The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants based on race, color, religion, national origin, sex, marital status, age (if the applicant has the capacity to enter into a binding contract), public assistance source of income, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that oversees compliance with this law concerning Rate Leaf Inc. is:
Federal Trade Commission, Equal Credit Opportunity
600 Pennsylvania Ave., N.W.
Washington, DC 20580
HMDA data regarding our residential mortgage lending are accessible online. This data reveals the geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and data about loan approvals and denials. Access this data on the Consumer Financial Protection Bureau’s website (www.consumerfinance.gov/hmda).
In line with Section 326 of the USA Patriot Act, applicants for new accounts must provide current photo identification verifying identity, including name, address, and other identifying details. Protecting our customer’s identity and confidentiality is our commitment. We firmly support all endeavors to ensure the security of our customers and our nation.
Consumers wanting to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should 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 are available at www.sml.texas.gov. Reach their toll-free consumer hotline at 1-877-276-5550.
The department has a recovery fund to compensate certain out-of-pocket damages sustained by borrowers due to acts of licensed mortgage banker residential mortgage loan originators. A written request for reimbursement from the recovery fund needs to be filed and investigated by the department before paying a claim. More information about the recovery fund can be found at www.sml.texas.gov.
Rate Leaf Inc. evaluates creditworthiness and repayment ability for all mortgage loan applications. Key determinants include:
Rate Leaf Inc. may verify funds intended for earnest money deposit, down payment, and, if applicable, closing costs.
All mortgage loans require a certified written appraisal, an agency-approved equivalent, or a property inspection waiver. However, not every loan program necessitates an appraisal. Please consult with your licensed mortgage loan officer.
Interest rates are contingent on general market conditions. Contact Rate Leaf Inc. directly for current rates. Loan programs and terms align with Government Sponsored Enterprises (GSE) guidelines or investor criteria.
If the property is in a special flood hazard area, flood insurance is mandatory. A copy of the insurance policy must be submitted to Rate Leaf Inc. before closing.
All loans must adhere to standard automated underwriting system requirements and any additional stipulations imposed by the specific loan program. Decision-making is based on the unique loan program guidelines and a review of essential documents provided by the applicant or a third party.
Rate Leaf Inc. provides a loan estimate in writing when sufficient mortgage loan information is available. Additionally, Federal and State Disclosures with details about loan applications are also provided. It's our primary objective to keep our customers informed!
This fee is for construction-permanent loans. It covers draw monitoring, inspection fees during construction, and property title updates. This fee is specifically for transactions allowing the financing of a new home's construction phase, after which the loan transitions to permanent financing.