Fraternity-Testvériség, 1995 (73. évfolyam, 1-4. szám)
1995-04-01 / 2-3. szám
Page 12 TESTVÉRISÉG ANNUAL STATEMENT COMMENTARY Continued STUDENT AID & LOAN FUND FINANCIAL STATUS - DECEMBER 31, 1994 Balance on Checking Acct. 12/31/1993 $1,667.89 Income in 1994 57,974.37 Disbursements 53,336.89 Balance 12/31/1994 6,305.35 STUDENT AID INVESTMENTS INCLUDE: Bonds: Pacific Bell (7.0%) $60,000.00 US Leasing International (7.2%) 40,000.00 Suzanne S. Virgulák, Treasurer HRFA MORTGAGE APPLICATION PROCEDURE On response to questions regarding our mortgage vi/application procedure, we submit the following guidelines for your information. Mortgages are granted as investment income becomes available. The applicant must be a member in good standing for a minimum of two years; on a joint application, at least one person must be a member to qualify. A letter of application should be addressed to the President. The request is transferred to the Treasurer, who sends information and application form to the member. TERMS: a. No building loans, commercial or industrial mortgages will be granted. b. This must be a first mortgage. c. The maximum loan is 70% of the appraised value of the applicant’s residential property (limited to a one-or two-family home), and is not to exceed $125,000 (resolved by Board of Directors, April, 1995). d. The maximum mortgage is a duration of twenty years. e. The interest rate to be charged on any mortgage loan will be determined by the Executive Committee. f. There is no pre-payment penalty. g. A $125.00 non-refundable application fee is required. h. An appraisal from a licensed appraiser is required. i. A credit report will be obtained by the HRFA in conjunction with your application. j. Information regarding the documents necessary to close the mortgage is supplied to the applicant by the Treasurer’s Department. k. All the necessary documents are reviewed and approved by the Legal Counsel. l. Refinancing of an existing mortgage with the HRFA has a 1% fee on the amount to be financed, with no application fee. m. A donation, in the name of the applicant, is made to the Student Aid & Loan Fund. This is done upon closing of the mortgage loan and submission of all necessary documents including the recorded mortgage and title insurance policy. The Federation still holds to its long standing tradition of granting mortgages to churches also. Information regarding application procedures for these mortgages may be obtained from the Treasurer’s Department. (Effective May 1, 1995) Suzanne S. Virgulák, Treasurer
