Disclosures

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

Loan Assumptions

First Mortgage
Disclosed rate assumes a $300,000 rate and term refinance loan on an owner-occupied single family residence, borrower is not self-employed and owns no other properties, minimum 740 FICO credit score, 60% loan to value with no subordinate debt. If these factors are not met, you may still qualify. Subject to underwriting approval. Not all applicants will qualify.

No Tax Return Loan – First Mortgage

Disclosed rate based on a 30 year fixed-rate mortgage of $300,000, 2 points with a $995 loan origination fee, rate and term refinance loan on an owner-occupied single-family residence, with no subordinate debt, and the appraised value of the subject property sets the loan-to-value (LTV) to a maximum of 60%, borrower has a 740 FICO score, debt-to-income ratio of less than 50%, owns no other properties, is a U.S. Citizen and at least one borrower is self-employed. If these factors are not met, you may still qualify for a loan. Subject to underwriting approval including, but not limited to, verification of acceptable income, assets and collateral.  Not all applicants will qualify.

Rates, loan products & fees subject to change without notice. Your rate and term may vary. If you do not lock in a rate when you apply, your rate at closing may differ from the rate in effect when you applied. Subject to underwriting approval. Not all applicants will be approved. Full documentation & property insurance required. Loan secured by a lien against your property. Consolidating or refinancing debts may increase the time and/or the finance charges/total loan amount needed to repay your debt. Terms, conditions & restrictions apply. Call for details.

FHA Fixed
Disclosed rate assumes a $300,000 rate and term refinance loan with 1.750 percent borrower paid up-front mortgage insurance premium and .850 percent monthly mortgage insurance premium on an owner-occupied single family residence in California, borrower is not self-employed and owns no other properties, minimum 640 FICO credit score, 96.50% loan to value with no subordinate debt. Impounds for taxes and insurance required. If these factors are not met, you may still qualify for a loan. Subject to underwriting approval. Not all applicants will qualify.

FHA High Balance
Disclosed rate assumes a $500,000 rate and term refinance loan with 1.750 percent borrower paid up-front mortgage insurance premium and .850 percent monthly mortgage insurance premium on an owner-occupied single family residence in California, borrower is not self-employed and owns no other properties, minimum 640 FICO credit score, 96.50% loan to value with no subordinate debt. Impounds for taxes and insurance required. If these factors are not met, you may still qualify for a loan. Subject to underwriting approval. Not all applicants will qualify.

VA Fixed
Disclosed rate assumes a $300,000 cash-out refinance loan with a 3.300 percent VA Funding Fee on an owner-occupied single family residence, borrower is not self-employed and owns no other properties, minimum 680 FICO credit score, 100% loan to value with no subordinate debt. Impounds for taxes and insurance required. If these factors are not met, you may still qualify for a loan. Subject to underwriting approval. Not all applicants will qualify.

VA Fixed IRRRL
Disclosed rate assumes a $300,000 interest rate reduction refinance loan, no cash-out with a .500 percent VA Funding Fee on an owner-occupied single family residence, borrower is not self-employed and owns no other properties, minimum 680 FICO credit score, 100% loan to value with no subordinate debt. Impounds for taxes and insurance required. If these factors are not met, you may still qualify for a loan. Subject to underwriting approval. Not all applicants will qualify.

VA High Balance
Disclosed rate assumes a $500,000 cash-out refinance loan with a 3.300 percent VA Funding Fee on an owner-occupied single family residence, borrower is not self-employed and owns no other properties, minimum 680 FICO credit score, 100% loan to value with no subordinate debt. Impounds for taxes and insurance required. If these factors are not met, you may still qualify for a loan. Subject to underwriting approval. Not all applicants will qualify.

VA High Balance IRRRL
Disclosed rate assumes a $500,000 interest rate reduction refinance loan, no cash-out with a .500 percent VA Funding Fee on an owner-occupied single family residence, borrower is not self-employed and owns no other properties, minimum 680 FICO credit score, 100% loan to value with no subordinate debt. Impounds for taxes and insurance required. If these factors are not met, you may still qualify for a loan. Subject to underwriting approval. Not all applicants will qualify.

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. Asset Plus, Inc. 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 Asset Plus, Inc. , 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.

  1. 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.
  2. 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.
  3. We do not, on a prohibited basis, refuse to make a loan, vary the terms offered including the amount, interest rate, period or type of loan, or use different standards to evaluate collateral or decide whether to extend credit.
  4. We avoid practices or policies that have a discriminatory effect. This rule applies to all phases of our mortgage lending business. 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.
  5. We have adopted nondiscriminatory loan underwriting standards that avoid subjective, unwritten rules that can have a discriminatory effect. We make these underwriting standards public upon request at each of our offices.
  6. We make sure that our scoring system is empirically derived and statistically sound and uses no prohibited basis other than age as a predictive factor.
  7. We train our loan personnel in the principles of fair processing and underwriting.
  8. Our Quality Control Manager regularly reviews both our loan underwriting standards and the business practices by which we implement them to determine whether they ensure equal lending opportunity and reports to management.
  9. We periodically review our loan portfolio and applications to make sure that we are serving the community adequately and on a nondiscriminatory basis in light of the community’s demographic characteristics and credit demands.
  10. 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.
‘No Closing Costs’ loans

Asset Plus, Inc, will pay all of the Borrower’s closing costs except: Prepaid interest, property taxes, state mortgage taxes, lender payoff fees, any type of insurance, VA funding fees and FHA mortgage insurance premium. Minimum loan amount in California is $300,000.

$995 Lender Fees

“$995 Lender Fee” option applies to purchase and refinance transactions. Asset Plus, Inc. will charge a flat $995 “Origination Fee” to cover all Lender’s costs. The borrower(s) will be responsible for paying all third party charges, including but not limited to: discount points paid to buy down the interest rate or to cover loan level pricing adjustments, appraisal fees, credit report fees, flood certification fees, notary/signing fees, charges for title insurance and related fees, escrow/closing fees, attorney fees, recording fees, VA funding fees and FHA mortgage insurance premium. The borrower is also responsible for paying prepaid interest, property taxes, state mortgage and transfer taxes, insurance, mortgage insurance and existing lender payoff(s) and associated fees. Impounds are required on all VA and FHA loans regardless of loan to value ratio.

Home Mortgage Disclosure Act (HMDA)

The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at Asset Plus, Inc., 6 Centerpointe Dr. #700 La Palma, CA 90623 regarding the location where HMDA data may be inspected.

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:

Department of Business Oversight
320 West 4th Street
Suite 750
Los Angeles, CA 90013-1105

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 identifying documents.