new affiliatedbusinessarrangementdisclosurestatementnotice … · 2020. 2. 28. · reliant title...

Affiliated Business Arrangement Disclosure Statement Notice

To:

From: Privatus, LLC

Property:

Date:

This is to give you notice that Privatus, LLC, dba Private Label Realty ("Privatus") has a business relationshipwith the following companies in that Privatus and the listed companies are wholly owned by Tenura Holdings, Inc.(“Tenura”): Reliant Title Agency, LLC; AmeriFirst Insurance Agency, LLC; and AmeriPro Funding, Inc. Privatus has abusiness relationship with Southwest Land Title Insurance Company in that the ultimate owner of 99% of Southwest LandTitle Insurance Company also ultimately owns an 85% interest in Tenura. Because of this relationship, this referral mayprovide Privatus a financial or other benefit.

Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOTrequired to use the listed providers as a condition for the settlement of your loan on or the purchase, sale or refinance ofthe subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLEWITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARERECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.

Provider and Settlement Service

Reliant Title Agency, LLC -TitleInsurance Agency

Charge or Range of Charges

Owner's Title Insurance Policy ($100,001 to $1,000,000): Subtract$100,000 from Policy amount. Multiply by 0.00554 and round to thenearest whole dollar. Add $875.

Owner's Title Insurance Policy ($1,000,001 to $5,000,000): Subtract$1,000,000 from Policy amount. Multiple by 0.00456 and round to thenearest whole dollar. Add $5,861.

Title Services and Lender's Title Insurance Policy: $760 to $1040 (ifLender's Title Insurance Policy is issued simultaneously with Owner'sTitle Insurance Policy).

If Lender's Title Insurance Policy is issued separately from an Owner'sTitle Insurance Policy, then such policy will be calculated in the samemanner as Owner's Title Insurance Policy with any applicable credits asset forth by the Texas Department of Insurance, which can range from0% to 40%.

Policy premiums for title insurance are regulated by the TexasDepartment of Insurance.

Texas Form 10.10.14 of 2

Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com IABS Private

Southwest Land Title InsuranceCompany -Title Insurer (Underwriter)

AmeriPro Funding, Inc. -MortgageLender

AmeriFirst Insurance Agency, LLC -Insurance Agency

15% of all title insurance policy premiums.

Policy premiums for title insurance are regulated by the TexasDepartment of Insurance.

Pay 1% to 3% of loan amount.

Homeowner's Insurance Policy Premium* of $350 to $3,000 per year.

*Note: Premiums are subject to various rate factors

ACKNOWLEDGMENT

I/we have read this disclosure form, and understand that Privatus, LLC, dba Private Label Realty is referring me/us topurchase the above-described settlement services and may receive a financial or other benefit as the result of this referral.

Signature Date

Signature Date

Texas Form 10.10.14 of 2


11/2/2015

Information About Brokerage ServicesTexas law requires all real estate license holders to give the following information about

brokerage services to prospective buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS:● A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.● A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER'S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):● Put the interests of the client above all others, including the broker's own interests;● Inform the client of any material information about the property or transaction received by the broker;● Answer the client's questions and present any offer to or counter-offer from the client; and● Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner,usually in a written listing to sell or property management agreement. An owner's agent must perform the broker's minimum dutiesabove and must inform the owner of any material information about the property or transaction known by the agent, includinginformation disclosed to the agent or subagent by the buyer or buyer's agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through awritten representation agreement. A buyer's agent must perform the broker's minimum duties above and must inform the buyer of anymaterial information about the property or transaction known by the agent, including information disclosed to the agent by the seller orseller's agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the writtenagreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold orunderlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:● Must treat all parties to the transaction impartially and fairly;● May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and

buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.● Must not, unless specifically authorized in writing to do so by the party, disclose:

○ that the owner will accept a price less than the written asking price;○ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and○ any coincidental information or any other information that a party specifically instructs the broker in writing not to

disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent thebuyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:● The broker's duties and responsibilities to you, and your obligations under the representation agreement.● Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation foryou to use the broker's services. Please acknowledge receipt of this notice below and retain a copy for your records.

