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M&F Bank Loan Disclosure Documents

==========================================Privacy Statement===============================

WHAT DOES M&F BANK DO WITH YOUR PERSONAL INFORMATION?

FACTS

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

- Social Security number

- payment history

- income

- transaction or loss history

- account balances

- account transactions

When you are no longer our customer, we continue to share your information as described in this

notice.

How?

All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons M&F Bank chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information

Does M&F Bank share?

Can you limit this sharing?

For our everyday business purposes -

such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

Yes

No

For our marketing purposes -

to offer our products and services to you

Yes

No

For joint marketing with other financial companies

No

We don't share

For our affiliates' everyday business purposes -

information about your transactions and experiences

No

We don't share

For our affiliates' everyday business purposes -

information about your creditworthiness

No

We don't share

For nonaffiliates to market to you

No

We don't share

Questions?

Call toll-free 1-800-433-8283 Ext. 840 or go to www.mfbonline.com

 


Rev. 01/2011

Page 2

Who We Are

Who is providing this notice?

M&F Bank means Mechanics & Farmers Bank.

What We Do

How does M&F Bank protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

We also maintain other physical, electronic and procedural safeguards to protect this information and we limit access to information to those employees for whom access is appropriate.

How does M&F Bank collect my personal information?

We collect your personal information, for example, when you

- open an account

- pay your bills

- apply for a loan

- use your credit or debit card

- make deposits or withdrawals from your account

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

· sharing for affiliates' everyday business purposes - information about your creditworthiness

· affiliates from using your information to market to you

· sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates

Companies related by common ownership or control. They can be financial and non-financial companies.

· M&F Bank does not share with our affiliates.

Nonaffiliates

Companies not related by common ownership or control. They can be financial and non-financial companies.

· M&F Bank does not share with nonaffiliates so they can market to you.

Joint Marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

· M&F Bank does not jointly market.

============================E-SIGN Disclosure==================================================

E-SIGN Disclosure

 

Please read this E-SIGN Disclosure carefully and keep a copy for your records.

The following disclosures are required by the federal Electronic Signatures in Global and National Commerce Act (“E-SIGN”). They are necessary to open your account electronically. By clicking in the boxes next to the documents on this page and/or the following pages (or, where applicable, clicking “Accept” or “I Accept” next to the documents), you are consenting to electronically receive the relevant account-opening disclosures, notices, terms and conditions, and other documents contained therein (collectively, the “Electronic Disclosures”).

Hardware and Software Requirements. In order to access, view, and retain the Electronic Disclosures, you must have:

  • a personal computer, operating system and a telecommunication connection to the Internet capable of receiving, accessing, displaying and either printing or storing e- Statements and Disclosures you receive from us electronically via access to our website;
  • an Internet browser that supports 128-bit encryption, cookies, and pop-up windows;
  • sufficient storage capacity on your computer’s hard drive or other data storage unit;
  • Adobe Reader 6.0 or higher; and
  • an e-mail account with an Internet service provider and the appropriate

You also confirm that your electronic device will meet these specifications and requirements and will permit you to access and retain the Electronic Disclosures each time you access and use the M&F Bank online account opening service.

Please click on the PDF files or HTML links, select Print, select your printer and click on OK or select Save to retain a copy on your PC. If you are working on a public computer, you should not engage in online account opening.

How to Obtain Paper Copies. You may obtain paper copies of any of the Electronic Disclosures by notifying us at Eservices@mfbonline.com or writing to us at M&F Bank, Attn: Loan Operations, 2634 Durham Chapel Hill Blvd., Durham, NC 27707.

MASTERLINE EQUITY DISCLOSURE

2634 Durham-Chapel Hill Boulevard
Durham, NC 27707
Telephone: 919-687-7811
Web Address: www.mfbonline.com


Lender

 

{Name (First):19.3} {Name (Last):19.6} Co-Borrower: {Name (First):167.3} {Name (Last):167.6}
{Address Information (Street Address):34.1}
{Address Information (Address Line 2):34.2}
{Address Information (City):34.3}, {Address Information (State / Province):34.4} {Address Information (ZIP / Postal Code):34.5}
Phone: {Welcome_phone:223} Email Address: {welcome_email_address:222}


Borrower


MASTERLINE EQUITY


This disclosure contains important information about our MasterLine Equity. You should read it carefully and keep a copy for your records.

