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Plaza Home Mortgage, Inc.

Order
Thursday, May 22, 2014
Docket No. 13-038-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/13-038-B_20150312093506.pdf

Docket No. 13-038- B

In The Matter Of:  PLAZA HOME MORTGAGE, INC. ; Respondent


STIPULATION AND CONS ENT AGREEMENT

Background

1. The Commissioner is charged with administering and enforcing the lending laws of the State of Vermont, including 8 V .S.A. Chapters 73, 85 and applicable Regulations which govern the conduct of licensed lenders and loan servicers. 8 V .S.A. §§ 11 and 12.

2. Plaza Home Mortgage, Inc. ("Plaza") is a California corporation.

3. Plaza current holds a Vermont lender license and a Vermont loan servicer license .

4. The Department conducted an examination of Plaza for the period January 1, 2011 through October 31, 2012 .

5. Based on this examination, the Department has reason to believe that Plaza failed to issue valid commitment letters, in violation of 9 V .S.A. § 1 03 and Regulation B-98-1.

6. Plaza neither admits nor denies the Department's allegations. To the extent any violation may exist. Plaza denies any intentional wrongdoing and believes it has valid defenses to the Department's allegations.

7. The Department contends that there is a substantial factual basis for the Department's allegations and entering into this Stipulation and Consent Agreement is not a concession by the Department that its allegations are not well-founded.

8. The parties wish to resolve this matter without administrative or judicial proceedings.

9. Plaza and the Department expressly agree to enter into this Stipulation and Consent Agreement in full and complete resolution of the alleged violations described in paragraph 5.

Stipulation and Agreement

Plaza and the Department hereby stipulate and agree as follows:

10. Plaza agrees to pay: (a) an administrative penalty to the Department of Financial Regulation in the amount of $70,000; and (b) a $5,000 payment to the VT DFR- Financial Services Education & Training Special Fund, which payments shall be made on or before May 22, 2014.

11. Plaza shall is me commitment letters w11ich comply with 9 V.S.A. § 103 and Regulation B-98-1.

12. Plaza represents that in order to ensure future compliance with regard to commitment letters, it has already instituted the following:

a. Utilization of a new document preparation company;

b. Revision of procedures for the issuance of commitment letters to Vermont borrowers and training of relevant personnel in these revised procedures;

c. Revision of the commitment letter issued to Vermont borrowers to include all required items and to exclude items that are not required;

d Inclusion of a required date field in the system for Vermont borrowers to serve us a control point ;

e. Initiation of an internal audit procedure to ensure that the steps taken actually achieve compliance with Vermont commitment letter laws and regulations.

13. In the event Plaza fails to make the payments described in paragraph I 0 on or before May 22, 2014, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending, revoking, or terminating any or all of Plaza's licenses and imposing additional administrative penalties. The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

14. The Department shall retain continuing jurisdiction in this matter until Plaza hascomplied with the terms and conditions of this Stipulation and Consent Agreement.

15. The Department may conduct an examination at any time to monitor Plaza's compliance with the terms and conditions of this Stipulation and Consent Agreement, or for any other reason.

16. This Stipulation and Consent Agreement shall not prevent any person from pursuing any claim he or she may have against Plaza, nor shall it be understood as determining whether any such claim may or may not exist in law or equity.

17. This Stipulation and Consent Agreement is a final settlement of all matters relating to the Department's 2006, 2010, and 2013 examinations of Plaza.

18. Nothing contained in this Stipulation and Consent Agreement shall restrain or limit the Department in responding to and addressing any actual complaint filed with the Department involving Plaza and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

19. Plaza knowingly and voluntarily waives any right it may have to judicial review by any court of these matters by way of suit, appeal, or extraordinary relief resulting from entry or enforcement of this Stipulation and Consent Agreement.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

20. Plaza shall comply with all agreements, stipulations, and undertakings as recited above.

21. Plaza shall make the payments described in paragraph 10, which payments shall be made on or before May 22, 2014.

22. In the event Plaza fails to make the payments described above on or before May 22, 2014, the Commissioner may, upon request from the Banking Division of the Department issue an Order suspending, revoking. or terminating any or all of Plaza's licenses and may impose additional administrative penalties . The Department's failure to exercise this option shall not constitute a waiver of' the right to exercise such option at any other time.

