In accordance with state and federal regulations, the following disclosure and licensing information is available for you to review online:
- The Home Affordable Refinance Program (HARP)
- “No Closing Cost Loans*”
- Rebate/Credit Program for Homebuyers
- Equal Housing Lender
- Department of Business Oversight Policy Statement
- The Housing Financial Discrimination Act of 1977, California Department of Business Oversight Notice
- Texas Complaint Procedure
- IMPORTANT INFORMATION ABOUT PROCEDURES FOR OBTAINING A MORTGAGE LOAN.
The Home Affordable Refinance Program (HARP)
To be eligible for The Home Affordable Refinance Program (HARP) your mortgage must be securitized by Fannie Mae or Freddie Mac on or before 5/31/2009. The Fannie Mae product has an unlimited loan-to-value (LTV) for owner occupied and second homes, investment property not to exceed 105% loan-to-value (LTV). Additionally, Freddie Mac has a maximum loan-to-value (LTV) limited to 105% for all occupancy types. You must be current on existing mortgage payments and make sufficient income to support the new mortgage payments. Lenox must be participating with your current Mortgage Insurance provider in order to transfer MI insurance to the new loan.
No Closing Cost Loan*
Lenox Financial Mortgage Corporation Offers a No Closing Cost loan program for qualifying refinance transactions. Under this program a lender credit is disclosed on the Loan Estimate to offset the origination and third party fees. The following list of fees describes the charges that will not be included in the lender credit, and the circumstances under which the applicant will pay the charge.
- HOA certification fee
- Subordination Fee
- Survey Fee
- Prepaid interest
- Escrow deposits
- Mortgage insurance
- Transfer taxes and Doc Preparation fee that will be charged for vesting changes in some states.
- Any charge generated by the current holder of the note.
The borrower may choose to apply for a loan with other fee options in which points and/or fees are charged to obtain a lower interest rate. Our “No Closing Cost” option is not available on purchase transactions however a reduced fee option is available.
Choosing the no closing cost option could affect your interest rate and you will be responsible for any existing lender payoff fees.
Rebate/Credit Program for Homebuyers
The Rebate/Credit Program for Homebuyers (the “Rebate Program”) is offered by Home Bay (the “Broker”), a real estate broker licensed in California, Florida, Georgia, Illinois and Texas, for buyers who utilize Home Bay as their real estate broker and close their mortgage loans with Lenox/WesLend (“Lender”). Broker has agreed to represent the buyer as the buyer’s agent on the subject real estate purchase transaction and will provide the buyer with a rebate of a portion of the Broker’s commission (that is paid by the seller), pursuant to an addendum to the sales purchase agreement. The Rebate/Credit Program agreement for the payment of the rebate shall be agreed upon at the outset of the buyer’s relationship with the Broker. Payment of the rebate will be disclosed to all parties involved in the purchase transaction.
The rebate will reduce the Broker’s commission and will be provided as a credit to buyer’s escrow and applied to closing costs only OR the buyer may receive a check after escrow closes. The rebate will be reflected on the Closing Disclosure Form provided to the buyer. If the buyer opts to receive a check, the funds may take up to thirty days after escrow closes to be received by buyer. Buyer cannot use any of the rebate for the down payment on any purchased property.
The rebate will equal half of the Broker’s commission due at closing. The rebate may equal up to 1.5% of the final purchase price of the home (at closing). The rebate amount is not guaranteed and may vary according to purchase price, prevailing market conditions and other factors.
The Rebate Program is only offered in the states of California, Florida, Georgia, Illinois and Texas. The Rebate Program is not available where prohibited by law, including Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon and Tennessee.
The subject real estate must be new or resale residential property. The Rebate Program does not apply to short sales, foreclosures or commercial properties. Lender approval and loan closing is required for commission refunds. The buyer will not receive a rebate if the purchase agreement is cancelled or expires or if the mortgage loan does not close for any reason.
Payment of the rebate is not contingent upon the use of other services or products being offered by the broker or lender or any affiliates of the broker or lender.
Buyer should consult a tax professional concerning the tax implications of receiving the rebate, including the obligation to pay any applicable taxes for receipt of the rebate.
Equal Housing Lender
We conduct business in accordance with the Federal Fair Housing Law (Fair Housing Amendments Act of 1988). It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin:
- In the sale or rental of housing
- In advertising the sale or rental of housing
- In the financing of housing
- In the provision of real estate brokerage service
- In the appraisal of housing
- Blockbusting is also illegal
Anyone who feels he or she has been discriminated against may file a complaint of housing discrimination: 1-800-669-9777 (toll free), or 1-800-927-9275 (tdd), or send to:
Office of Fair Housing and Equal Opportunity
Department of Housing and Urban Development
451 Seventh St. SW
Washington, DC 20410-2000
Fair Lender Policy Statement
It is our policy to comply with the Equal Credit Opportunity Act and the Fair Housing Act. In addition, it is our policy to comply with state laws that provide greater protection. Lenox Financial Mortgage Corporation does not discriminate against any applicant on the basis of race; color; religion; creed; national origin; ancestry; sex; marital status; familial status (number and age of children); sexual orientation; age (provided that the applicant has the capacity to enter into a binding agreement); medical history; disability; physical condition; military status; because the applicant has in good faith exercised any right under the Consumer Credit Protection Act or the Service Members Civil Relief Act (SCRA); that all or part of a consumer’s income derives from a public assistance program; or any other basis prohibited by law.
The Housing Financial Discrimination Act of 1977, California Fair Lending Notice
It is illegal to discriminate in the provision of or in the availability of financial assistance because of the consideration of:
- Trends, characteristics, or conditions in the neighborhood or geographic area surrounding a housing accommodation, unless the financial institution can demonstrate in the particular case that such consideration is required to avoid an unsafe and unsound business practice.
- Race, color, religion, sex, marital status, national origin, or ancestry.
It is illegal to consider the racial, ethnic, religious, or national origin composition of a neighborhood or geographic area surrounding a housing accommodation, or whether or not such composition is undergoing change, or is expected to undergo change, in appraising a housing accommodation or in determining whether or not, and under what terms and conditions, to provide financial assistance. These provisions govern financial assistance for the purpose of the purchase, construction, rehabilitation, or refinancing of one- to four-unit family residences occupied by the owner and for the purpose of the home improvement of any one to four-unit family residence.
If you have any questions about your rights, or if you wish to file a complaint, contact the management of this financial institution or:
California Department of Business Oversight
320 West 4th Street
Los Angeles, CA 90013-1105
TEXAS COMPLAINT PROCEDURE
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE DOWNLOADED AND PRINTED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT-OF-POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OBTAINING A MORTGAGE LOAN
To help us prevent fraud and to assist the government in fighting the funding of terrorism and money laundering activities, we are obtaining, verifying, and recording information that identifies each person who applies for and/or obtains a mortgage loan. What this means for you: When you apply for and/or obtain a mortgage loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
* No closing costs options are NOT available in Washington state.