1. AVAILABILITY OF TERMS. All of the terms described below are subject to change. If these terms change (other than the annual percentage rate), and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you have paid to us or anyone else in connection with your application.

2. SECURITY INTEREST. We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.

3. POSSIBLE ACTIONS. Under certain circumstances, we can:

    A. Terminate your line of credit and require you to pay us the entire outstanding balance in one payment;

    B. Refuse to make additional extensions of credit; and

    C. Reduce your credit limit.

We can terminate your line of credit and require you to pay us the entire outstanding balance in one payment if:

    A. You engage in fraud or material misrepresentation in connection with the line of credit;

    B. You fail to make a payment as required by the agreement; or

    C. Your action or inaction adversely affects the collateral or our rights in the collateral.

We can refuse to make additional extensions of credit or reduce your credit limit if:

    A. The value of the dwelling securing the line of credit declines significantly below its appraised value for purposes of the line of credit;

    B. We reasonably believe you will not be able to meet the repayment requirements under the line of credit due to a material change in your financial circumstances;

    C. You are in default of a material obligation of the agreement;

    D. Government action prevents us from imposing the annual percentage rate provided for in the agreement, or impairs our security interest such that the value of the interest is less than 120 percent of the credit limit on the line of credit;

    E. A regulatory agency has notified us that continued advances would constitute an unsafe and unsound practice; or

    F. The maximum annual percentage rate is reached.

4. MINIMUM PAYMENT REQUIREMENTS. You can obtain credit advances for 120 months (the "draw period"). During this period, payments will be due monthly. Your minimum monthly payment will equal the following:

* The amount of accrued finance charges on the last day of the billing cycle.

The minimum payment amount will be rounded down to the nearest $.01. The minimum monthly payments during the draw period will not reduce the principal that is outstanding on your line of credit.

After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your line of credit (the "repayment period.") The length of the repayment period is 120 months. During the repayment period, payments will be due monthly. Your minimum monthly payment will equal the greater of the following:

* $20.00; or

* An amortized payment of the loan account balance on the last day of the draw period. This balance will be amortized over 120 months.

The minimum payment may change whenever the annual percentage rate changes. The minimum payment amount will be rounded to the nearest $.01. The minimum monthly payments may not be sufficient to fully repay the principal that is outstanding on your line of credit by the end of the repayment period. If they are not, you will, to the extent permitted by law, be required to pay the entire balance in a single payment.

Balances of less than $20.00 must be paid in full.

5. MINIMUM PAYMENT EXAMPLE.
If line amount is $75,000 or above
If you made only the minimum monthly payment and took no other credit advances, it would take 20 years and 1 month to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 4.000%. During that period, you would make 120 payments of $33.33 followed by 120 payments of $101.24, with a final payment of $0.71.

If line amount is between $50,000 and $74,999
If you made only the minimum monthly payment and took no other credit advances, it would take 20 years and 1 month to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 4.500%. During that period, you would make 120 payments of $37.50 followed by 120 payments of $103.63, with a final payment of $1.26.

If line amount is between $25,000 and $49,999
If you made only the minimum monthly payment and took no other credit advances, it would take 20 years and 1 month to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 5.000%. During that period, you would make 120 payments of $41.67 followed by 120 payments of $106.06, with a final payment of $0.83.

If line amount is between $15,000 and $24,999
If you made only the minimum monthly payment and took no other credit advances, it would take 20 years and 1 month to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 6.000%. During that period, you would make 120 payments of $50.00 followed by 120 payments of $111.02, with a final payment of $0.02.