23. This Order shall not prevent any person from pursuing any claim he or she may have against Plaza.

24. Nothing contained in this Order shall restrain the Department from responding to and addressing any complaint involving Plaza filed with the Department or shall preclude the Department from pursuing any other violation of law.

25. This Order shall not be construed as an adjudication of any violation of' any Vermont law or federal law, except as specifically set forth herein.

United Capital Business Lending, Inc.

Order
Thursday, April 3, 2014
Docket No. 14-004-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/14-004-B_20150312093639.pdf

Docket No. 14-004-B

In re: United Capital Business Lending, Inc.; Respondent

 

ORDER REFUSING TO RENEW COMMERCIAL LENDER LICENSE

NOW COMES Susan L. Donegan, Commissioner of the Vermont Department of Financial Regulation (the "Department"), and pursuant to 8 V.S.A. §2210, issues this Order Refusing to Renew Respondent's commercial lender license.

Findings Of Fact

1. United Capital Business Lending, Inc. ("United") holds commercial lender license no. 773790 CLL in Vermont, issued under 8 V.S.A. § 2201 et seq., for the location specified in its license as of December 31, 2013. 8 V.S.A. § 2204(c) provides in relevant part that "the license shall remain in full force and effect until surrendered by the licensee, or revocation, suspension or refusal to renew by the Commissioner."

2. Untied failed to pay the license renewal fee that was due on or before December 1, 2013 for calendar year 2014, as required by 8 V.S.A. §2209. Failure to pay the license fee constitutes grounds for the Commissioner to refuse to renew the license of United under 8 V.S.A. § 2210(a).

3. On January 17,2014, the Department sent Administrative Charges ("Charges") and Notice of Hearing Rights (the "Notice") by certified mail , return receipt requested, to Respondent's current address as stated on the license, as required by 8 V.S.A. § 2210(b) and Regulation B-82-1. The Department received the green return receipt signed by the Respondent. The Notice constitutes notice to the Respondent of its right to have a hearing and defend against the charges.

4. Respondent has failed to request a hearing or otherwise defend against the charges within the time permitted by law.

Conclusions Of Law

5. United failed to renew its license for 2014 by failing to pay the license fee on or before December 1, 2013 as required by 8 V.S.A. § 2209. Failure to renew its license and pay the license renewal fee constitute grounds under 8 V.S.A. §2210(a) for the Commissioner to issue an order refusing to renew the license issued to United Capital Business Lending, Inc. located at 215 Schilling Circle, Suite 100, Hunt Valley, MD 21031.

6. The Department provided Respondent with adequate written notice and an opportunity for a hearing on the termination of its license and imposition of penalties as required by 8 V .S.A. § 221 O(b) and Regulation B-82-1. Respondent failed to request a hearing or otherwise defend against the charges, despite adequate advance notice of its hearing rights.

ORDER

Pursuant to the authority contained in 8 V.S.A. Chapter 1, 3, and 73, the Vermont Administrative Procedures Act (3 V.S.A. §§ 809 et seq.), and Department Regulation B-82-1:

A. Respondent's commercial lender license is hereby terminated and not renewed.

Debra Kinney

Order
Monday, December 22, 2014
Docket No. 14-088-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/14-088-B_20150312093726.pdf

Docket No. 14 -088-B

In The Matter Of: Debra Kinney, Respondent

ORDER

This Order permanently bars Debra Kinney from engaging in the financial services industry in Vermont.

 

Background

1. The Commissioner is charged with administering and enforcing the laws of the State of Vermont governing state chartered credit unions. 8 V.S.A. §§ 11, 12, 30201.

2. Kinney is an individual, formerly residing in Derby, Vermont.

3. Kinney was the former manager of Border Lodge Credit Union located in Derby, Vermont.

4. In November 2012 the Federal Bureau of Investigation, the Department, and federal regulators searched the credit union and seized the documents and operations of the credit union based on evidence of fraud and misappropriation of members' funds.

