Mortgage Disclosure

 

In accordance with state and federal regulations, the following disclosure and licensing information is available for you to review online: 

  • General
  • Loan Assumptions
  • Equal Housing Lender
  • Fair Lending Policy
  • The Housing Financial Discrimination Act of 1977, California Fair Lending Notice
  • Tax Advice Disclaimer
  • IMPORTANT INFORMATION ABOUT PROCEDURES FOR OBTAINING A MORTGAGE LOAN

 

General

Lightning Fast Mortgage is a mortgage broker, not a mortgage lender, and does not make credit decisions in connection with loans, issue loan commitments, or guarantee that submission of information on its website will result in the origination or refinancing of a loan from a Lender. You are under no obligation to use the website or Lightning Fast Mortgage to begin any financing process. Lightning Fast Mortgage does not charge you any fee for its services, but instead receives its compensation from lenders for the products and services that it provides. Lightning Fast Mortgage’s compensation may vary by product and service type. Fees paid by the Lender may be included in your loan rate, points and/or term.

Loan Assumptions

On Loan Amount up to $548,250 (Disclosure current as of February 23, 2021)
15 & 30 Year Fixed – First Mortgage

Maximum loan amounts determined by Federal Housing Finance Agency’s (FHFA) conforming loan limit for each California county. Disclosed rate assumes a $400,000 rate and term refinance loan on an owner-occupied single-family residence in California. Minimum 740 FICO credit score, 60% loan to value with no subordinate debt. If these factors are not met, you may still qualify, and additional pricing adjustments may apply. Subject to underwriting approval. Not all applicants will qualify.

 

On Loan Amount over $548,250, up to $822,375
15 & 30 Year Fixed – First Mortgage

Maximum loan amounts determined by Federal Housing Finance Agency’s (FHFA) conforming loan limit for each California county.
Disclosed rate assumes a $600,000 rate and term refinance loan on an owner-occupied single-family residence in California.
Minimum 740 FICO credit score, 60% loan to value with no subordinate debt. If these factors are not met, you may still qualify and additional pricing adjustments may apply. Subject to underwriting approval. Not all applicants will qualify.

 

On Loan Amount up to $2,000,000 (Disclosure current as of February 23, 2021)
30 Year Fixed – First Mortgage – Jumbo Loan

A loan is considered a jumbo loan if the loan amount exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limit for the county in which the subject property is located.
Disclosed rate assumes a $1,000,000 rate and term refinance loan on an owner-occupied single family residence in California with impound account (monthly collection of subject property taxes and any applicable homeowners insurance with your monthly principal and interest payment).
Minimum 740 FICO credit score, 60% loan to value with no subordinate debt. If these factors are not met, you may still qualify and additional pricing adjustments may apply. Subject to underwriting approval. Not all applicants will qualify.

 

No Closing Costs (if applicable) (Disclosure current as of February 23, 2021)

Are available on rate/term and limited cash out refinance transactions only. The Lender will pay the following third party closing costs on behalf of the Borrower: appraisal fees, credit report fees, flood certification fees, escrow/closing fees, signing fees, title insurance fees (lenders policy and endorsements). The Borrower is responsible for paying: prepaid interest, property taxes, state mortgage/transfer taxes, all types of insurance, existing lender payoff fees, survey fees, inspection fees and discount points (if Borrower chooses to pay discount points to buy down the interest rate). Minimum loan amount is $300,000.

 

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.  Lightning Fast Mortgage 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 Lightning Fast Mortgage, 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.

  • 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.
  • 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.
  • We do not, on a prohibited basis, refuse to broker a loan, vary the terms offered including the amount, interest rate, period or type of loan, or use different standards to evaluate consumers or collateral.
  • We avoid practices or policies that have a discriminatory effect. This rule applies to all phases of our mortgage brokering 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.
  • We are not engaged in underwriting any mortgage loans.
  • 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.

 

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 or the Department of Financial Protection and Innovation at one of the following locations::

 

2101 Arena Boulevard

Sacramento, CA 95834

 

320 West 4th Street, Suite 750

Los Angeles, CA 90013-2344

 

300 S. Spring St., Suite 15513

Los Angeles, CA 90013-1259

 

One Sansome St., Suite 600

San Francisco, CA 94104-4428

 

1455 Frazee Road, Suite 315

San Diego, CA 92108

 

Tax Advice Disclaimer

We are not a law firm, tax or financial planning organization. We do not provide legal, tax or financial planning advice. If borrowers require such advice, we recommend you consult with legal counsel or other licensed financial professional advisors of their choosing.

 

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 forms of identification.

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