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FED ER AL RESERVE BANK O F NEW YORK r Circular No. 8 0 0 4 I L December 2, 1976 J REVISED PROPOSAL TO AM END REGULATION B Proposed M odel Residential Real Estate Mortgage Loan A pplication Form To A ll Member Banks, and Others Concerned, in the Second Federal Reserve District: Following is the text of a statement issued November 19 by the Board of Governors of the Federal Reserve System: The Board of Governors of the Federal Reserve System today made public a proposed model residential real estate mortgage loan application for use under the Equal Credit Opportunity Act. The Board invited comment on the proposed form through December 17. Earlier this month the Board published for comment a proposed general revision of Regulation B, to im plement the 1976 Amendments to the Equal Credit Opportunity Act. The Amendments extend the Act’s pro hibitions against discrimination in the granting of credit. At that time, the Board said that it would include in the final version of Regulation B a model residential real estate application form, which, when properly used, would comply with the Regulation. That proposed form, which was not then ready for publication, is included in the . . . revised proposal for amending Regu lation B. Printed below is the text of the Board’s Order in this matter. Enclosed is a copy of the pro posed form. Comments thereon should be submitted by December 17, 1976, and may be sent to our Bank Regulations Department. [Reg. B ] EQUAL CREDIT OPPORTUNITY (Docket No. R-0031) Revised Proposed Rulemaking On November 8, 1976, the Board of Governors pro posed for comment (41 FR 49123 ) a revised version of its Regulation B, Equal Credit Opportunity. Ap pendix B of that proposal contained four model credit application forms: one for open-end, unsecured credit; one for closed-end, secured credit; one for closed-end, unsecured or secured credit; and one for use in com munity property States. In addition, the proposal stated that the Board intends to include a model residential real estate mortgage loan application in the final version of Regulation B. A proposed version of that form, based upon an application form designed by the Federal Na tional Mortgage Association and the Federal Home Loan Mortgage Corporation, follows. To aid in the consideration of this matter by the Board, interested persons are invited to submit relevant data or comments. All comments should be submitted in writing to the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, to be received not later than December 17, 1976. All sub mitted material should include the docket number, R-0031. Written comments will be made available for public inspection and copying upon request, except as provided in §261.6(a) of the Board’s Rules Regarding Availability of Information (12 CFR 261). This notice of proposed rulemaking is published pur suant to the Board’s authority under §703(a) of the Equal Credit Opportunity Act (15 U.S.C. 1691(b)). Board of Governors, November 16, 1976. With the exception of the enclosed form, the complete text of the Board’s revised proposal appears in the Federal Register of November 8, 1976; a copy of the Federal Register excerpt will be made available by our Bank Regulations Department upon request. Any inquiries regarding this matter may be directed to that department. P aul A. V olcker, President. RESIDENTIAL LOAN APPLICATION MORTGAGE Type D FmHA APPLIED wm~ □ ConT- D FHA n VA Prepayment Option fo r Interest Rate Ai % * No. of Month! Principal & * □ Taxes Zip City Property Street Address □ Purchase Complete this line If Construction-Perm, or Construction Loan 8WT* Q Construction □ Refinance Q Construction-Perm. Year Acquired Complete thia line if a Refinance Loan Year Acquired Original Cost Amt. Existing Liens $ Purpose of Refinance □ Other (Explain) Present Value (a) Original Coat Lot Value Data $ Title Will Vest in What Names? Property is: □ Fee □ Leasehold Q DeMlnimil PUD □ Condo □ PUD Year Built Legal Description (Attach description if necessary) Purpose of Loan: □ Hazard Ins. ENTER TOTAL AS PURCHASE PRICK IN DETAILS OF -m* PURCHASE Total (a + b ) Coat of Impa. (b) S $ Describe Improvement [ ] made [ ] to be made $ s How Will Title Be Held? (Tenancy) Source of Down Payment and Settlement Charges Note Will Be Signed By? relying the loan, or Q (2) you . _ on income from Regarding anv Co-Borrower, check the appropriate box. If Q (1) another person will be jointly obligated with you are married and reside alimony, child support, or separate maintenance or on the income or assets of another person as a basis for repayment of the loan,, or _□ (3) . . you . or the property is located in a community property State, complete the Co-Borrower section and all other Co-Borrower questions to the extent that you can. If item (1) 0 ) is checked above, have the Co-Borrower sign the application. CO-BORROWER BORROWER Age Name Age Name School □ Own School Yrs ___ Yrs ---Q Rent □ Own No. Years □ Rent Street Street C ity/State/Zip______ — ------ ------------------- --------Former address if less than 2 years at present address Former address if less than 2 yean at present address Street ----------------------------- --------- ------ -------------- Street -------------------------------------------------------------- City/State/Zip ________ □ Own Yean at former address □ Own Yean at former address □ Rent Dependents other than Co-Borrower Marital 0 Married □ Separated Status q Unmarried (inc. single, divorced, widowed) □ Rent Dependents other than listed by Borrower Marital rl MarrieiJ □ Separated Status Q unmarried (inc. single, divorced, widowed) Ages Name and Address of Employer Name and Address of Employer D Self Employed Positlon/Title