Disclosures
Equal Credit Opportunity Act
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning Vellum Mortgage Inc. is:
Federal Trade Commission, Equal Credit Opportunity, Pennsylvania and 6th Street, Washington, DC 20580.
Mortgage Lending Criteria
The general underwriting standards for a mortgage loan application are listed below. Vellum’s policy is to evaluate each loan application based on the applicant’s creditworthiness and ability to repay the loan. The primary factors used to determine creditworthiness include, but are not limited to, the following:
• 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)
Verification of Funds
When it comes to cash designated for the down payment, closing charges, and earnest money deposit, Vellum maintains the right to confirm their source.
Appraisal
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. Please consult your licensed mortgage loan officer.
Interest Rates
Interest rates are obtained and dependent on general market conditions. Contact Vellum directly for current interest rates.
Terms
Loan programs and terms offered by Vellum are established commensurate to the Government Sponsored Enterprises (GSE) guidelines and/or its investor criteria.
Flood Plain
Flood insurance will be necessary if the property is situated in a special flood hazard area, and it must adhere to the following standards: A copy of the insurance policy must be submitted to Vellum on or before closing. (1) The community must be enrolled in an approved flood program. (2) Insurance must be obtained in an amount at least equal to the lowest of the following: (a) the unpaid principal balance of the new loan amount; (b) the replacement cost of the insurable improvements; or (c) the maximum amount available.
Additional Criteria
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 Vellum must secure a commitment for title insurance prior to closing.
Mortgage Disclosures and Closing Costs
When adequate information about the mortgage loan is available and in compliance with all applicable rules and regulations, Vellum will furnish a written loan estimate of closing expenses. Further Federal and State Disclosures are also given, which include details on significant terms and circumstances related to loan applications. Providing the greatest customer experience is Vellum’s main priority, and in order to do so, we want our customers to be well-informed!
Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda). HMDA data for many other financial institutions are also available at this Web site.
USA Patriot Act – Customer Identification Requirements
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.
Texas Mortgage Banker Disclosure (RE: Title 7 Texas Annotated Code §81.200(c))
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
Massachusetts Mortgage Review Board Notice
If you believe that we denied your mortgage application on the basis of the neighborhood where the property is located, you can appeal this denial to a Mortgage Review Board (the Board). The Board is made up of lenders and citizens from your area who are appointed by the Massachusetts Commissioner of Banks.
The Board will review the application to determine if it was denied because the property is located in a specific neighborhood or geographical area. If the Board finds that your loan was denied because of the property’s location, the Board will recommend that we reconsider the denial.
If you wish to appeal your denial, you must sign the statement below and return it in the enclosed addressed envelope to:
Administrative Secretary Mortgage Review Boards Division of Banks
1000 Washington Street, 10th Floor | Boston, MA 02118-6400
The confidential information in your mortgage application and appeal to the Board will be released only to the members of the Mortgage Review Board and the Administrative Secretary.
If you have any questions about this process, please contact the Administrative Secretary of the Board at the Division of Banks at (617) 956-1500.
The Board will notify you of its decision.
Virginia Refinancing Disclaimer
Refinancing your loan may increase the total finance charges over the life of the loan.
Privacy Policy
At Vellum Mortgage we value your privacy, we strongly believe in protecting the confidentiality and security of the information we collect about you.
This policy discloses which information we collect and how we use it, as well as the choices you can make about the way your information is collected and used. It details how any personal and/or personally identifiable information that we may request will be used. Below is a more detailed explanation of our security policy which describes how we protect your personal information both electronically and physically from unauthorized access and use.
sms communication from vellum mortgage
By providing your phone number, you consent to receive marketing texts (e.g. updates on rates, reminders etc.) and updates on your loan (e.g. loan approval information, appraisal information etc.) from Twilio autodialer. Consent is not a condition of purchase or of a loan application. Message and data rates may apply. Message frequency varies. Unsubscribe at any time by replying STOP or clicking the unsubscribe link (where available).
Our Privacy Pledge
We do not sell or rent client information;
We only share client information with certain employees and with companies providing services on our behalf in order to service your needs;
Our policy is to require all employees and companies providing services on our behalf to keep customer information confidential, in accordance with Federal Law to guard your non-public information;
Our privacy policy applies to potential clients as well as current and former clients.
We will use procedural feguards that comply with Federal standards to guard your non-public personal information.
What Personal Information is Being Collected?
Your Online Experience
To maximize the value of our services, we may request information from you when you visit our websites. This information collected is used for statistical purposes and to enable us to improve your user experience on our web site. The following data may be collected when you visit our web site: your server address, the date and time of your visit to the web site, the pages you accessed, documents downloaded, the referring website (if you didn’t directly visit our site), and the type of browser you are using. Additionally, our web site may ask for specific personal information in order to respond to requests for information or to register users for particular services. This can include but may not be limited to:
- First and last name
- Email address
- Telephone/Mobile number
- Contact preference: phone, email, mail, in person, etc.
