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Andover Mortgage
855 Turnpike Street
North Andover, MA 01845
ph: 978.974.0000
fax: 978.974.9199
©1999-2010
Andover Mortgage Corp.
All Rights Reserved
Andover Mortgage Corporation
Corporate License:
NMLS #2116
Richard Roda
Loan Originator:
NMLS #12801
Massachusetts License:
#MB 2733
Licensed by the
New Hampshire
banking department to broker
first mortgages:
#10136-MBR
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Following are copies
of the disclosures that must be signed during your mortgage loan process.
They are provided within our web site in order that you might familiarize
yourself with the paperwork involved and feel more comfortable with
the entire process.
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Massachusetts law requires
that the lender furnish each applicant for a mortgage loan with the following
information. The approximate expiration date of the note will depend upon
the actual closing date and, therefore, may vary from the information
set forth below. The rate of interest charged will be determined by this
lender based upon the commitment option selected by you.
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| (1)
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The
responsibility of the closing Attorney is to protect the interests of
the Mortgagee.
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| (2) |
The Mortgagor may, at his/her own expense, engage an attorney of his/her own selection
to represent his/her interest in the transaction. |
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| (3) |
The
approximate expiration date of the note will be: _________ Years |
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| (4) |
a.
[ ] FIXED RATE MORTGAGE: |
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The
rate of interest for this loan will be determined according to the commitment
option you selected.
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b.
[ ]ADJUSTABLE RATE MORTGAGE:
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A description
of the adjustable rate program has been provided to you. The initial rate
of interest for this loan will be determined according to the commitment
option selected by you. |
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As
of the expiration date of the note, the Mortgagee may demand payment of
said note, and rewrite the note by agreement at a greater or lesser rate
of interest, or may, by agreement, allow payments to be made on said note
at the same rate of interest.
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I/We
hereby acknowledge a receipt of a completed copy of this disclosure. |
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| _____________________________ |
_____________________________ |
| BORROWER |
CO-BORROWER |
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| _____________________________ |
_____________________________ |
| FIRST ANDOVER MORTGAGE CORP. |
DATE EXECUTED |
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The Cranston-Gonzales National Affordable Housing Act,
dated November 19, 1990, requires all lenders to disclose their policy regarding servicing of their loan and
the possibility of transfer of servicing.
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| (1) |
The servicing of our mortgage loan may be transferred to another servicer
within the term of the loan. |
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| (2) |
The
record of transferring the servicing of the loans we have made in the
past years. |
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| (3) |
For all the loans that we make in the twelve-month period after you loan
is funded, we estimate that nearly 100% of those loans will be servicing
transferred. This is only our best estimate and it is not binding. Business
conditions or other circumstances may affect our future transferring decisions. |
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| (4) |
If at any time your loan servicing is transferred, assigned lender will
inform you in writing at least 15 days before the effective date of the
transfer of servicing. The effective date of the transfer is the date
the first payment is made to the new servicer. |
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At that time assigned lender will supply you with a toll free and collect
call number at assigned lender and the new servicer where you can direct
your inquiries. |
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The assigned lender will also supply information regarding the effective
date of the transfer, names and address of the new servicer, the date
that assigned lender will stop accepting payments, and the impact, if
any, that the transfer will stop accepting payments, and insurance coverage
carried by you on the loan. |
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| (5) |
Transfer of your loan servicing does not affect the obligation or rights
of you, the borrower, under the mortgage deed or trust. |
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I have read and understand the information and acknowledge receipt of
a copy. |
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| _____________________________ |
_____________________________ |
| BORROWER |
CO-BORROWER |
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| _____________________________ |
_____________________________ |
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DATE |
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ANDOVER MORTGAGE CORPORATION
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855 Turnpike Street
North Andover, MA 01845
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BROKER'S LICENSE:
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MB0546
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DATE:
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___/___/___
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We are a Mortgage Brokers. We do not make mortgage loans. We cannot guarantee
acceptance into any particular loan program or promise you any specific
loan term or conditions. |
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We are charging you a fee to arrange a mortgage loan from a mortgage lender.
Our maximum fee that you will pay will be $_______. |
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Based on the information you have given us, we may be able to obtain a
mortgage loan for you in the amount of $ ________ at a fixed or current
adjustable rate of _____%, and at an estimated annual percentage rate
("APR") of _____%. |
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You would make _____monthly payments in the amount of $_______, or if
the loan is an adjustable rate mortgage, then the terms are (describe
the formula index and margin.)