5. The National Credit Union Administration ("NCUA") shut down Border Lodge Credit Union and liquidated its assets.

6. Kinney was indicted for misappropriation of credit union funds.

7. Kinney plead guilty to embezzlement of funds from a savings association.

8. Kinney was sentenced to be imprisoned for 36 months.

9. Pursuant to 8 VSA §§30701, the Commissioner may prohibit an individual who has been convicted of a crime involving dishonesty from engaging in the credit union business.

10. Pursuant to 8 VSA §15, the Commissioner may issue such other and additional

orders as shall be necessary to regulate the financial services industry in Vermont.

11. An order prohibiting Kinney from engaging in the financial services industry in Vermont is necessary to properly protect and regulate the financial services industry in Vermont.

12. Kinney was properly served in this matter by sending a copy of the Administrative Charges and Notice of Hearing Rights to her last known address.

Order

It is ordered:

13. Kinney is permanently prohibited from engaging in the financial services industry in Vermont.

PYC, Inc. BLU-BIN, Inc.

Order
Wednesday, March 11, 2015
Docket No. 15-004-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/PYC%2C%20Inc.%20BLU-BIN%2C%20Inc._Dkt_15_004_B.pdf

Docket No. 15-004-B

In Re: PYC, Inc.; BLU-BIN, Inc.

 

SETTLEMENT AGREEMENT

Background

1. Pursuant to 8 V.S.A. Chapters 1 and 79, the Commissioner of the Vermont Department of Financial Regulation is charged with administering and enforcing Vermont law as it pertains to money services in the State of Vermont.

2. PYC, Inc. is a Delaware corporation. Emilio Pagan-Yourno and Julio Enrique Cabrera are the principals of PYC.

3. BLU-BIN. Inc. is a Delaware corporation. Daniel Riley is the principal of BLU-BIN.

4. PYC sold bitcoins to consumers at a kiosk located at BLU-BIN's place of business in Burlington, Vermont.

5. The bitcoin kiosk is owned and operated by PYC.

6. The Department sent letters to both PYC and BLU-BIN on November 17, 2014 and again on December 4, 2014 requesting that PYC and BLU-BIN contact the Department and set up a time to discuss their business model and the state's licensing requirements. PYC and BLU­BIN did not do so.

7. The Department filed Administrative Charges in this matter on January 12, 2015.

8. Bitcoin is a so-called virtual currency, digital currency, or crypto-currency.

9. Bitcoin and other virtual or digital currencies fit within the Vermont definition of “stored value” as a medium of exchange, which may or may not be redeemable in money, and which is evidenced by an electronic record. See. 8 VSA §§2500 (8), (20) (definitions of “monetary value” and “stored value”) There is no tangible bitcoin. Bitcoin and other virtual or digital currencies only exist as an electronic record.

1 0. The business of "money transmission" includes selling stored value, which includes selling bitcoin or other virtual currencies. 8 VSA §2500 (11), see also 8 VSA §2500 (8), (20).

11. The Vermont Money Services statute provides that no person may engage in the business of money transmission without first obtaining a license under 8 VSA Chapter 79. 8 VSA §2502 (a)

12. PYC is not licensed as a money transmitter in the state of Vermont.

1 3. The Department has alleged that PYC engaged in the business of money transmission by selling stored value (bitcoins) in the state of Vermont without a license in violation of 8 VSA Chapter 79.

14. In response to the Department's allegations, PYC voluntarily shut down its Vermont bitcoin kiosk on or before February 2. 2015.

15. The Department also alleged that BLU-BIN engaged in the business of money transmission without being licensed, or without being appointed as an authorized delegate of a licensee, in violation of 8 VSA §2502 (a). Based upon additional information received by the Department, it no longer appears that BLU-BIN engaged in money services activities The Department has dismissed the Administrative Charges against BLU-BIN in a separate pleading filed in this matter.

16. PYC neither admits nor denies the Department's allegations. To the extent any violation may exist. PYC denies any intentional wrongdoing. PYC is entering into this Settlement Agreement to settle a dispute with the Department.

17. The Department contends that there is a substantial legal and factual basis for the Department's allegations and entering into this Settlement Agreement is not a concession by the Department that its allegations are not well-founded.

18. The parties wish to resolve this matter without the expense and Lll1Certainty or administrative or judicial proceedings.

19. PYC and the Department expressly agree to enter into this Settlement Agreement in full and complete resolution of the alleged violations described herein.

