NOTICE TO INQUIRIES AND LOAN APPLICANTS

You have a right to submit a written application for a mortgage loan or a home improvement loan or to request written information concerning typical loan terms that we are currently offering on mortgage loans and home improvement loans. It is illegal to establish a minimum mortgage amount of more than $10,000.00 or a minimum home improvement loan of more than $1,000.00. It is illegal to deny a loan or vary the terms and conditions of a loan because of the racial or ethnic trends or characteristics of the neighborhood or the age of the structure, but not because of its physical condition. If your application for a loan is rejected, you have a right to a written statement of the reason for the rejection. If you are granted a loan but the amount required for a down payment, the interest rate, term to maturity, application procedure, or other terms or conditions of the loan vary from terms or conditions offered in other neighborhoods, you have a right to a written statement of the reasons for the variation. The rights described in this notice are set forth in and limited by Act 135 of the Michigan Public Acts of 1977. If you believe that your rights under this act have been violated, you should contact the Financial Institutions Bureau of the Michigan Department of Commerce. Its address is: Financial Institutions Bureau, Urban Investment Unit, P.O. Box 30224, Law Building, Lansing, MI 48909. Its telephone number is: (517) 373-8674.

LENDING

WE DO BUSINESS IN ACCORDANCE WITH FEDERAL FAIR LENDING LAWS 

UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILY STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:

Deny a loan for the purpose of purchasing, constructing, improving, repairing or maintaining a dwelling, or deny any loan secured by a dwelling; or 
Discriminate in fixing the amount, interest rate, duration, application procedures or other terms or conditions of such a loan, or in appraising property. 

IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:

Assistant Secretary for Fair Housing and Equal Opportunity; Department of Housing & Urban Development; Washington, D.C. 20410.
For processing under the Federal Fair Housing Act and to: National Credit Union Administration; Office of Examination and Insurance; Alexandria, VA 22314-3428; For processing under NCUA Regulations.

UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IT IS ILLEGAL TO DISCRIMINATE IN ANY CREDIT TRANSACTION:

On the basis of race, color, national origin, religion, sex, marital status, or age; Because income is from public assistance, or; Because a right was exercised under the Consumer Credit Protection Act. 

IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO: National Credit Union Administration; Office of Examination and Insurance; Alexandria, VA 22314-3428

ANTI - REDLINING BROCHURE RELATIVE TO MORTGAGE LOANS & HOME IMPROVEMENT LOANS

Tandem Federal Credit Union wants you to know that with respect to mortgages and home improvement loans, the following policies are utilized:

Any person has the right to make a loan inquiry; Any person has the right to file a written loan application for a mortgage loan or home improvement, providing he/she is a member of this credit union. To be eligible to join this credit union, you must be employed at one of the companies we service or be related to a member of this credit union; Any person has the right to receive a written response to an inquiry or application 

SECURITY
The Credit Union will only use the principle residence of the borrower as collateral. Further, the resident must be a 1-4 family home and must be occupied by the borrower. Only 1st and 2nd liens will be considered.

Home Improvement Loans may be granted on an unsecured basis or with various types of collateral, acceptable to the Credit Union.

TITLE
The seller should have a clear title to the property being sold. There will be problems completing any transactions in which liens, assessments or judgments exist.

ESTABLISHING CREDITWORTHINESS
It is the Credit Union's policy to consider the creditworthiness of an applicant. The general factors used for establishing creditworthiness include:

The applicant's income must be sufficient to repay the loan according to its term; 
Debt ratio: All monthly payments including the loan being considered, divided by gross income equals the debt ratio; 
The applicant's past credit history with this credit union and other credit grantors must be satisfactory; 
The applicant's job history and time lived at current address must illustrate stability; 
Either the applicant's signature or sufficient collateral to cover the loan; 
The applicant's established credit rating. 

MARKET VALUE
Market value is the most probable price property should bring in a competitive and open market under all conditions for a fair sale, assuming the price is not affected by undue stimulus. The Credit Union will consider the market value of proposed security when evaluating loan applicant's request.

LENDING AREA
Wayne, Oakland and Macomb Counties or other areas that our members live in.

INTEREST RATES (Annual Percentage Rate)

Rates are based on the mortgage market in Michigan and FNMA market. Please call the Credit Union for the current rate.

TERMS
1st Mortgages:
15 Year Fixed Rate and 30 year variable
Loan to Value Ratio 
80% with no PMI Insurance
Up to 95% with PMI Insurance
Call for Details.

Home Equity (Closed End)
15 Year Fixed Rate - Call for Details.

APPRAISAL
A written certified appraisal is required on all 1st mortgages. The objective of an appraisal is to determine if the collateral is of sufficient value to cover the requested loan.

VERIFICATION OF FUNDS
The credit union reserves the right to verify funds which are indicated to be used for the down payment and closing costs, if applicable.

PROPERTY IN FLOOD PLAIN
Loans secured by property in a flood plain area must meet the following requirements: (Includes Mobile Homes)

The community must be participating in an approved flood program; 
Insurance must be obtained in the amount equal to the loan balance or the maximum amount available; 
A copy of the insurance policy must be submitted to the credit union on or before closing. 

CO-SIGNER / GUARANTORS
The following guidelines will be used when evaluating a co-signer or guarantor on a loan: Past and present credit history; employment record; length of residence; debt ratio. A co-signer or guarantor need not be a member of a credit union.

ADDITIONAL CRITERIA
All loan documents and policies will conform to the Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation standards as much as possible.

A Homeowners Insurance Policy, naming the credit union as loss payee is required on all real estate loans. The amount of insurance must be sufficient to pay the mortgage balance off and cover the value of the home. A Title Commitment will be performed on all estate loans prior to closing. A Title Insurance Policy must also be obtained.

MORTGAGE CLOSING COSTS
We will quote your costs, when all the specifics regarding your mortgage is known.

VISA CARD DISCLOSURE