LICENSING
Paragon Mortgage Services, Inc. maintains current licensing in the following States and we directly maintain Mortgage Broker agreements with more than 100 Top Wholesale Banks and Lenders in these locations. In addition, Paragon Mortgage Services also maintains current approvals to offer and close Housing and Urban Development/Federal Housing Administration (HUD/FHA) Title 1 and 2 Loans and Department of Veteran’s Affairs/Veteran’s Administration (VA) Loan under the following Agency Approval Ids:
APPROVED STATE LICENSING - Paragon Mortgage Services, Inc.
California Financial Lender, 603B332, Active Since: 07/05/2005
Colorado Business License, 20041058390, Active Since: 10/05/2000
Florida Correspondent Lender, CL0502233, Active Since: 04/06/2005
Idaho Mortgage Broker, 4626, Active Since: 07/13/2005
Utah Mortgage Lender Company, 5904483-MLCO, Active Since: 07/05/2006
GOVERNMENT AGENCY CERTIFICATIONS - Paragon Mortgage Services, Inc.
HUD/FHA Title 1, ID Number 73894-0000-8, 04/01/04
HUD/FHA Title 2, ID Number 21323-0000-9, 04/01/04
VA, Lender Agent ID Number 239107-0000, 11/07/2003
OTHER APPROVED STATE LICENSING
To deliver complete Loan Consulting services in all 50 States, Paragon Mortgage is also an approved agent for our licensed network of partner-Banks and Loan Brokers. Under the licensing of our partners, our Paragon Loan Officers act under the specific authority and supervision of our negotiated agreement and guidelines with these Banks and Lenders. We are authorized to provide full-service Loan Consulting and to administrate all aspects of the Loan transaction from beginning to closing, in all State in accordance with the specific requirements, terms and directives of the Residential Mortgage Lending Act, and all Federal, State and Local Lending laws and licensing. It is a priority of our Paragon Mortgage Services Management, Loan Officer, Affiliate and Vendor team members to monitor, maintain and enforce Quality, Excellence and Integrity to the benefit of each customer and the law.
Paragon Mortgage personnel are authorized to act as agents of more than 60 Wholesale Loan companies in functions that include: Home Loan origination or funding, Home Loan negotiation or placement (or offering to negotiate, place or find a residential mortgage loan for a person).
FEES AND COMPENSATION
Certain loan requests submitted are not an application for credit. Rather, they may be a request for a loan pre-qualification and/or loan approval as identified by each customer. You may have to complete an application with a Lender before they will extend a conditional or unconditional loan offer. A Lender you select may require you to pay an application fee to cover the costs of an appraisal, credit report or other items. The Lender will determine the amount of any such fees, and should provide information to you regarding the refund of any such fees. Paragon Mortgage Services does not charge you the consumer, any fees for its services.
Paragon Mortgage Services receives its' compensation from the Lenders for the goods, facilities and services actually provided and closed by Paragon Mortgage Services on behalf of our customers. Paragon Mortgage Services’ compensation varies by product, depending on Lending risk and negotiation. We offer our own Brokered programs as well as those through the identified Banks and Lenders and their approved affiliates. We have Loan programs for good or bad credit, purchase or refinance, Home Equity Lines of Credit, interest only loans, zero down loans, 125% financing 2nd’s, construction loans, stated income loans, no documentation programs, and much more. We also lend on commercial properties as well as multi-unit apartment buildings.
Our Paragon Mortgage Services representatives will help you to sort through the hundreds of Bank and Lender portfolios and Loan Programs available to find the right Loan, terms and conditions for your specific requirements. Opportunities for a customer to lower a continuing Loan Percentage Rate may be identified in the analysis of a Loan offer, and additional fees and charges (or Points) for a better overall Interest Rate may be included in your Estimate of Charges and Settlement Costs. Your loan request will be forwarded to our network of Lenders within the Paragon Mortgage Services network and we will coordinate all required documentation and disclosures with you and you will be requested to sign your receipt and understanding at appropriate times throughout your Loan Processing and at the Final Closing meeting.
STATE AND FEDERAL DISCLOSURES
You are notified that all State and Federal disclosures are required to be understood and acknowledged in accordance with the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), and certain other federal and state laws, including details of your cost of credit, good faith estimates of your settlement costs, HUD mandated booklets (“Guide to Settlement Costs” and/or “When your Home is on the Line”; notices concerning the possibility that your mortgage loan servicing may be transferred; and your right to a copy of any appraisal, if any, performed on your home.
The Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant’s income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
If your loan request is forwarded to a Lender that makes you an offer, you should receive from the Lender a Good Faith Estimate (GFE) required under RESPA and an initial disclosure statement required under the TILA, each within three business days from the date you submit an application with the Lender.
If the Lender denies your request for credit, and that action is based, in whole or in part, on any information contained in a consumer credit report, you have the right to obtain, within sixty days, a free copy of your consumer credit report from the credit reporting agency which compiles and maintains files on consumers on a nationwide basis. You also have the right to dispute the accuracy or completeness of any information in a consumer credit report furnished by the consumer credit reporting agency by contacting that agency directly. An applicant, if married, may apply for a separate account.
WE DO BUSINESS IN ACCORDANCE WITH FEDERAL FAIR LENDING LAWS
UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO: Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.
IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:
Assistant Secretary for Fair Housing and Equal Opportunity
Department of Housing and Urban Development
Washington, DC 20410
For processing under the Federal Fair Housing Act AND TO:
Division of Compliance and Consumer Affairs
Federal Deposit Insurance Corporation
Washington, DC 20429-9990
For processing under Comptroller of the Currency Regulations UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IT IS ILLEGAL TO DISCRIMINATE IN ANY CREDIT TRANSACTION: On the basis of race, color, national origin, religion, sex, marital status, or age; Because income is from public assistance; or Because a right has been exercised under the Consumer Credit Protection Act.
IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:
Division of Compliance and Consumer Affairs
Federal Deposit Insurance Corporation
Washington, DC 20429-9990
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