Fraternity-Testvériség, 2000 (78. évfolyam, 1-4. szám)
2000-04-01 / 2. szám
Page 10 TESTVÉRISÉG From the Treasurer’s Office HRFA Mortgage Application Procedure In response to questions regarding our mortgage 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. The applicant must remain a member for the duration of the mortgage. Also, all premium dues must be up-to-date. A letter to request a mortgage loan should be addressed to the President of the HRFA. The request is transferred to the Treasurer, who sends information and an application form to the member. All questions regarding mortgage loans should be directed to the Treasurer’s Department. Statistics from the Annual Statement Year Ended December 31, 1999 • Total admitted assets $23,754,436 • Total liabilities 14,927,424 • Net investment income 1,447,301 • Unassigned funds (surplus) 8,827,008 • Net income 82,423 In capital and surplus • Insurance in force 44,777,000 • New insurance written in 1999 2,448,000 • Number of certificates in force: 14,234 • Number of certificates issued in 1999: 189 Benefits paid to members in 1999: Death 407,793 Matured 192,701 Surrender 211,868 Student Aid & Loan Fund of the HRFA TERMS: a. No building loans, commercial or industrial mortgages will be granted. b. This must be a first mortgage. c. The maximum loan is 80% of the appraised value of the applicant’s residential property (limited to a one or two family home). It is not to exceed a $200,000 principal. * d. The maximum term of a mortgage is up to 25 years. e. The interest rate to be charged on any mortgage loan will be determined by the Executive Committee. The interest is at a fixed rate. 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 required to close the mortgage are supplied to the applicant by the Treasurer’s Department. k. All the required documents are reviewed and must be approved by the Legal Counsel. l. Refinancing of an existing mortgage with the HRFA has a 1 % fee on the amount to be refinanced, with no application fee. m. The application fee is donated, in the name of the applicant, to the Student Aid Fund. This is done upon closing of the mortgage loan and submission of all necessary documents, including the recorded mortgage and title insurance policy. * Revised 3/22/2000 Spring Board Directors' Meeting Balance on checking account (12/31/98) Income - 1999 Disbursements — 1999 Balance - 12/31/1999 $5,923.29 21,451.09 8,050.00 19,374.38 Savings Accounts of the Student Aid & Loan Fund of the HRFA • Registered Bond 60,000.00 60M Pacific Bell • Registered Bond 40,000.00 40M US Leasing • RIMCO US Treasury MM 18,309.71 • Checking Account at Riggs National Bank 19,374.38 TOTAL ASSETS as of 12/31/1999 $137,684.09 Suzanne S. Virgulák, Treasurer PRESCRIPTION SAVINGS In late 1999, the HRFA teamed up with the Medical Security Card Company (MSC) to offer discounted pharmaceuticals to our members. Each member household will receive a free $cript$ave card directly from the MSC, which entitles them to typical savings of 5- 35% in numerous participating pharmacies and drug stores. Between December and March, 52 prescriptions were filled for HRFA members through the $cript$ave card for savings of over $270! The average amount saved per prescription was $5.00, amounting to overall cardholder savings for HRFA members of around 12%.
