The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age, or because you get public assistance. Creditors may ask you for most of this information in certain situations, but they may not use it when deciding whether to give you credit or when setting the terms of your credit. Not everyone who applies for credit gets it or gets the same terms: Factors like income, expenses, debts, and credit history are among the consideration lenders use to determine your creditworthiness. The Federal agency that administers compliance with this law concerning Procmyloan Inc is:
Pennsylvania and 6th Street
Washington, DC 20580
Home Mortgage Disclosure Act Notice
U.S. Department of Housing and Urban Development (HUD)
1-800-669-9777; TDD: 1-800-927-9275
For details about the Fair Housing Act, contact the Office of Fair Housing and Equal Opportunity.
In accordance with Section 326 of the USA Patriot Act, applicants for new accounts are requested to provide current picture identification that verifies identity including name, address and other identifying information.
Protection of our customer’s identity and confidentiality is our pledge to you. We proudly support all efforts to protect and maintain the security of our customers and our country.
Chapter 494, Florida Statutes: The license is required for an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan , accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a non- institutional investor for compensation or gain. The term includes an individual who is required to be licensed as a loan originator under the S.A.F.E. Mortgage Licensing Act of 2008.
The term does not include an employee of a mortgage broker or mortgage lender whose duties are limited to physically handling a completed application form or transmitting a completed application form to a lender on behalf of a prospective borrower.
It is our policy at Procmyloan Inc to gather the following underwriting criteria for a mortgage loan to consider the creditworthiness of applicants and their ability the repay the loan for all Mortgage Loan applications.
Credit history
Debt to income (DTI) ratio
Employment status (if applicable)
Projected monthly mortgage payment, and projected monthly payment on any simultaneous loan(s) secured by the same property
Cash reserves and other assets
Current income used to repay the loan
Collateral – Property condition and loan-to value (LTV)
Procmyloan Inc reserves the right to verify funds at time of application or after that are to be used for the earnest money deposit, down payment, and closing costs, if applicable.
A written certified appraisal, agency approved equivalent, or property inspection waiver is required for all mortgage loans. The purpose of an appraisal is to determine whether the collateral is of sufficient value to cover the requested loan. It is important to note that not all loan programs require an appraisal. All appraisals must be paid for upfront by the borrower. Please consult your licensed mortgage loan office for more information.
Interest rates changes daily until locked in a certain period of time and is dependent on general market conditions. Contact Procmyloan Inc, directly for current interest rates.
Loan programs and terms offered by Procmyloan Inc, are established commensurate to the Government Sponsored Enterprises (GSE) guidelines and/or its investor criteria. Such loan programs are through lenders that Procmyloan Inc. partners with.
If the real estate is located in a special flood hazard area, flood insurance will be required and must meet the following requirements: (1) The community must be participating in an approved flood program; (2) Insurance must be obtained in the amount at least equal to the lowest of (a) the unpaid principal balance of the new loan amount, (b) the replacement cost of the insurable improvements, or (c) the maximum amount available; and (3) A copy of the insurance policy must be submitted to Procmyloan Inc on or before closing.
All loans originated within agency conforming and high-balance loan limits must conform to standard automated underwriting system eligibility requirements as well as any additional requirements or overlays imposed by the specific loan program. All loan applications for non- agency loan programs will be subject to all guidelines and requirements specific to the particular loan program.
Where recommended or required by an investor, an automated underwriting system (AUS) submission will be considered alongside manual application of loan program guidelines. The decision to lend is based on the particular loan program guidelines and underwriting of pertinent documents supplied by the applicant or a third party. A title search will be performed on all loans prior to closing and Procmyloan Inc, must secure a commitment for title insurance prior to closing.
Procmyloan Inc or partnered lender will provide a written loan estimate of closing costs when sufficient information regarding the mortgage loan is available and in accordance with all applicable TRID laws and regulations. In addition, other Federal and State Disclosures are provided that contain information on important terms and conditions associated with loan applications. It is Procmyloan primary goal to provide the best customer experience possible, and to accomplish that goal we want Procmyloan Inc customers to be well informed!
This is a fee charged by Procmyloan Inc in house loan processor or a third-party agency. If uses a third-party company, Procmyloan Inc, will verify that the person or company is licensed by the State of Florida to perform such services. The fee charge is for processing the loan until clear to close.
For further information, please contact us at (800) 255-7142 or emailinfo@procmyloan.com.