- Other pieces of information that may be personally identified to you
Online Loan Application
In addition to the data that is collected when you visit our website, when you use our online application (Elevate Loan Dashboard) for a loan or preapproval, personal information will be requested that will allow us to begin the loan process. We may supply the information you provide, on a strictly confidential basis, to service providers, such as title companies, appraisers, credit reporting services, etc., who assist us in qualifying, processing, closing and servicing your loan.
This can include but may not be limited to:
- Social security number
- Credit card or other debt
- Credit scores
- Payment history
- Account balances
- Transaction History
- Contact preference: phone, email, mail, in person, etc.
- Employment information
- Account information
- Other pieces of information that may be personally identified to you
We use your contact information to provide you with alerts and updates regarding your loan status, which is part of the Vellum Mortgage service. Vellum Mortgage does not share your information with outside companies for their promotional use. We may, however, use it to send you communications and special offers on other products or services offered by Vellum Mortgage. If you do not want to receive this information you may opt-out within any future communications by emailing us at [email protected] or by calling (571) 830-2800.
Credit Report
By submitting a loan application or a request to be pre-qualified to us, you authorize us to share your credit report with our affiliates only to process your loan application.
Newsletters
We provide you the opportunity to subscribe to Email newsletters and other Email communications. You may unsubscribe by following the instructions provided in each Email newsletter.
Interactive Help (Chat / PC to Phone)
You may initiate an online interactive discussion or PC to Phone communication with a Vellum Mortgage loan officer or loan manager to facilitate the completion of your loan application. We do not ask for any personally identifiable information to use this service; if you volunteer personally identifiable information, it will only be used to respond to your request. We maintain transcripts of chat sessions.
How does Vellum Mortgage collect my personal information?
Where our web site specifically asks for your personal information (for example: contact forms, to respond to requests for information, when you apply for a loan, provide account information, provide employment information, give us wage statements, etc.), your personal information will only be collected by staff of Vellum Mortgage or by third parties engaged by Vellum Mortgage who have responsibility for responding to such requests or administrating such registrations. We also collect your personal information from others, such as credit bureaus, affiliates, or other companies
Does Vellum Mortgage share my personal information ?
Your personal information will not be forwarded to any unaffiliated third party for marketing or used for any similar purpose without your consent. To the extent allowed or required by applicable law, personal information collected on this web site may be shared with third parties as necessary for Vellum Mortgage to provide requested services and shared with affiliated third parties for their operational purposes.
Why can’t I limit all sharing?
Federal law gives you the right to limit only, sharing for affiliates everyday business purposes – information about your creditworthiness, affiliates from using your information to market to you and sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.
How consumers are notified of material changes to this policy
From time to time, Vellum Mortgage may make material changes to the Privacy Policy posted to this web site. When such changes are made, Vellum Mortgage will post a summary of the changes immediately following the Privacy Policy.
Effective date of this policy
This policy is effective from August 1, 2018.
Other Important Information
For California Residents Only: To exercise your rights under the California Consumer Privacy Act, please review our California privacy policy, or call us at (866) 212-8090
Vellum Mortgage Licenses
Arizona | Mortgage Banker License: 1038609
Arizona Branch | NMLS ID#: 2369527
California – DFPI | Residential Mortgage Lending Act License: 41DBO-170110California – DFPI Residential Mortgage Lending Act License (Branch): 41DBO-175838
Delaware | Mortgage Lender License: 037793
Washington D.C. | Mortgage Dual Authority License: MLB1657323
Florida | Mortgage Lender License: MLD1709
Georgia | Mortgage Lender License/Registration: 59080
Idaho Mortgage Broker/Lender License: MBL-2081657323
Illinois Residential Mortgage License – MB.6761825
Maryland | Mortgage Lender License: 1657323
Maryland | Mortgage Lender Branch NMLS ID#: 1816487
Massachusetts Mortgage Broker License: MC1657323
Massachusetts Mortgage Lender License: MC 1657323
New Jersey Residential Mortgage Lender License
North Carolina | Mortgage Lender License: L-181716
Oregon | Mortgage Lender License: 1657323
Pennsylvania | Mortgage Lender License: 68225
South Carolina-BFI | Mortgage Lender / Servicer License: MLS – 1657323
Tennessee | Mortgage License: 203831
Texas – SML | Mortgage Banker Registration
Virginia | Broker License: MC-6811
Virginia | Lender License: MC-6811
West Virginia | Mortgage Broker License: MB-1657323
West Virginia | Mortgage Lender License: ML-1657323
www.nmlsconsumeraccess.org