Type of Business GROSS MONTHLY INCOME Item Borrower Base Salary $ DETAILS OF PURCHASE MONTHLY HOUSING EXPENSE Co-Borrower $ Type of Business Posltion/Title Total $ Rent ^ Present* First Mortgage (P&I) Proposed $ a. Purchase Price $ Overtime Other Financing (P&I) b. Total Closing Costs Bonuses Hazard Insurance e. Pre~Paid Escrows Commissions Taxes (Real Estate) d. Total (a -(- b + c) * Dlvidcuds/Interest Assessments e. Amt. This Mortgage ( ) Net Renta! Income Mortgage Insurance f. Other Financing < > Other (••Before completing, see notice under Other Income below.) Homeowner Assn Dues g. Present Equity in Lot < > Total Monthly Pmt $ $ h. Amt. of Deposit ( > i. Closing costs paid by Seller ( > $ $ j. Cash required for closing * Utilities Total $ J $ Total •If Co-Botrower prewntly rc'.ido separately, list requested information on separate sheet. DESCRIBE OTHER INCOME v B—Borrower C—Co-Borrower** Alimony, child support, or separate maintenance income need not be revealed if yon do not choose to have it considered as a basis for repaying this loan. Monthly Amt. s IF EMPLOYED IN CL RRENT POSITION FOR LESS THAN TWO YEARS COMPLETE THE FOLLOWING Previous Employer/School City/Slate Type of Business Position/Title Dates From/To Monthly Salary $ QUESTIONS APPLY TO BOTH BORROWERS Borrower Yes or No Co-Borrower Yes or No Borrower Yes or No Have you any outstanding Judgments’ In the last 14 yrs. ever taken bankruptcy, had property foreclosed upon, or given deed in lieu thereof? Do you have health and accident insurance? Co-maker or endorser on any notes? Do you have major medical coverage? Now a party in a law suit? Do you intend to occupy property? Obligated to pay alimony, child support or separata maintenance? Any portion of the down payment borrowed? Will this property be your primary residence? Have you previously owned a home? Value of previously owned home Co-Borrower Yea or No Th S Statement and any applicable supporting schedules may be completed jointly by both married and unmarried Co-BorrowersMf Joined so that the Staiement can be meaningfully and fairly presented on a combined basis: otherwise separate Statements and Schedules are required, u me co-nonower section was completed about your spouse, complete this statement and supporting schedules about your spouse also. □ Completed Jointly □ Not Completed Jointly LIABILITIES AND PLEDGED ASSETS ASSETS twz -v Cash or Market Value h Description Mo. Pint, and left to pay Owed To (Name, Address and Account Number) Unpaid Balance M o t. Indicate by (*) which wB be satisfied upon sale or a poo refinancing of subject property. Cash Toward Purchase Held By Instalment Debt (include “revolving” charge accounts) 1 Pmt./Mou. 8 Checking and Savings Account* (Indicate Names of Institutions/Acct. Not.) STATEMENT OP ASSETS AND LIABILITIES Stocks and Bonds (No./Description) Life Insurance Net Cash Value Face Amount (f _________________ Automobile Loan SUBTOTAL LIQUID ASSETS ________________________ Real Estate Owned (Enter Total Market Value from Real Estate Schedule) Real Estate Loans (Itemize and Identify Lender) Vested Interest in Retirement Fund Net Worth of Business Owned (Attach Financial Statement) ____________________ ____ Auto (Make and Year) Other Debt Including Stock Pledges (Itemize) Alimony, Child Support, and Separate Maintenance Payments Furniture and Personal Property Other Assets (Itemize) TOTAL MONTHLY PAYMENTS * TOTAL LIABILITIES A. NET WORTH (A.—B.)S $ SCHEDULE OF REAL ESTATE OWNED (If Additional Properties Owned Attach Separate Schedule) TOTAL ASSETS Address of Property (Indicate S if Sold, PS if Pending Sale or R if Rental being held for income) Type of Property TOTALS----- ► “ B—Borrower _ Market Value Market Value $ Amount of Mortgages & Liens % Gross Rental Income S % Taxes, Inc. Maintenance and Misc. Mortgage Payment! B. > Net Rental Income J _________ • LIST PREVIOUS CREDIT REFERENCES C Co-Borrower Owed To (Name and Address) Purpose Account Number Highest Balance - - Date Paid List any names under which credit references may be verified if different than borrower’s or co-borrower’s AGREEMENT: The undersigned applies for the loan described in this application, to be secured by a first mortgage or trust deed on the property described in this appli cation and represents that the property will not be used for any illegal or restricted purpose and that all statements made in this application are true and mada for the purpose of obtaining the loan. Verification may be obtained from any source named in this application. I/we fully understand that it is a Federal crime punishable by fine or imprisonment or both to knowingly make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code, Section 1014. Signature (Co-Borrower) Signature (Borrower) Homs Phone - Home Phone--------------- Business Phone Business Phone . INFORMATION FOR MONITORING PURPOSES The following information is requested by the Federal Government to monitor this lender’s compliance with equal credit opportunity m i M r *9—* * j«Wk.Th» lay provides that on “h e b a °s o i.h .s informal,on or whether or not it is furnished in deciding on this loan. While you are urged to do so. furnishing this inform*tion is voluntary. If you decline to furnish the following InformaUou, please uuual below. CO-BORROWER BORROWER Q Hispanic Q Hispanic National Origin □ Asian Pacific Islander □ Black □ White Q Asian Pacific Islander □ Black □ White □ Other (specify) □ Female □ Male □ Female □ Male Married □ Separated Unmarried (inc. single, divorced, widowed) a I * ■ * « to this information , Married Q Sepwnded Unmarried (inc. single, divorced, widowed) B I decline to furnish this information . (Initials) □ Other (specify) (Utisls)
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