Transfer Practices and Requirements If the servicing of your loan is assigned, sold, or transferred to a new servicer, you must be given written notice of that transfer. The present loan servicer must send you notice in writing of the assignment, sale or transfer of the servicing not less than 15 days before the effective date of the transfer. The new loan servicer must also send you notice within 15 days after the effective date of the transfer. The present servicer and the new servicer may combine this information in one notice, so long as the notice is sent to you 15 days before the effective date of the transfer. The 15 day period is not applicable if a notice of the prospective transfer is provided to you at settlement. The law allows a delay in the time (not more than 30 days after a transfer) for servicers to notify you, upon the occurrence of certain business emergencies. Notices must contain certain information. They must contain the effective date of the transfer of the servicing of your loan to the new servicer, and the name, address, and toll-free or collect call telephone number of the new servicer, and toll-free or collect call telephone numbers of a person or department for both your present servicer and your new servicer to answer your questions. During the 60 day period following the effective date of the transfer of the loan servicing, a loan payment received by your old servicer before its due date may not be treated by the new loan servicer as late, and a late fee may not be imposed on you. Complaint Resolution Section 6 of RESPA (12 U.S.C. Section 2605) gives you certain consumer rights, whether or not your loan servicing is transferred. If you send a qualified written request to your servicer, your servicer must provide you with a written acknowledgment within 20 Business Days of receipt of your request. A qualified written request is a written correspondence other than a notice on a payment coupon or other payment medium supplied by the servicer, which includes your name and account number, and the information regarding your request. Not later than 60 Business Days after receiving your request, your servicer must make any appropriate corrections to your account, or must provide you with a written clarification regarding any dispute. During this 60-Business Day period, your servicer may not provide information to a consumer reporting agency concerning any overdue payment related to any such period or qualified written request. A Business Day is any day in which the offices of the business entity are open to the public for carrying on substantially all of its business functions. Damages and Costs Section 6 of RESPA also provides for damages and costs for individuals or classes of individuals in circumstances where servicers are shown to have violated the requirements of that Section. Servicing Transfer Estimates 1. The following is the best estimate of what will happen to the servicing of your Home Equity Loan: We may assign, sell or transfer the servicing of your loan while the loan is outstanding. X We are able to service your loan and we will not haven t decided whether to service your loan. OR We do not service mortgage loans, and we have not serviced mortgage loans in the past three years. We presently intend to assign, sell or transfer the servicing of your mortgage loan. You will be informed about your servicer. We assign, sell or transfer the servicing of some of our loans while the loan is outstanding depending on the type of loan and other factors. For the program you have applied for, we expect to: sell all of the mortgage servicing retain all of the mortgage servicing assign, sell or transfer % of the mortgage servicing. 2. For all the home equity mortgage loans that we make in the 12 month period after your home equity mortgage loan is funded, we estimate that the percentage of mortgage loans for which we will transfer servicing is between: XX [0 to 25%] or [NONE] 26 to 50% 51 to 75% [76 to 100%] or [ALL] This estimate does does not include assignments, sales or transfers to affiliates or subsidiaries. This is only our best estimate and it is not binding. Business conditions or other circumstances may affect our future transferring decisions. 3. We have previously assigned sold or transferred the servicing of home equity mortgage loans. OR This is our record of transferring the servicing of the home equity mortgage loans we have made in the past Year Percentage of Loans Transferred (Rounded to the nearest quartile - 0%, 25%, 50%, 75%, or 100%) % % % This information XX does does not include assignments. sales or transfers to affiliates or subsidiaries. 01/ 01/ 2017 GE EMPLOYEES FEDERAL CREDIT UNION ACKNOWLEDGMENT OF HOME EQUITY MORTGAGE LOAN APPLICANT I/We have read this disclosure form and understand its contents, as evidenced by my/our signature(s) below. I/We understand that this acknowledgment is a required part of the home equity mortgage loan application. will Applicant #1 Applicant #2

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12 USA Patriot Act Disclosure IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT In this disclosure "you and "your" refers to the customer and "we" refers to the lender. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means to you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. At the time of loan closing, we may also ask to see your driver's license or other identifying documents. I/we acknowledge that I/we received a copy of this disclosure. Applicant Applicant

13 Personal Information Home Equity Application Checklist Copy of current driver s license(s) for all applicants If divorced, a copy of divorce decree verifying Information on current mortgage/home equity debt Account number(s) for existing first/second mortgage(s) Address and phone # for first/second mortgage companies (if we will be refinancing the mortgage) Evidence of ownership including legal description (deed, etc.) Copy of current homeowners insurance declaration page Copy of existing first mortgage note & disclosure (truth in lending disclosure) Proof of income Copy of most recent paystub(s) for all applicants/jobs OR If retired, copy of social security annual statement of benefits/ copy of annual/monthly pension benefits OR If self-employed, 2 years tax returns with all schedules Copy of prior (one) years W2(s) (two years if self-employed) for all applicants Copy of current leases (rental income) if applicable Insurance information Insurance binder: Contact homeowners (or condo) insurance agent when ready to close and ask them to issue a binder listing GE Employees FCU, ISAOA, ATIMA, 265 Sub Way Milford, CT as first/second/additional mortgagee (whichever applies) include: dwelling replacement cost endorsement or dwelling coverage of at least $ (other than condos) Condos: We must receive a copy of the condo association s master insurance policy for the units. If paying off or refinancing another loan: If refinancing a HELOC: Turn in your checkbook. No further draws are allowed. Provide payoff amounts for all non-ge Credit Union accounts you will be paying off. Reminders Continue to make all payments when due on all accounts Borrowers/co-borrowers must sign and return all enclosed documents. GE CREDIT UNION Phone Toll Free x 3004 Fax

14 PRIMARY RESIDENCE AFFIDAVIT Borrower(s): Account #: I understand that GE Credit Union and/or its investor are willing to grant me a mortgage secured on my property located at (property address): Street City State Zip And I (we) certify that I (we) am (are) purchasing or refinancing this property, to be used as my (our) primary residence. I (we) acknowledge that by signing the Loan Application and the Note and Security Instrument, I (we) agree to the following requirements: I (we) shall utilize this property as my (our) primary residence and will occupy it within 60 days of closing and intend to occupy as such for at least one (1) year. Although GE Credit Union believes the property will be owner occupied; if a regulator, GE Credit Union, an auditor or an investor requires property inspection, I (we) consent to allow GE Credit Union to perform one to verify the occupancy status of the property. Loans secured by non-owner occupied properties require different down payments, terms and special interest rates. If a property inspection determines that I(we) am(are) not occupying the property, I(we) will be required to pay the loan in full within 30 days or execute such documents as necessary to modify the note and security instrument to conform with GE Credit Union requirements. I (we) also agree to pay within 30 days, any additional interest that would have accrued on the loan had the non-owner occupied rate been charges since the inception of the loan. If I (we) refuse, I (we) understand that I (we) could lose the property to foreclosure. Signature of Borrower ` Signature of Borrower

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