Stipulation and Agreement

PYC and the Department stipulate and agree as follows:

20. Although PYC neither admits nor denies the Department's allegations, PYC does not dispute that there is a factual basis for the Department's allegations in this Settlement Agreement.

21. PYC agrees that it will not sell bitcoin, or any other virtual or digital currency, or otherwise engage in any other money services business in Vermont without first obtaining a money transmitter license from the Department.

22. In the event PYC elects not to obtain a Vermont license, or is not granted a Vermont license, PYC will immediately remove any and all bitcoin (or any other virtual or digital currency) kiosks from their Vermont location(s).

23. PYC will pay the Department an administrative penalty in the amount of $2,500.00 for its operation of a bitcoin kiosk in Vermont without a license prior to February 2, 2015, which administrative penalty shall be paid to the Department on or before March 13, 2015. The Department reserves the right to impose additional administrative penalties for any unlicensed activity that took place, or takes place, after February 2, 2015.

24. The Department shall retain continuing jurisdiction in this matter until PYC has complied with the terms and conditions of this Settlement Agreement.

25. This Settlement Agreement shall not prevent any person from pursuing any claim he or she may have against PYC, nor shall it be understood as determining whether any such claim may or may not exist in law or equity.

26. Nothing contained in this Settlement Agreement shall restrain or limit the Department from responding to and addressing any actual complaint filed with the Department involving PYC and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

27. PYC knowingly and voluntarily waives any right it may have to judicial review, by any court of these matters by way of suit, appeal, or extraordinary relief resulting from entry or enforcement of this Settlement Agreement.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

28. PYC shall comply with all agreements, stipulations, and undertakings as recited above, including, without limitation, payment to the Department of an administrative penalty in the amount of $2,500.00, which payment shall be made on or before March 13, 2015.

29. In the event PYC fails to pay the administrative penalty, or fails to comply with or violates any provision of this Settlement Agreement, the Commissioner may, upon request from the Banking Division of the Department, issue an Order imposing additional administrative penalties, issuing a cease and desist order, or imposing any remedy available at law or in equity. The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

30. This Order shall not prevent any person from pursuing any claim he or she may have against PYC.

3 l. Nothing contained in this Order shall restrain the Department from responding to and addressing any complaint involving PYC filed with the Department or shall preclude the Department from pursuing any other violation of law.

32. This Order shall not be construed as an adjudication of any violation of any Vermont law or federal law, except as specifically set forth herein.

Mortgage Brokers

Regulation
Wednesday, October 1, 2014
B-2014-02
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/Regulation_B_2014_02.pdf

REGULATION B-2014-02

Mortgage Brokers

 

INTRODUCTION: Regulation B-2014-02 supersedes and replaces Mortgage Broker Regulation B-96-1.

Section 1. Authority and Purpose

This regulation is promulgated pursuant to Title 8 V.S.A. Section 15 and Section 2214. Its purpose is to set forth rules for the licensing and regulation of Mortgage Brokers.

Section 2. Individuals Authorized to Act as Mortgage Loan Originators under the Mortgage Broker’s License.

(a) A Mortgage Broker license may be issued to a partnership, corporation, or other legal entity, as well as to an individual.

(b) The licensee must identify in the Nationwide Mortgage Licensing System and Registry (“NMLS”), and sponsor, all employees who are authorized to act as a mortgage loan originator on behalf of the licensee. Such individuals must have a mortgage loan originator license in an “approved” status and must have his/her sponsorship accepted by the Commissioner prior to acting as a mortgage loan originator under the Mortgage Broker’s license. The Commissioner shall be notified immediately of any changes to the individuals authorized to act as mortgage loan originators on behalf of the Mortgage Broker.

(c) No individual may act as a mortgage loan originator under the Mortgage Broker’s license without the prior approval of the Commissioner.

(d) All individuals authorized to act as a mortgage loan originator under the Mortgage Broker’s license must be assigned to a licensed location of the Mortgage Broker. All mortgage loan originators must live within a reasonable commuting distance from the licensed location to which they are assigned. All advertisements and solicitations must use a licensed location. (For example, an authorized mortgage loan originator may not use a home address for advertisements, solicitations, business cards, or correspondence unless such home address is one of the Mortgage Broker’s licensed locations.)

