Welcome and thank you for your interest in our application for a M&F Home Equity Line of Credit.
Please note that you must be at least 18 years of age, and a U.S. citizen or U.S. resident alien to apply for a M&F Secure Loan. At this time, we only process applications for North Carolina residents.
Before you get started, please make sure you have the following information:
*Indicates a required field.
WHAT DOES M&F BANK DO WITH YOUR PERSONAL INFORMATION?
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.
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
- 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
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
For our marketing purposes -
to offer our products and services to you
For joint marketing with other financial companies
We don't share
For our affiliates' everyday business purposes -
information about your transactions and experiences
information about your creditworthiness
For nonaffiliates to market to you
Call toll-free 1-800-433-8283 Ext. 840 or go to www.mfbonline.com
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.
Companies related by common ownership or control. They can be financial and non-financial companies.
· M&F Bank does not share with our affiliates.
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.
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
· M&F Bank does not jointly market.
RIGHT TO RECEIVE A COPY OF APPRAISAL REPORT
Notice Date: 03/23/2017
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.
By signing below, you acknowledge that you have received this 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:
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
Web Address: www.mfbonline.com
This disclosure contains important information about our MasterLine Equity. You should read it carefully and keep a copy for your records.
else in connection with your application.
We can terminate your line of credit and require you to pay us the entire outstanding balance in one payment if:
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
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.
$10,000.00 at an ANNUAL PERCENTAGE RATE of 3.750%. During that period, you would make 120 payments of $31.25 followed by 120 payments of $100.06, with a final payment of $0.19.
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 $996.00 to $1,100.00. The following are an estimate of third party fees:
You must carry insurance on the property that secures the line of credit.
have already paid.
$100.00 and any credit advance made will be a multiple of this amount.
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).
If loan is $5,000 to $9,999
Year Index (%) Margin* (%) ANNUAL PERCENTAGE RATE (%) Minimum Monthly Payment ($)
If loan is between $10,000 and $14,999
If loan is greater than $15,000
ANNUAL PERCENTAGE RATE(%)
Minimum Monthly Payment($)
* 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: Signature(s):