STG COMPLIANCE AGREEMENT AND PRIVACY RELEASE

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STG COMPLIANCE AGREEMENT AND PRIVACY RELEASE

________________ (“Settlement Agent”)

Accuracy of Disclosed Fees

               (Initial here). 

               (Initial here).  Federal law mandates that all costs, fees, and other disbursements paid by any party to a real estate transaction in connection with a mortgage loan be reflected on the final Settlement Statement.   I/we understand this requirement and confirm that I/we have no knowledge of any costs, fees, or other disbursements being paid in connection with this real estate transaction that are not disclosed on the Settlement Statement, including, but not limited to, payments to the loan originator from any party other than the loan originator’s employer.

Insurance, Taxes and HOA Dues or Assessments

               (Initial here). 

               (Initial here).  I/we have been provided information relating to the payments required to be made for insurance, taxes, and homeowners’ association dues or assessments (if applicable). I/we have reviewed the actual or estimated payment amounts and believe the amounts to be accurate.  I/we are not aware of any additional insurance, taxes, or homeowners’ association dues or assessments that are required to be paid for the residential property subject to the mortgage loan.  

Compliance Agreement

               (Initial here). 

               (Initial here).  It is expressly agreed and understood between the undersigned parties that Settlement Agent is acting as Closing/ Settlement Agent in the above referenced transaction and shall in no way be liable as to the accuracy or completeness of any Payoff Statement and/or Assumption Statement that has been provided to Settlement Agent for the purposes of closing this transaction.  Settlement Agent has acted in good faith in compiling the data and information as set forth on the applicable Buyer/Borrower and Seller Settlement Statement(s). The undersigned agree that any additional funds due and payable after closing will be immediately paid by the responsible party/parties.  The undersigned further agree that in the event any of the documents required in this closing misstate or inaccurately reflect the true and correct terms and provisions thereof, and said misstatement or inaccuracy is due to unilateral mistake on the part of Settlement Agent, or mutual mistake on the part of the undersigned and Settlement Agent, or clerical error, then in such event, the undersigned shall upon request by Settlement Agent and in order to correct such misstatement or inaccuracy, execute such new documents or initial such corrected original documents as Settlement Agent may deem necessary to remedy said inaccuracy or mistake.

Suspension and Close Line of Credit

In connection with the above referenced Property, Settlement Agent has requested a payoff demand statement for the equity line of credit described below. Please freeze the loan amount to include only obligations incurred or draws I have made prior to and including the date of this letter under the terms and conditions of the above-numbered loan secured by the above-numbered mortgage or the surety instrument, recorded in _________________________ , of the Public Records of _______________ County, _________________ , and cancel the revolving credit loan for future advances.   I/we understand the ability to use this line of credit will be suspended for at least 30 days to accommodate this pending transaction. By signing below, I/we understand that I/we cannot use any credit cards, debit cards, or checks associated with this equity line of credit while it is suspended and all amounts will be due and payable upon closing/ close of escrow.  I/We agree to cease signing all checks and/or credit cards and/or drafts. I enclose all of the above which I have in my possession.  I/we also understand that when payment is made in accordance with the payoff demand statement, the line of credit will be permanently closed.  If any amounts remain due after the payment is made, I/we understand that I/we will remain personally liable for those amounts even if the line of credit has been closed and properly released.  This is my/our written authorization and instruction that you are to close the line of credit and cause the secured lien against this property to be released when you are in receipt of both this instruction and payment in accordance with your payoff demand statement. This is also a notice that I/We intend to sell or execute a new mortgage on the property. Under the laws of some States, future advances may be subordinate to the rights of a new lender or buyer.  I/we understand that our cooperation in this matter is essential to completing the real estate transaction contemplated with reference to the mortgaged property.

Lender name: ____________________________________________________

Account #: _______________________________________________________

Borrower Name: ___________________________________________________

Borrower Email: ___________________________________________________

Mailing Address (if different):_________________________________________

□   Not Applicable.   

               (Initial here).                           (Initial here). 

               (Initial here).                           (Initial here). 

Title Insurance Discount

               (Initial here).            

               (Initial here).   As part of our commitment to you, we want you to be aware of all available discounts you may have available when purchasing title insurance.  These discounts vary by state but may include reduced rates when you have previously purchased title insurance on the same property, when you are refinancing a current mortgage, when you are purchasing an owners’ and lenders’ title policy at the same time, or other discounts.  As part of the settlement process, the Settlement Agent was provided information about you on which to determine all available discounts.  Your title insurance rate was based on the information provided. Because we want you to pay the lowest available rate, please inform the Settlement Agent if you believe you may be entitled to one of the discounts discussed above.

Authorization to Obtain Information

               (Initial here).

               (Initial here). I/we, the undersigned, hereby authorize Settlement Agent to discuss with or inquire about and/or to request/receive information related to my/our mortgage loan accounts and/or any other account placed either voluntarily or involuntarily against either me/we individually or against my/our property, l/we further authorize you (i.e., the lender, bank, and/or creditor) to accept a copy of this signed document as authorization to discuss my account(s) with Settlement Agent and to release any and all requested information, including but not limited to, payoff statements, changes to instructions or payoff statements, demand letters, subordination agreements, satisfaction letters, paid-in- full letters, co-creditor information or attorney information.  Specifically, l/we authorize our lender to discuss with or respond to inquiries from Settlement Agent or to provide to Settlement Agent any information and/or document requested in connection with my/our mortgage described below:

Lender name: ____________________________________________________

Account #: _______________________________________________________

Borrower Name: ___________________________________________________

Borrower Email: ___________________________________________________

Mailing Address (if different):_________________________________________

□ Not Applicable

Release of Information

Settlement Agent requires consent from a proper party to the transaction to provide nonpublic personal information relating to that transaction to Real Estate Broker(s), Lender(s), and Mortgage Broker(s). The undersigned hereby authorize Settlement Agent to provide copies of any documents and other nonpublic personal information in connection with our transaction Real Estate Broker(s), Lender(s), and Mortgage Broker(s) as named and set forth below."  The undersigned Seller/Sellers or Buyer/Borrower(s) hereby authorize(s) Settlement Agent to release copies of the following documents:

____ Promissory Note

____ Deed of Trust

____ Truth in Lending

____ Closing Statement

____ Title Commitment

____ Other:_________________________________

To:

___  Listing Agent

___  Selling Agent

___  Mortgage Broker

___  Lender:                                                                                                             

___  The undersigned Seller(s)/ Buyer/Borrower(s) hereby decline(s) to authorize Settlement Agent to release copies of the above referenced documents to the Real Estate Broker(s), Lender(s), and Mortgage Broker(s).

Upon execution Settlement Agent will provide you with a copy of this document for your records and will also maintain a copy of this document in electronic format to be provided upon your request.

Dated:  ________________________

________________________________________________________

Seller 

________________________________________________________

Buyer/Borrower