______________________________________________________________________
______________________________________________________________________
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This loan will/will not have a final balloon payment of approximately
$_______, plus accrued interest of approximately $_______. |
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You will pay _____% in origination fees and points. If included in the
loan amount, you will have to repay these points and fees, with interest,
over the term of the loan. |
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We will perform the following services for you:
Assist you in completion of a mortgage application. |
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PLEASE SIGN AND DATE BELOW AFTER YOU RECEIVE THIS DISCLOSURE. |
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PRINTED NAME AND ADDRESS OF BORROWER: |
Name
Address
City/State/Zip
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| _____________________________ |
_____________________________ |
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BORROWER |
CO-BORROWER |
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| You,
(the applicant) agree to enter into this Mortgage Loan Origination Agreement
with First Andover Mortgage Corporation to apply for a residential loan
from a participating lender with which we from time to time contract upon
such terms and conditions as you may request or a Lender may require.
You inquired into mortgage financing with First Andover Mortgage Corporation
on (date) __/__/__. We are licensed as a "Mortgage Broker" under
Commonwealth of Massachusetts & State of Rhode law. |
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| SECTION 1.
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NATURE
OF RELATIONSHIP In connection with this mortgage loan: |
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We
will enter into separtate independent contractor agreements with
various lenders. |
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While
we seek to assist you in meeting your financial needs, we do not
distruibute the products of all lenders or investors in the market
and cannot guarantee the lowest price or best terms available in
the market. |
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SECTION 2. |
OUR
COMPENSATION. The lenders whose loan products we distribute generall
provide their products to us at a wholesale rate. |
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The
retail price we offer you-your interest rate, total points and fees-will
include our compensation. |
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In
some cases, we may be paid all of our compensation by either you
or the lender. |
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Alternatively,
we may be paid a protion of our compensation by both you and the
lender. For example, in some cases, if you would rather pay a lower
interest rate, you may pay higher up front points and fees. |
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Also,
in some cases, if you would rather pay less up-front, you may be
able to pay some or all or our compensation indirectly through a
higher interest rate in which case we will be paid directly bythe
lender. |
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also may be paid by the lender based on ( i ) the value of the Mortgage
Loan or related servicing rights in the market place or ( ii ) other services,
goods or facilities performed or provided by us to the lender. |
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signing below, applicant(s) acknowledge receipt of a copy of this signed
Agreement. |
| MORTGAGE
LOAN ORIGINATOR: |
APPLICANT(S): |
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________________________________
First Andover Mortgage Corporation |
________________________________
Borrower |
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_____________________________________
Co-Borrower |
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This application
process you have applied for offers reduced documentation. This process
has been designed for ease and convenience in obtaining mortgage financing
for the highly qualified borrower.
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THE
UNDERSIGNED CERTIFY THE FOLLOWING: |
| (1) |
I/We have applied for a mortgage loan and First Andover Mortgage Corp.
is assisting me/us in the application process. I/We completed a loan application
containing various information on the purpose of the loan, the amount
and source of downpayment, employment and income information, and assets
and liabilities. I/We have made no misrepresentations in the loan application
or other documents, nor did I/We omit and pertinent information. |
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| (2) |
I/We
fully understand that is is a Federal crime punishable by fine or imprisonment,
or both, to knowingly made any false statements when applying for this
mortgage, as applicable under the provisions of Title 18, United States
Code, Section 1014. |
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| (3) |
I/We
understand and agree that First Andover Mortgage Corp. reserves the right
to change the mortgage loan review process to a full documentation program.
This may include verifying the information provided on the application
with employer and/or financial institutions. The change in the mortgage
loan review process may cause delays in processing the loan due to the
possible delays in receipt of verification information/documentation from
these parties (ex. employers, creditors, financial institutions). |
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| (4) |
I/We understand and agree that first Andover Mortgage Corp. reserves the
right to change the mortgage loan review process to a full documentation
program and in the event of a Loan Plan change during the loan processing
period if the new Loan Plan does not offer reduced documentation. |
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I/We have applied for a mortgage loan with First Andover Mortgage Corp.
As part of the application process, First Andover Mortgage Corp. may verify
information contained in my/our loan application and in other documents
required in connection with the loan, either before the loan is closed
or as part of its quality program. |
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I/We authorize you to provide First Andover Mortgage Corp. and any lender
assigned by First Andover Mortgage Corp. to my mortgage with, any and
all information and documentation that they request. Such information
includes, but is not limited to, employment history and income; bank,
money market, and similar account balances; credit history; and copies
of income tax returns. |
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The First Andover Mortgage Corp. and/or any lender assigned the mortgage
may address this authorization to any party named in the loan application. |
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| (4) |
A
copy of this authorization may be accepted as an original. |
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| (5) |
Your
prompt reply to First Andover Mortgage Corp. or an assigned lender of
the mortgage is appreciated. |
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| _____________________________ |
_____________________________ |
| BORROWER'S
SIGNATURE |
SOCIAL
SECURITY NUMBER |
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| _____________________________ |
_____________________________ |
| CO-BORROWER'S
SIGNATURE
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SOCIAL
SECURITY NUMBER |
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