NEW JERSEY DISCLOSURES FORM
Mortgage Network Solutions
NMLS 58096
Licensed by the NJ Department of Banking and Insurance
Loan Number:
Applicant:
Property Address:
Thank you for your application. This acknowledges fees that may be charged (shown below):
Mortgage Network Solutions ("Company” or "We") is approved by the New Jersey Department of
Banking and Insurance under the Residential Mortgage Lending Act. We are acting as an independent
contractor and not as your agent. As a mortgage broker we have the ability to place your loan with any of
the 25 lenders that best fits your needs. We estimate that processing of your loan may take up to 90 days.
SECTION 1. SETTLEMENT FEES.
BLOCK A - YOUR ADJUSTED ORIGINATION CHARGES
1.
2.
Our origination charge
Application fee
____________
Origination Fees (charged to you by Lender)
____________
Broker fee (charged to you by Broker)
____________
Lender Payment to Broker
____________
Lender Fees
____________________________
____________
____________
____________
TOTAL
_____________
Your credit or charge (points for the specific interest rate chosen
Check one option
a.
___
Credit or charge for the interest rate of ____%
is included in “Our origination charge”
(See item # 1 above)
____________
b.
___
You receive a credit of ___ __ for this interest
rate of ____. This credit reduces your
settlement charges.
____________
c.
___
You pay a charge of $ ______ for this interest
rate of _____%. This charge (points) increases
your total settlement charge.
____________
BLOCK A Your Adjusted Origination Charges
_____________
Initial
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BLOCK B - YOUR CHARGES FOR ALL OTHER SETTLEMENT SERVICES
3.
REQUIRED SERVICES THAT MAY BE CHARGED
Appraisal fee
Credit report fee
Warehouse fee
Overnight fee, messenger, fax, etc
Flood certification fee
Final inspection fee
Outside counsel fee
Certified check fee
Update fees (credit report/appraisal fees)
One-time Mortgage Insurance fees, up to 1 year
Tax Service fee
Mortgage Cancellation fee (not to exceed $25)
_____________________________________
_____________________________________
______________
______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
_______________
________________
________________
TITLE SERVICES and LENDER TITLE INSURANCE
Title Settlement
Title Search
Lender’s Insurance
Attorney Fee
_______________
_______________
_______________
_______________
5.
OWNER’S TITLE INSURANCE
_______________
6.
REQUIRED SERVICES THAT YOU CAN SHOP FOR
Survey
Pest Inspection
Radon Test fees
_____________________________________
_____________________________________
4.
7.
8.
9.
Government Recording Charges
Recording fees for deed, mortgage, note
_______________
_______________
_______________
________________
________________
_______________
Transfer Taxes
State and local fees on mortgages and home sales
________________
Initial Deposit for your escrow account
________________
10. Daily Interest Charges
________________
11. Homeowners Insurance
________________
TOTAL BLOCK B SETTLEMENT CHARGES
________________
TOTAL A and B SETTLMENT CHARGES
_________________
Initial
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SECTION 2.
FEE REFUND POLICY
a.
Application fee is NON-REFUNDABLE except as required by N.J.A.C. 3:1-16.3(e)
when: (a) The lender or broker fails to provide the borrower with this written disclosure; (b) The lender
fails to issue a commitment or justifiable credit denial within its realistic estimate through no substantial
fault of the borrower, and the borrower withdraws the application; or (c) The application is denied or a
commitment is issued on terms and conditions substantially dissimilar to those for which the application
was submitted and which are unacceptable to the borrower, for reasons other than bona fide underwriting
considerations which the lender knew or should have known at the time of application.
b.
Third Party Charges, including the costs of the appraisal and credit report, are not refundable
after the service has been performed and the expense has been incurred.
SECTION 3. MORTGAGE COMMITMENT AND LOCK IN AGREEMENT
According to N.J.A.C. 3:1-16.10 Special Rules for Brokers; Brokers may not execute a lock in agreement
or issue a commitment on its own behalf or on behalf of any lender or guarantee acceptance into any
particular loan program or promise any specific loan term or conditions.
SECTION 4. INSURANCE
NOTICE TO BORROWER
YOU MAY BE REQUIRED TO PURCHASE PROPERTY INSURANCE AS A CONDITION OF
RECEIVING THE LOAN. IF PROPERTY INSURANCE IS REQUIRED, YOU MAY SECURE
INSURANCE FROM A COMPANY OR AGENT OF YOUR OWN CHOOSING.
SECTION 5. CHOICE OF ATTORNEY
THE INTERESTS OF THE BORROWER AND LENDER ARE OR MAY BE DIFFERENT AND
MAY CONFLICT. THE LENDER’S ATTORNEY REPRESENTS ONLY THE LENDER AND
NOT THE BORROWER. THE BORROWER IS, THEREFORE, ADVISED TO EMPLOY AN
ATTORNEY OF THE BORROWER’S CHOICE LICENSED TO PRACTICE LAW IN THIS
STATE TO REPRESENT THE INTERESTS OF THE BORROWER.
SECTION 6. MISCELLANEOUS
Company shall not be liable for any losses sustained by You as a result of the inability to obtain a
commitment or the failure of any loan commitment to close.
If You have paid any of the above fees by check and the check is refused for payment, We may
immediately (1) terminate Your loan application and (2) cancel Your interest rate lock-in and/or
commitment.
You may address questions or comments about any application to
.
.
By signing below, You acknowledge receipt of a copy of this signed Agreement. You agree to be
bound by the terms and conditions of this Agreement and acknowledge that this Agreement is the complete
understanding between You, the Applicant, and Company, and may not be changed except by written
agreement signed by both parties.
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Mortgage Network Solutions
APPLICANT(S)
By:
Name
Date:
Date:
________________________________
Name
Date:
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