Mortgage Binder Form
FOR ORIGINATING MORTGAGES ONLY – TRANSFER FROM A SELLER TO A BUYER
This form is ONLY for an originatingmortgage closing that is for at least 50% of the value of the structure and for a term of at least 10 years. The following transactions are NOT considered an originating mortgage: line of credit, second mortgage, refinance, construction loans, credit card with equity line of credit, any type of personal loan, 30-day notes, 60-day notes, or similar instruments, or any financial arrangement that does not meet the Association’s definition of originating mortgage.
A properly completed application with service fee, photos, value computation, copy of the signed Department of Housing & Urban Development Settlement Statement, copy of this binder form, and an agency check for the full net premium MUST be received in our office on or before the binder expiration date. If all documents are not received, the binder is null and void and a 16 day waiting period will apply to the submission.
Mortgage binders for mortgage closings will be accomplished as requested. 24 hour notice is preferred but we will process binders with less notice based on staff availability.
Mortgage binders applications will not be accepted when a weather forecast designated by the U. S. Weather Bureau as a Hurricane, Tropical Depression or Tropical Storm is in the Gulf of Mexico or within the boundaries of 80 degrees west longitude and 20 degrees north latitude.
