Fraternity-Testvériség, 1998 (76. évfolyam, 1-4. szám)
1998-01-01 / 1-2. szám
LI FRATERNITY Page 7 FROM THE TREASURER’S OFFICE HRFA Mortgage Application Procedure In response to questions regarding our mortgage 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. 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. The request is transferred to the Treasurer, who sends information and an 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). It is not to exceed a $150,000 principal.* d. The maximum term of a mortgage is twenty 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 HRFA has a 1 % fee on the amount to be financed, 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. * Please note under c: That the principal amount was raised to $150,000, per resolution of the Board of Directors at the 1998 Spring Meeting. Suzanne S. Virgulák, Treasurer > > > > > > > > > > > Statistics from the Annual Statement Year Ended December 31, 1997 Total admitted assets $ Total liabilities Net investment income Net premium income Unassigned funds (surplus) Net income Increase (decrease) in capital and surplus Insurance in force New Insurance written in 1997 23,501,186 14,467,825 1,409,646 497,620 9,033,361 270,060 822,363 44,551,371 1,966,000 Number of certificates in force: 15,453 Number of certificates issued in 1997: 243 Benefits paid to members in 1997: Death $ Matured Surrender 252,163 142,345 178,053 Student Aid & Loan Fund of the HRFA Balance on checking account $ (on 12/31/96) Income - 1997 Disbursements - 1997 Balance on 12/31/1997 Savings Accounts of the Student Aid & Loan Fund of the HRFA: >- Registered Bond 60M Pacific Bell $ > Registered Bond 40 M US Leasing > RIMCO US Treasury MM >- Checking Account at Riggs National Bank 24,998.29 20.843.40 39.375.40 6,466.29 60,000.00 40,000.00 17,541.09 6.466.29 TOTAL ASSETS as of 12/31/1997 $ 124,007.38 Suzanne S. Virgulák, Treasurer
