1. User Eligibility
Our services are available only to individuals who can form legally binding
contracts under applicable law. Without limiting the foregoing, our services
are not available to minors. If you are a minor, please do not attempt to use
our services.
2. Fees and Services
Browsing and shopping on our Site is free. If you choose to apply for a loan, a
fee may be required to cover certain costs associated with providing services
on your behalf, i.e., appraisal, credit report, agency loan submission, etc.
These fees shall be disclosed to you in advance of submitting your loan
application, and should you choose not to pay these required fees your loan
application will not be processed.
LoansAtWholesale offers consumers an open and honest opportunity to finance
their residential real estate at the lowest cost possible. By providing a
selection of daily rates and fees offered by name brand lenders, we show you,
side-by-side, what the wholesale costs are for a given loan program and a given
interest rate, then you choose which is best for you. We charge a flat fee for
providing our services. This fee is fully disclosed on our website and shall be
fully disclosed to you at time of issuing initial application disclosure forms.
This fee shall be earned and collected at time of loan closing.
LoansAtWholesale may offer optional products and services to you, and in the
event an optional product or service is selected, at your sole discretion, the
applicable charge shall be applied and collected at the time of loan closing.
3. Acknowledgement and Agreement
If you choose to apply for a loan, you will be asked to acknowledge and agree
that:
-
The loan requested by your application will be secured by a first mortgage or
deed of trust on the property described therein.
-
The property will not be used for any illegal or prohibited purpose or use.
-
All statements made on the application are made for the purpose of obtaining
the loan indicated thereon.
-
Occupation of the property will be as stated.
-
Verification or reverification of any information contained in the application
may be made at any time by the Lender, its agents, successors and assigns,
either directly or through a credit reporting agency, from any source named in
the application, and the original copy of the application will be retained by
the Lender, even if the loan is not approved.
-
The Lender, its agents, successors and assigns will rely on the information
contained in the application and you will have a continuing obligation to amend
and/or supplement the information you provide on the application if any of the
material facts which you have represented therein should change prior to
closing.
-
You will certify that the information you provide in the application is true
and correct as of the date you submit your application and acknowledge the
understanding that any intentional or negligent misrepresentation(s) of the
information contained in the application may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both
under the provisions of Title 18, United States Code, Section 1001, et seq. And
liability for monetary damages to the Lender, its agents, successors and
assigns, insurers and any other person who may suffer any loss due to reliance
upon any misrepresentation(s) you may present on the application.
4. Locking Interest Rates
Interest rate and loan term “locking” is a customer responsibility. Rates and
terms shall not be considered “locked” until you have submitted a Loan Lock
Request and received a confirmation by email, facsimile or other written
verification from LoansAtWholesale. LoansAtWholesale makes every effort to post
rates and terms as accurately as possible from our participating Lenders,
however, as market conditions can and do change rapidly, no guarantees are made
or implied that the terms will be locked as requested until you have received a
written confirmation. For your protection, we highly recommend you save all
documentation pertaining to locking in your terms.
Expiration dates shall expire at midnight on the date of expiration. Should an
expiration date fall on a weekend or bank recognized legal holiday, the
expiration date shall automatically be extended until midnight on the next
business day. If your rate expires prior to closing, you may be subject to
closing at the current market rate or your locked-in rate, whichever is higher.
Check with your Lender’s Rate Lock Policy for specific details.
Once you have locked your loan terms you will not be permitted to re-lock
without authorization from LoansAtWholesale. Generally, re-locking is not
permitted. If you wish to cancel a lock and re-lock, a charge may apply. Prior
to any attempt at re-locking your loan terms, contact your LoansAtWholesale
Customer Support Team.
5. Status Reports
Loan status reporting may be made available to applicants and their authorized
agents. By submitting your Realtors email address you authorize
LoansAtWholesale to contact your Realtor and issue them a Loan Status Report on
the progress of your loan application. The report will show general information
only, such as what approval status is, appraisal dates, outstanding conditions,
timelines, etc. NO PERSONAL INFORMATION WILL BE ACCESSIBLE on Loan Status
Reports.
6. Disclosures
LoansAtWholesale shall comply with all state and federal regulations regarding
Real Estate Settlement Procedures Act (RESPA). You will be asked to acknowledge
that certain documents have been delivered to you, and, when delivered, your
prompt response to these requirements is appreciated.
7. State Licensing
Where required by state law, LoansAtWholesale, or its authorized Licensees,
maintain licensing to conduct mortgage lending activities in that state.
License numbers may be obtained by contacting LoansAtWholesale.
8. Authorized Licensees
LoansAtWholesale has limited use licensing agreements with certain third-party
mortgage companies to operate under the auspices of LoansAtWholesale’s website,
name and trademark. These licensees are separate entities and operate their own
business, under their own licensing, and are responsible for all loan
processing and closing functions as well as compliance with all local, state
and federal laws.
|