Disclosures

Last updated on December 4, 2019.

Loan Assumptions

Traditional  30 Year Fixed – First Mortgage

Disclosed rate assumes a $450,000 rate and term refinance loan or purchase with 2.00 points and a $995 loan origination fee on an owner-occupied single family residence in California, Oregon or Washington, minimum 725 FICO credit score, 70% loan. If these factors are not met, you may still qualify. Subject to underwriting approval. Not all applicants will qualify.   Qualifying income must be documented as defined by the FannieMae seller guide, 2 years W2s and/or tax returns or as required by DU. Disclosed payment example:
  • Fixed Interest Rate: 3.25%
  • Annual Percentage Rate: 3.46%
  • Monthly Payment:   $1,958/ month for 360 monthly payments, plus taxes and insurance
  • Loan Discount Points 2.00% ($9,000) plus $____ in fees

Bank Statement 30 Year Fixed – First Mortgage

Disclosed rate assumes a $450,000 rate and term refinance loan or purchase with 2.00 points and a $995 loan origination fee on an owner-occupied single family residence in California, Oregon or Washington, minimum 725 FICO credit score, 70% loan. If these factors are not met, you may still qualify. Subject to underwriting approval. Not all applicants will qualify. Qualifying income is documented with 12 or 24 personal or business bank statements.  No W2s or Tax Returns are required. Disclosed payment example:
  • Fixed Interest Rate: 4.115%
  • Annual Percentage Rate: 4.38%
  • Monthly Payment:  $2,178/ month for 360 monthly payments, plus taxes and insurance
  • Loan Discount Points 2.00% ($9,000) plus $____ in fees

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 Room 5204 451 Seventh St. SW Washington, DC 20410-2000
Or online: http://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/online-complaint

    Fair Lending Policy

    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. Modern Mortgage Capital 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. At Modern Mortgage Capital, we do not discriminate against any applicant or discourage anyone on a prohibited basis from submitting an application.To assure that our employees have a clear and unequivocal statement of our commitment to a nondiscriminatory method of doing business, we have adopted the following fair lending policy. Employees must be thoroughly familiar with this policy and follow it.
        1. We do not discriminate against a loan applicant or borrower on the basis of race, color, religion, national origin, sexual orientation, handicap, age, the fact that all or part of an applicant’s income comes from any public assistance program or because the applicant has exercised any right under any relevant state or federal law.
        2. We do not selectively encourage applicants and we take no action that would, on a prohibited basis, discourage a reasonable person from applying for a mortgage loan.
        3. We do not, on a prohibited basis, refuse to make a loan, vary the terms offered including the amount, interest rate, period or type of loan, or use different standards to evaluate collateral or decide whether to extend credit.
        4. We avoid practices or policies that have a discriminatory effect. This rule applies to all phases of our mortgage lending business. It applies even though we do not intend the policy or practice to be discriminatory and even if the policy or practice appears to be neutral.
        5. We have adopted nondiscriminatory loan underwriting standards that avoid subjective, unwritten rules that can have a discriminatory effect. We make these underwriting standards public upon request at each of our offices.
        6. We make sure that our scoring system is empirically derived and statistically sound and uses no prohibited basis other than age as a predictive factor.
        7. We train our loan personnel in the principles of fair processing and underwriting.
        8. Our Quality Control Manager regularly reviews both our loan underwriting standards and the business practices by which we implement them to determine whether they ensure equal lending opportunity and reports to management.
        9. We periodically review our loan portfolio and applications to make sure that we are serving the community adequately and on a nondiscriminatory basis in light of the community’s demographic characteristics and credit demands.
        10. We conspicuously display the poster in a public area of each of our facilities stating that we are ascribing to the Equal Housing Act. Additionally, on all forms of advertisements, regardless of media, we include the Equal Housing Opportunity logo and/or the Equal Housing Opportunity slogan.
     

    Home Mortgage Disclosure Act (HMDA)

    The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at Impac Mortgage Corp., 19500 Jamboree Road, Irvine, CA 92612 regarding the location where HMDA data may be inspected.  

    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:
    Department of Business Oversight 320 West 4th Street Suite 750 Los Angeles, CA 90013-1105

    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.  

    LICENSING DISCLOSURE

    Modern Mortgage Capital, a division of WB Residential, LLC NMLS 1592052 California       License #60DBO-69062 Oregon       License #5562 Washington       License #MB-1592052