6. FEES AND CHARGES. To open and maintain a line of credit, you must pay the following fees to us:

* Returned Check Charges: $30.00
* Stop Payment: $30.00 (due per transaction)
Note that some fees may only apply upon the occurrence of an event and have been provided for informational purposes only. You must also pay certain fees to third parties, such as appraisers, credit reporting firms, and government agencies. These fees generally total between $996.00 and $1,100.00.

The following are an estimate of third party fees:

* Attorneys: $500.00
* Credit Report: $6.00
* Flood Insurance Determination Charge: $7.00
* Hazard Insurance: $50.00
* Recording - Deed: $56.00
* Title Insurance: $50.00
* Flood Insurance Monitoring Charge: $3.00

You must carry insurance on the property that secures the line of credit.

7. REFUNDABILITY OF FEES. If you decide not to enter into this plan within three days of receiving this disclosure and the Home Equity Booklet, you are entitled to a refund of any fee you may have already paid.

8. MINIMUM DRAW REQUIREMENTS. The minimum credit advance that you can receive is $100.00 and any credit advance made will be a multiple of this amount.

9. TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the line of credit.

10. VARIABLE RATE FEATURES. This line of credit has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum monthly payment can change as a result. The annual percentage rate includes only interest and no other costs. The annual percentage rate is based on the value of an index. The index is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks known as the Wall Street Journal U.S. Prime Rate and is published in the Wall Street Journal. To determine the annual percentage rate that will apply to your line of credit, we add a margin to the value of the index. Ask us for the current index value, margin, and annual percentage rate. After you open a line of credit, rate information will be provided on periodic statements that we send you.

11. RATE CHANGES. The annual percentage rate can change monthly. There is no limit on the amount by which the rate can change in any one year period. The maximum ANNUAL PERCENTAGE RATE that can apply during the line of credit is 18.000 percent. The minimum ANNUAL PERCENTAGE RATE that can apply during the line of credit is 0.500 percent.

12. MAXIMUM RATE AND PAYMENT EXAMPLES. If you had an outstanding balance of $10,000.00 at the beginning of the draw period, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 18.000 percent would be $150.00. The maximum annual percentage rate during the draw period could be reached in the 1st month (1 month) following an initial hold of 1 month.

If you had an outstanding balance of $10,000.00 at the beginning of the repayment period, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 18.000 percent would be $180.18. The maximum annual percentage rate during the repayment period could be reached in the 2nd month (2 months).

13. HISTORICAL EXAMPLES. The following table shows how the annual percentage rate and the minimum payments for a single $10,000.00 credit advance would have changed based on changes in the index over the last 15 years. The index values are from the last business day of the preceding month December. While only one payment amount per year is shown, payments would have varied during each year. The table assumes that no additional credit advances were taken, that only the minimum payment was made, and that the rate remained constant during each year. It does not necessarily indicate how the index or your payments would change in the future.


if lines amount if between $15,000 - 24,999

Year

 

Index

Margin* (%)

ANNUAL PERCENTAGE RATE

Minimum Monthly Payment

(%)

(%)

($)

2002

4.75

2.50

7.25

60.42

2003

4.00

2.50

6.50

54.17

2004

4.25

2.50

6.75

56.25

2005

6.25

2.50

8.75

72.92

2006

8.25

2.50

10.75

89.58

2007

8.25

2.50

10.75

89.58

2008

5.00

2.50

7.50

62.50

2009

3.25

2.50

5.75

47.92

2010

3.25

2.50

5.75

47.92

2011

 

3.25

2.50

5.75

47.92

2012

(O)

3.25

2.50

5.75

109.75

2013

3.25

2.50

5.75

109.76

2014

3.25

2.50

5.75

109.77

2015

3.25

2.50

5.75

109.77

2016

 

3.50

2.50

6.00

110.55

 

 

if lines amount if between $25,000 - 49,999

Year

 

Index

Margin* (%)

ANNUAL PERCENTAGE RATE

Minimum Monthly Payment

(%)

(%)

($)