(e) All authorized individuals must be an employee of the Mortgage Broker (i.e., a W-2 employee) and not an independent contractor (i.e., a 1099 independent contractor).

(f) An independent contractor must obtain his/her/its own Mortgage Broker license.

(g) No individual may be authorized to act as a mortgage loan originator under more than one Mortgage Broker license at any one time.

Section 3. Surrender of Mortgage Broker License

(a) A licensee that does not intend to renew a Mortgage Broker license must surrender the license by filing a request for surrender through the NMLS and by delivering the original Mortgage Broker license to the Commissioner. Failure to renew the license (or surrender the license) in a timely manner may result in the suspension, termination, or refusal to renew the license and may result in the imposition of administrative fines and penalties.

(b) A Mortgage Broker that surrenders its license is still obligated to file: (i) a quarterly mortgage call report for the last quarter in which the licensee is active; and (ii) a final annual report. Failure to deliver the reports to the Commissioner in a timely manner may result in the suspension, termination, or refusal to renew the license and may result in the imposition of administrative fines and penalties.

Section 4. Contract Requirements

(a) Before a Mortgage Broker takes any fee or collects any charges, or at the time the prospective borrower submits a signed application, whichever first occurs, the Mortgage Broker and the prospective borrower must both sign a contract that sets forth:

(i) the particulars of the service to be performed by the Mortgage Broker, including specifics as to what shall constitute reasonable efforts on the part of the Mortgage Broker to perform the agreed upon service;

(ii) that the Mortgage Broker shall represent the interests of the prospective borrower rather than those of any lender; and

(iii) all fees received by the Mortgage Broker for services.

(b) Any amount received by the Mortgage Broker in excess of the amount set forth in the approved form of the Mortgage Broker contract shall be reimbursed to the prospective borrower.

(c) The form of the contract must be approved by the Commissioner prior to use by the Mortgage Broker. The Appendix contains a sample form of Mortgage Broker contract that is approved by the Commissioner.

(d) The Mortgage Broker shall not use any form of Mortgage Broker contract that has not been approved by the Commissioner for use by the Mortgage Broker.

Section 5. Segregated Accounts

(a) Any money collected from the prospective borrower by the Mortgage Broker must be deposited in one or more accounts in a federally insured bank. The Mortgage Broker has a fiduciary duty with respect to the funds in the account(s), and shall use the funds only for purposes consistent with the contract required under 8 V.S.A. § 2219, consistent with 8 V.S.A. §2218, and consistent with this regulation. The account(s) must be segregated from the personal accounts and operating or other business accounts of the Mortgage Broker. The funds of prospective borrowers are not required to be segregated from the funds of other prospective borrowers.

(b) Repayment of charges collected from the prospective borrower shall be governed by the application, the contract, and applicable state and federal law.

Section 6. Quarterly Mortgage Call Reports

Each Mortgage Broker shall file a quarterly mortgage call report through the NMLS. The quarterly mortgage call report shall be in such form, shall contain such information, and shall be filed with such frequency as the NMLS may require.

Currently, the NMLS requires that quarterly mortgage call reports shall be filed within 45 days of the end of each calendar quarter:

Quarter 1 data (January 1 – March 31) is due by May 15;

Quarter 2 data (April 1 – June 30) is due by August 14;

Quarter 3 data (July 1 – September 30) is due by November 14;

Quarter 4 data (October 1 – December 31) is due by February 14.

Failure to file accurate and timely reports may result in the suspension, termination, or refusal to renew the license and may result in the imposition of administrative fines and penalties.

 

Section 7. Prohibited Mortgage Broker Activities

A Mortgage Broker may not act as the lender in connection with any loan closing including, without limitation:

(a) A Mortgage Broker may not, in its own name, provide a prospective borrower with a rate lock, extend a rate lock, or accept discount points or any other funds from a prospective borrower for the purpose of buying down a rate of interest. A Mortgage Broker may, however, forward a lender's rate lock to a prospective borrower provided the rate lock is on behalf of the lender and is in the lender's name.

(b) A Mortgage Broker may not accept and keep escrow waiver fees or other fees that are associated with the terms and conditions of the loan.

(c) A Mortgage Broker may not issue a commitment letter or be identified as the lender in any commitment letter.

