Equal Credit Opportunity Act

The purpose of this regulation is to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract) or to the fact that all or part of the applicant’s income derives from a public assistance program. The regulation also requires creditors:

• To notify applicants of action taken on their applications;
• To report credit history in the names of both spouses on an account;
• To retain records of credit applications;
• To collect information about the applicant’s race and other personal characteristics in applications for certain dwelling-related loans;
• To provide applicants with copies of appraisal reports used in connection with credit transactions.

If you feel that we have violated your rights under this regulation in any way, you may contact the Federal Agency that administers compliance with this law concerning this creditor:

Western Region
Federal Trade Commission
901 Market Street, Suite 570
San Francisco, CA 94103
1-877-FTC-HELP (382-4357)

• Credit Score Information Disclosure

In connection with your application for a home loan, the lender must disclose to you the score that a consumer reporting agency distributed to users and the lender used in connection with your home loan, and the key factors affecting your credit scores. If you have any questions about your credit score or the credit information that is furnished to you, contact the consumer reporting agency at the address and telephone number provided with the notice. The consumer reporting agency plays no part in the decision to take any action on your loan application and is unable to provide you with specific reasons for the decision the lender made on your loan application.  The consumer reporting agencies listed below may provide a credit score used in connection with your home loan application.

Experian Information Services
P.O. Box 949
Allen, TX  75013
888-397-3742

Trans Union Information Services
P.O. Box 390
Springfield, PA  19064
800-916-8800

Equifax Information Services
P.O. Box 740241
Atlanta, GA  30374
800-685-1111

• Fair and Accurate Credit Transactions Act

This new law, amending the Fair Credit Reporting Act, helps to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and limits the use and sharing of medical information in the financial industry. To obtain more information about this and other consumer credit reporting regulations, you may visit the Federal Trade Commission’s website at:  http://www.ftc.gov, then click on the link “Fair Credit Reporting Act”.

• Truth in Lending Act

This regulation’s purpose is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. The regulation also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer’s principal residence. Every lender is required to provide an estimated statement of loan terms and conditions to a prospective borrower within three (3) business days of receiving an application for a loan.  This estimated statement provides information to the consumer regarding, but not limited to, the annual percentage rate, the amount of the principal balance of the loan, the amount financed, the term of the loan, whether or not a prepayment penalty applies to the loan program offered, and payment information. More information may be obtained about this and other consumer protection regulations by visiting the Federal Deposit Insurance Corporation’s website at: http://www.fdic.gov/consumers