CONSUMER PROTECTION LAWS AND YOUR RIGHTS AS A BORROWER

WHOLESALE MORTGAGE CO., INC. is licenses under the laws of the state of Texas and by state law subject to regulatory oversight by the Texas Department of Savings and Mortgage Lending. Any consumer wishing to file a complaint against WHOLESALE MORTGAGE CO., INC. should complete, sign, and send a complaint form to The Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be downloaded and printed from the Department’s web-site located at www.sml.state.tx.us or obtained from the department upon request by mail at the address above, by telephone at it’s toll-free consumer hotline at 1-877-276-5550, by fax at 512-475-1360, or by email at smlinfo@sml.state.tx.us .

The Department maintains the Mortgage Broker Recovery Fund to make payments of certain types of judgments against a Mortgage Broker or Loan Officer. Not all claims are compensable and a court must order the payment of a claim from the Recovery Fund before the Department may pay a claim. For more information about the Recovery Fund, please consult subchapter F of the Mortgage Broker License Act on the Department’s website referenced above.

FAIR HOUSING ACT
The Fair Housing Act is part of the Civil Rights Act of 1968. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sales, lease, or rental of housing, or makes housing otherwise unavailable, because of race, color, religion, sex, handicap, family status, or natural origin.

FAIR CREDIT REPORTING ACT
The Fair Credit Reporting Act is designed to promote accuracy, fairness and privacy of information used in the process of granting credit. All the information in your personal credit history is supplied by public record sources, credit grantors and others to credit reporting agencies. This act gives you specific rights in dealing with these agencies. You may request a free copy of your credit report from one of the agencies within 60 days of the unfavorable action.

Equifax- 800-685-1111 - http://www.equifax.com

Trans Union – 800-888-4213 - http://www.transunion.com

Experian – 800-422-4879 – http://www.experian.com

EQUAL CREDIT OPPORTUNITY ACT
The Equal Credit Opportunity Act ensures that all consumers are given an equal chance to obtain credit. This does not mean that all consumers who apply for credit receive it: Factors such as income, expenses, debt, and credit history are all considerations for creditworthiness. This law protects you from a creditor discouraging you from applying because of sex, marital status, age, race, national origin, or because you receive public assistance income.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
In 1974, the Real Estate Settlement Procedures Act (RESPA) was enacted to ensure that buyers are informed regarding the amount and type of charges they will pay at closing. This was created to ensure that borrowers throughout the country are provided with greater and more timely information on the nature of the costs associated with getting a mortgage loan. Federal regulation requires that within three days of your initial loan application, you receive a disclosure of estimated settlement costs on what is known as a “Good Faith Estimate.” RESPA was also created to regulate the amount of money borrowers are required to place in escrows for taxes and insurance.

TRUTH-IN-LENDING ACT
The Truth-In-Lending Act is implemented by the Federal Reserve Regulation Z and requires that lenders disclose the annual percentage rate (APR) of interest and finance charges imposed on consumers. The intent of this act is to help borrowers understand loan transactions.