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Carolinas Telco Real Estate Loans Case

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1. Carolinas Telco Federal Credit Union will originate residential real estate loans in compliance with all applicable federal and state laws and regulations. Mortgage loans will be held in portfolio or sold on the secondary market.
2. If a member disagrees with the denial and/or the reasons for the denial, the member may appeal the decision directly to the Board of Directors, in written format, asking the Board of Directors to review the application and subsequent supporting information, and render their own decision on the application.
3. It will remain the policy of Carolinas Telco FCU to deny any member who has previously caused or is in the process of causing (being seriously delinquent) a financial loss to the Credit Union.
4. Bankruptcy, …show more content…
All applicants, co-applicants, guarantors/co-signer must be at least 18 years of age and must be Credit Union members.
6. All real estate loans are underwritten by a Certified NMLS Originator.
7. Carolinas Telco FCU real estate loans are not assumable.
8. All real estate loans are for a single-family house, condominium, townhouse, or up to four apartment units of conventional construction or a modular home located in North Carolina or South Carolina. This loan is not available for manufactured homes.
9. Property must be the primary residence of the borrower or a second home used primarily by the borrower such as a vacation home unless otherwise stated.
10. Borrower will be responsible for obtaining hazard insurance or homeowner's insurance with Carolinas Telco as lien holder. This insurance must remain in force for the life of the loan.

Required …show more content…
 Current employment status.
 Monthly mortgage payment for the loan, including the introductory or fully-indexed rate, whichever is higher, and monthly, fully-amortizing payments that are substantially equal.
 Monthly payment on any simultaneous loans secured by the same property.
 Monthly payments for property taxes, insurance, and certain other costs related to the property such as homeowners association fees, etc.
 Debts, alimony, and child-support obligations.
 Debt to income ratio.
 Credit history.

The Credit Union will follow the requirements of NCUA Part 722 (Appraisals), pursuant to title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA); Equal Credit Opportunity Act Valuations Rule, as amended by the Consumer Financial Protection Bureau; as well as Regulation Z appraisal requirements, in accordance with the Credit Union’s Real Estate Appraisal Policy.
1. An appraisal will be required for property

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