Licensed Broker /Broker Firm Name or License No. Email PhonePrimary Assumed Business Name

Designated Broker of Firm License No. Email Phone

Licensed Supervisor of Sales Agent/ License No. Email PhoneAssociate

Sales Agent/Associate's Name License No. Email Phone

Buyer/Tenant/Seller/Landlord Initials Date

Regulated by the Texas Real Estate Commission Information available at www.trec.texas.govIABS 1-0 Date

Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com

Private Label Realty 583934 [email protected] (512)461-2121

Charles Galati 427056 [email protected] (512)656-4243

Chase Burris 510100 [email protected] (512)524-8886

Margaret Horton or Walter Horton 626940,618286 [email protected] (512)297-3144

IABS Private

GLOSSARY4506-TAsset Verification

CFPB

Closing / Consummation

Closing DisclosureDisbursement AuthorizationEarnest MoneyHOA (Homeowners Association)

Income VerificationLender

Pre-qualification

Processing

RESPA

Seller Payoff

T-47Tax CertTitle Commitment

TRID

Truth in Lending Act- TILA

Underwriting (UW)

Underwriting Conditions

Form used in connection with obtaining federal income tax return tran script(s) from the Internal Revenue Service in order to verify income for underwriting purposes.

A written verification of one's financial assets or funds by a bank or financial institution to be used as evidence of funds available for down payment and closing costs for underwriting purposes by thelender.

The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Its jurisdiction includes banks,credit union s, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, other financial companies operating in the United States. The CFPB's creation was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007-08

The final transaction between a buyer and seller of real property. At the closing, all agreements between buyer and seller are finalized , documents are signed and exchanged, money passes to the seller,and title to the property passes to the buyer.

The CFPB's new Closing Disclosure form helps borrowers know what to expect on closing day and how much money they' ll need to bring to the table.

Instructions given by the broker to title on how the real estate commissions will be disbursed.

A deposit made by the potential home buyer to show that he or she is serious about buying the house.

A homeowners' association (HOA) is usually a not-for-profit organization established by a community that governs rules regarding what can and cannot occur in homes, and al so determines the rules andmoney spent on shared property.

A written verification of your earnings or benefit status by an employer or CPA to be used as proof of income for underwriting purposes by the lender.

Lenders or creditors are banks, mortgage banks, or other financial institutions that issue loan s. Unlike mortgage brokers, lenders control the whole process - from application to underwriting to fundingyour mortgage.

The process of determining whether a prospective borrower has the ability, meaning sufficient assets and income, to repay a loan. Qualification is sometimes referred to as "pre-qualification" because it issubject to verification of the information provided by the applicant. Qualification is short of approval because it does not take account of the credit history of the borrower. Qualified borrowers may ultimatelybe turned down because, while they have demonstrated the capacity to repay, a poor credit history suggests that they may be unwilling to pay. For articles on qualification, see Qualifying For a Mortgage.Also see Mortgage Concepts Home Buyers Should Know.

Compiling and maintaining the file of information about a mortgage transaction, including the credit report, appraisal, verification of employment and assets, and so on. The processing file is handed off tounderwriting for the loan decision.

Real Estate Settlement and Procedures Act -This act was designed to protect potential homeowners and enable them to become more intelligent consumers. RESPA requires that lenders provide greateramounts of information to prospective borrowers at certain points in the loan settlement process. It al so prohibits the various parties involved from paying kickbacks to each other.

A statement prepared by a lender showing the remaining terms on a mortgage or other loan of the Seller in connection with the sale of the property. The payoff statement shows the remaining loanbalance and number of payments and the rate of interest.

The T-47 is a Residential Real Property Affidavit. It's a notarized document that tells the buyer of your home what you know about the home's boundaries.

Certificates issued by tax service showing the current year's taxes, the last year the taxes were paid, and any delinquencies to be collected at closing.

A title commitment is the document by which a title insurer discloses to all parties connected with a particular real estate transaction all the liens, defects, and burdens and obligations that affect thesubject property.

TRID stands for TlLA-RESPA Integrated Disclosure. TILA stands for Truth in Lending Act, and RESPA stands for the Real Estate Settlement Procedures Act. TRID refers to the new integrated disclosuresfor real estate transactions implemented by the Consumer Finance Protection Bureau (CFPB). On August 1st of 2015, the CFPB is consolidating existing mortgage disclosures from four forms, to two forms. The CFPB is integrating the Good Faith Estimate (GFE) and Early Truth in Lending (TIL) into one document called the Loan Estimate (LE). The HUD-1 and Final TIL will be integrated into one documentcalled the Closing Disclosure (CD).

A federal law enacted in 1968 with the intention of protecting consumers in their dealings with lenders and creditors by requiring disclosures about loan terms and costs and to standardize the manner in which costs associated with borrowing are calculated and disclosed.

The process of examining all the data about a borrower's property and transaction to determine whether the mortgage applied for by the borrower should be issued. The person who does this is called anunderwriter.

The documentation needed to fulfill the standards imposed by lenders in determining whether a borrower qualifies for a loan. These standards are more comprehensive than qualification requirements inthat they include an evaluation of the borrower's creditworthiness.


new affiliatedbusinessarrangementdisclosurestatementnotice … · 2020. 2. 28. · reliant title...

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