2002

4.75

1.50

6.25

52.08

2003

4.00

1.50

5.50

45.83

2004

4.25

1.50

5.75

47.92

2005

6.25

1.50

7.75

64.58

2006

8.25

1.50

9.75

8.25

2007

8.25

1.50

9.75

81.25

2008

5.00

1.50

6.50

54.17

2009

3.25

1.50

4.75

39.58

2010

3.25

1.50

4.75

39.58

2011

 

3.25

1.50

4.75

39.58

2012

(O)

3.25

1.50

4.75

104.84

2013

3.25

1.50

4.75

104.84

2014

3.25

1.50

4.75

104.85

2015

3.25

1.50

4.75

104.85

2016

 

3.50

1.50

5.00

105.60

 

if line amount is between $50,000.00 and $74,999

Year

 

Index

Margin* (%)

ANNUAL PERCENTAGE RATE

Minimum Monthly Payment

(%)

(%)

($)

2002

4.75

1.00

5.75

47.92

2003

4.00

1.00

5.00

41.67

2004

4.25

1.00

5.25

43.75

2005

6.25

1.00

7.25

60.42

2006

8.25

1.00

9.25

77.08

2007

8.25

1.00

9.25

77.08

2008

5.00

1.00

6.00

50.00

2009

3.25

1.00

4.25

35.42

2010

3.25

1.00

4.25

35.42

2011

 

3.25

1.00

4.25

35.42

2012

(O)

3.25

1.00

4.25

102.43

2013

3.25

1.00

4.25

102.43

2014

3.25

1.00

4.25

102.44

2015

3.25

1.00

4.25

102.43

2016

 

3.50

1.00

4.50

103.18

  

 

if line amount is $75,000 and above

Year

 

Index

Margin* (%)

ANNUAL PERCENTAGE RATE

Minimum Monthly Payment

(%)

(%)

($)

2002

4.75

0.50

5.25

47.92

2003

4.00

0.50

4.50

41.67

2004

4.25

0.50

4.75

43.75

2005

6.25

0.50

6.75

60.42

2006

8.25

0.50

8.75

77.08

2007

8.25

0.50

8.75

77.08

2008

5.00

0.50

5.50

50.00

2009

3.25

0.50

3.75

35.42

2010

3.25

0.50

3.75

35.42

2011

 

3.25

0.50

3.75

35.42

2012

(O)

3.25

0.50

3.75

102.43

2013

3.25

0.50

3.75

102.43

2014

3.25

0.50

3.75

102.44

2015

3.25

0.50

3.75

102.43

2016

 

3.50

0.50

4.00

103.18

* This is a margin we have used recently; your margin may be different.
   (O) The repayment period begins in this year.

This is not a commitment to make a loan.

You hereby acknowledge receipt of this Home Equity Plan Disclosure and a copy of the Home Equity Brochure on today's date.

Date Completed: {date_mdy}  
  Signature(s):

Computer IP Address: {ip}


-----------END OF DOCUMENT--------------



======================== RIGHT TO RECEIVE A COPY OF APPRAISAL REPORT =====================

RIGHT TO RECEIVE A COPY OF APPRAISAL REPORT

Borrower(s): {Name (First):19.3} {Name (Last):19.6} : {Co-Applicant Name (First):167.3} {Co-Applicant Name (Last):167.6}

==========================================

Notice Date: {date_mdy}

==========================================

Property Address:

{Collateral Property Information - Address (Street Address):89.1} {Collateral Property Information - Address (Address Line 2):89.2} {Collateral Property Information - Address (City):89.3}, {Collateral Property Information - Address (State / Province):89.4} {Collateral Property Information - Address (ZIP / Postal Code):89.5} ==========================================

NOTICE

We may order an appraisal to determine the property’s value and charge you for this appraisal. We will promptly give you a copy of any appraisal even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost.

Acknowledgment

By signing below, you acknowledge that you have received this Disclosure.

_________________________________________

_________________________________________

Copyright © 2015 - 2018 M&F Bank

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