Closing Loan After Closing

Independent Loan Closer

An independent, third-party loan closer (ILC) manages the loan-closing process to separate the sales process from the loan-closing process.

This service is available to customers in English and Spanish.

One-Page, "Plain English" Disclosure Document

The one-page, easy-to-read reference sheet provides customers with critical loan information in easy to understand language, including the loan amount, key fees and points, the annual percentage rate, the initial contract rate, loan terms, payment-due dates and the monthly payment amount.

Loan Cancellation Policy *

Our 100 percent guarantee offers customers a full 10 days to change their mind to cancel a loan, repay it and receive a refund - among the longest cancellation policy periods in the industry.

Federal law requires a three-day period in which customers can change their mind to cancel certain home loans.

 * Only real estate loans qualify in California.

Prepayment Fees

Loan products are offered and disclosed with and without prepayment fees, and never with a prepayment fee term longer than 24 months from origination.

Any prepayment fees are set in accordance with state law or, if there is not a state law, on the amount outstanding at the time of prepayment.

Customers receive a document disclosing their choice of loan and the cost of that choice, as well as the maximum dollar amount of any prepayment fee if the loan is repaid before its term ends.

Payoff Information

Customers receive payoff information on all underlying liens held by us within three business days after we receive such requests in writing, or as specifically permitted by state or federal law, if faster.

Payoff request information is provided on monthly billing statements and quoted centrally.

Customer Dispute Information

Disputes generally are handled at the lending branch and the office's phone number is found at the bottom of the billing statement.

All written complaints are forwarded to the company's central department for resolving complaints.

Foreclosure Avoidance

We employ a foreclosure avoidance program to prevent loan foreclosure for qualified customers. Our foreclosure review group is independent and ensures all opportunities to avoid foreclose are explored.

Providing the Most Appropriate Loan

Under our "Pay Right Rewards" program, we reward mortgage customers with lower interest rates after 12 consecutive on-time payments.

We employ a pricing system based on risk that is system-controlled to provide borrowers with the lowest rate for which they qualify.

We employ new products and services to meet customer needs as they qualify for near-prime and prime loans.

Subordinated (tertiary) Real Estate Loans

We do not make any subordinated (tertiary) real estate-secured loan to the same borrower secured by the same property within three months of making the primary loan.