(d) A Mortgage Broker may not close a loan in its own name.

Section 8. Other Vermont Law

In addition to the requirements of 8 V.S.A. chapter 73, Mortgage Brokers are subject to the requirements of 8 V.S.A. §§ 10201-10205 (financial privacy). The loans placed by the Mortgage Broker may be subject to all or part of the requirements of 8 V.S.A. §§ 10403 (prohibition against discrimination), 10404 (mortgage loan escrow accounts), 9

V.S.A. chapter 4 (permitted charges, actuarial method, prohibition against prepayment penalties), Banking Bulletin 29 (nontraditional lending), and Banking Bulletin 32 (subprime lending). Pursuant to a Mortgage Broker’s obligation to represent the interests of the borrower, Mortgage Brokers shall not knowingly negotiate, place, assist in placement, or find Vermont mortgage loans that violate Vermont or federal laws or regulations. This is not intended to be an exhaustive list; other laws and regulations may also apply.

Section 9. Effective Date

This Regulation shall become effective on October 1, 2014.

 

 

 

APPENDIX: Regulation B-2014-02

BROK E R/PROSPECTIV E BORROWER AGREEMENT

This agreement is between [name of prospective borrower(s)] (individually and jointly the "Borrower" or "you") and [name of mortgage broker] ("Mortgage Broker") located at [address of mortgage broker].

Property to be financed:

1. Mortgage Broker will assist Borrower in securing financing for the above-referenced property. Mortgage Broker's services include, but are not limited to, the following (check appropriate boxes):

[ ] Counseling on available mortgage products; Counseling on general mortgage qualification procedures and requirements; Assistance in obtaining information required to complete the mortgage application; Assistance in processing the loan application and in meeting conditions of the loan commitment; and Coordinating the closing.

[ ] Other (describe)

Mortgage Broker represents your interests while performing the above services. The services are consultative only. You will rely on your own judgment in deciding which available loan product best suits your needs and financial means.

2. You agree to provide true, complete, and accurate information to Mortgage Broker.

3. Mortgage Broker is compensated for arranging a mortgage loan. Mortgage Broker's compensation may be paid either by you or by the lender, but not by both.

SELECT ONE:

[ ] The maximum fee you will pay Mortgage Broker will not be more than (check appropriate box):

[ ] $ _________

[ ] ___ % of the loan amount.

OR

[ ] The maximum fee or other compensation Mortgage Broker will receive from the lender will be not more than ____% of the loan amount.

4. All fees and charges payable to any third party will be disclosed on the federal Good Faith Estimate and on the federal HUD-1 Settlement Statement. Effective August 1, 2015, all fees and charges payable to any third party will be disclosed on the federally required Loan Estimate disclosure and the federally required Closing Disclosure.

5. Mortgage Broker does not distribute the products of all lenders and cannot guarantee the lowest price or the best terms.

6. Mortgage Broker will not be making the loan to you. The lender, not the Mortgage Broker, underwrites your loan application, approves or denies your loan application, and sets the terms and conditions of your loan. Mortgage Broker acts only to facilitate your mortgage loan application.

7. Signing this contract does not obligate you to obtain a mortgage loan through this Mortgage Broker nor does it constitute a mortgage loan approval.

8. In the event you terminate your relationship with Mortgage Broker prior to the closing of any loan, you are relieved from all obligations under this Agreement, other than the payment of any actual third party fees disclosed on the Good Faith Estimate or the federally required Loan Estimate, as applicable, and actually incurred by the Mortgage Broker.

9. There is no other mortgage broker agreement between the Borrower and the Mortgage Broker.

Borrower and Mortgage Broker agree to the above terms and conditions. Borrower authorizes the release of all information (including the release of credit reports to the lender) required by the lender relating to the disposition and status of the mortgage application .

NOTICE TO CONSUMER: Do not sign this agreement before you read it. You are entitled to a copy of this agreement.

_____________________                                    _____________________

Borrower                                                                Date

_____________________                                    _____________________

Borrower                                                                Date

 

_____________________                                    _____________________

Mortgage Broker                                                      Date

 

Mortgage Broker NMLS number: _________________________

Mortgage Loan Originator NMLS number: _________________________

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