Fraternity-Testvériség, 2001 (79. évfolyam, 1-4. szám)
2001-01-01 / 1. szám
Page 6 TESTVÉRISÉG 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 31,2000 • Total admitted assets $23,313,342 • Total liabilities 14,727,995 • Net investment income 1,553,829 • Unassigned funds (surplus) 8,551,262 • Net income (226,276) In capital and surplus • Insurance in force 45,511,184 • New insurance written in 2000 2,435,807 • Number of certificates in force: 13,830 • Number of certificates issued in 2000: 257 Benefits paid to members in 2000: 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 $250,000 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. Death 369,505 Matured 171,422 Surrender 208,690 Student Aid & Loan Fund of the HRFA Balance on checking account $19,374.38 (12/31/99) Income - 2000 37,868.92 Disbursements - 2000 38,918.06 Balance- 12/31/2000 18,325.24 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 • Citicorp 25,000.00 • Checking Account at Riggs National Bank 18,325.24 TOTAL ASSETS as of 12/31/2000 $143,325.24 SuzanneS. Virgulák, Treasurer * Revised at the Spring Board Directors ’ Meeting 2001
