Narrative for Two-Borrower Purchase Primary Residence ...



Narrative for Two-Borrower Purchase Primary Residence Fixed Rate Loan In this use case, the URLA-Borrower and URLA-Additional Borrower forms are used, along with the URLA-Lender form.Borrower Information The CoupleJohn A. and Mary Ann Homeowner are married with 2 children aged 10 and 14. The couple is applying in person for joint credit to purchase a home. They have been renting an apartment at 175 13th Street, #1A, Washington, DC, 12345 for 18 months, paying $1,500 per month. Their home phone number is 999-222-1234. Prior to moving to their current residence, John and Mary Ann rented a house at 123 Main Street, Washington, DC, 67890 for 2 years and 10 months. There, they paid rent of $1,200 per month.Financial InformationJohn and Mary Ann report the following shared assets, all deposited at Treasury CU:$9,000 in a checking account #554466. This balance includes a $5000 gift from John’s mother.$100,000 in a money market account #554468$2,500 in bonds in account #554467.The couple provided a $10,000 deposit toward the purchase of the home. They do not own any real estate.John and Mary Ann have the following debts:$1,350 on their VISA account 1111222233334444, which they are paying off at $50 per month$800 on their MasterCard account 9999888877776666, paying off at $35 per monthThey usually put about $2,500 on their American Express account 5555666644443333, which will be paid off at or before closing.JohnPersonal DetailsJohn, (who also goes by John Adams Homeowner), is a US Citizen with Social Security Number of 123-45-6789 and a birth date of January 1, 1980. He decided not to disclose his language preference or his ethnicity, gender, or race on his loan application. Contact InformationJohn also can be reached at one of the following phone numbers: a) Cell at 999-333-5678 and b) Work at 999-444-9876, ext. 321. His email address is johnhomeowner@. Employment and IncomeJohn has been on active duty as an army intelligence officer since May 2008, and his service is projected to end in December 2020. John has been working in intelligence for the past 8 years. His duty station is located at 1600 Pennsylvania Avenue, Washington DC, 20500. The number at the switchboard there is 999-222-1111. His compensation includes $7,680 per month of base pay, and $2,700 of various military entitlements. John is also the owner of John A. Homeowner Internet Sales with 25% or more share of ownership, which he started on January 1, 2010 and operates out of his basement at home. He has 6 years of experience in internet sales. This business supplements his military income by $500/month. He also receives $100 per month of interest and dividends income.Financial InformationJohn has the following liabilities:John has a Discover account # 7777888899990000 with a balance of $750, paying off at $40 per month. John pays $1200 per month for child support. Financial ResponsibilityJohn declared on his loan application that he intended to occupy the subject property as his primary residence. He responded negatively to the rest of the questions under the Declarations section.John took some Web-based homeownership education provided by a HUD-approved Housing Counseling Agency, ID# 1234567. He finished the training in February 2018.Mary AnnPersonal DetailsMary Ann has been issued credit in the past under the following names: a) Mary A. Homeowner; b) Mary Ann Diaz; and c) Mary A. Diaz. She is a US Citizen with Social Security Number of 111-22-3333 and a birth date of June 6, 1980. Mary Ann’s preferred language is Italian. She reported her ethnicity as Hispanic or Latino, then checked Other Hispanic or Latino with an origin of Nicaraguan. She indicated her gender as female and her race as white. Contact InformationShe can be reached on her cell phone at 999-444-4321 or via email at maryahomeowner@. IncomeShe receives $250 per month of income from royalties.Financial ResponsibilityMary Ann shares all assets with her husband, John, except for her savings account #371722 with a balance of $6,000.Mary Ann declared on her loan application that she intended to occupy the subject property as her primary residence. She responded negatively to the rest of the questions under the Declarations section.Loan and Property InformationJohn and Mary Ann are purchasing a detached, single family house at 123 Anywhere Street, Washington, DC, 12345. The property is not located in a project or a Planned Unit Development, and the loan will not be used for making any energy improvements. The property was appraised at $275,000, which is the same as the sales price. There will not be space set aside to operate any business from this location. Title to the property, held in fee simple, will be granted as Joint Tenants with Right of Survivorship in the names of John A. Homeowner and Mary Ann Homeowner.Lender InformationThe couple applied at the offices of loan origination company ABC Lender, located at123 Note Rate Way, Washington, DC, 12345, with NMLSR ID 12345678. The loan officer was Larry Lender, NMLSR ID 654321 and DC License # of 11111111. Larry’s office phone is 999-888-7777 and his email is larrylender@.Since John did not complete Section 7, Demographic Information on the loan application, Larry provided the information that John was a white male, Not Hispanic or Latino.Loan InformationLarry offered the couple a 30-year, fixed-rate, conventional loan in the amount of $210,000, at an interest rate of 3.00%. The loan has no other special features. At the same time, they took out a $10,000 Home Equity Line of Credit (HELOC) with the initial draw amount of $2500. The HELOC monthly payment will be $50. (The $2,500 is considered the other new mortgage loan amount). Their proposed monthly payment breaks out as follows: First mortgage principal and interest - $885.37HELOC principal and interest - $50.00Homeowner’s Insurance - $75.00Property taxes - $100.00Closing InformationThe couple are paying off their $2,500 American Express balance at or before closing. Their estimated closing costs are $3,000. ABC Lender is charging them $2,100 in discount points which the property seller agreed to pay. ................
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