MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

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MSU Federal Credit Union | Disclosures | Home Loans

Mortgage & Home Loan Disclosures

This disclosure contains important information about our home equity line-of-credit—Real Estate Secured “Prime Advantage” Equity Loan Plan. You should read it carefully and keep a copy for your records.

Availability of Terms

All of the terms described below are subject to change. If these terms change (other than the ANNUAL PERCENTAGE RATE due to fluctuations in the index) and you decide, as a result, to not enter into an agreement with us, you are entitled to a refund of any fees that you paid in connection with your application.


Security Interest
We will take a mortgage on your home. You could lose your home if you do not meet the obligations in your agreement with us.


Possible Actions
We can amend your line-of-credit plan and implement certain changes as specified in the Prime Advantage Equity Loan Plan Agreement. You may receive from us, upon request, information about the conditions under which such changes may occur. We can terminate your line-of-credit, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if:

(1) You engage in fraud or material misrepresentation in connection with the line-of-credit;

(2) You do not meet repayment terms; or

(3) Your action or inaction adversely affects the collateral or our rights in the collateral.

 

We can refuse to make additional extensions of credit or reduce your credit limit if:

(1) The value of the dwelling securing the line-of-credit declines significantly below its appraised value for purposes of the credit line;

(2) We reasonably believe that you will not be able to meet the repayment requirements due to a material change in your financial circumstances;

(3) You are in default of a material obligation in the agreement;

(4) Government action prevents us from imposing the annual percentage rate provided or impairs our security interest such that the value of the interest is less than 120% of the credit line;

(5) A regulatory agency has notified us that continued advances will constitute an unsafe and unsound practice; or

(6) The maximum annual percentage rate is reached.

 

Minimum Payment Requirements
You may obtain advances of credit for 10 years (the "draw period"). During that period payments will be due monthly. Your minimum payment will be equal to 1.50% of the "new balance," rounded up to the nearest whole ten dollars, but not less than $20.00. The payment will not change until a subsequent advance is taken. After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 5 years (the "repayment period"). Payments during the repayment period are calculated in the same way as during the draw period. The minimum monthly payment may not pay all of the principal. You will then be required to pay the entire remaining balance in a single "balloon" payment at the end of the repayment period.

 

Minimum Payment Example
If you took a single $10,000.00 advance and the ANNUAL PERCENTAGE RATE was 4.00% APR, it would take 6 years and 4 months to pay off the advance if you made only the minimum payments of $150.00 per month until the final payment, which would be $78.79. 


Fees and Charges
In most cases there are no closing costs1 in setting up your Prime Advantage home equity loan. Should you stop payment on a loan check or electronic request drawn on your Prime Advantage loan account, a Stop Payment Fee of $25.00 will apply. A Late Fee of $35.00 will apply if your payment is received 7 days or more after the due date. A Non-Sufficient Funds Fee of $30.00 will apply should a check overdraft or electronic loan request exceed your credit limit. The Prime Advantage Platinum Visa Credit Card has a transaction fee for purchases and cash advances equal to 1.00% or 3.00% of the transaction for international transactions.

 

You may also be required to pay certain fees to third parties to open this
line-of-credit. These fees generally total between $250.00 and $500.00. Upon your request, we will provide an itemization of the fees you will have to pay to a third party. Also, you must carry insurance on the property that secures the line-of-credit.

 

1 Bridge loan fees may apply.

 

Tax Deductibility
You should consult a tax adviser regarding the deductibility of interest and charges for the line-of-credit.


Minimum Draw Requirement
The minimum credit advance that you can receive is $250. Your total loan balance cannot exceed your credit limit as established by us.


Variable Rate Information
The line-of-credit has a variable-rate feature, and the ANNUAL PERCENTAGE RATE (corresponding to the daily periodic rate) can change as a result.

The ANNUAL PERCENTAGE RATE includes only interest and no other costs.

The ANNUAL PERCENTAGE RATE is based on the value of an index and your credit score. The index is the Prime Rate published in the Wall Street Journal. To determine the ANNUAL PERCENTAGE RATE that will apply to your credit line, we subtract or add a margin to the value of the index.


Upon your request, we will provide you with the current index value, margin and ANNUAL PERCENTAGE RATE. If you open a credit line, ANNUAL PERCENTAGE RATE information will be provided on periodic statements that we will send you.

Rate Changes

The ANNUAL PERCENTAGE RATE can change monthly. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00% APR (the "cap"). There is no limit on the amount by which the rate can change during any one year period.


Maximum Rate and Payment Example
If you had an outstanding balance of $10,000, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% APR would be $150.00. This maximum ANNUAL PERCENTAGE RATE could be imposed within the first month if the index and/or margin increase sufficiently.


Historical Example
The following tables show how the ANNUAL PERCENTAGE RATE for a single $10,000.00 credit advance would have changed based on changes in the index over the last 15 years. The values are from January 1 of each year. The values shown in the following tables are for Tier 1 rated members with a credit score of 720 or above. 


The tables assume that no additional credit advances were taken, that only the minimum payments were made each month, and that the rate remained constant during each year. It does not necessarily indicate how the index or ANNUAL PERCENTAGE RATE will change in the future. Rate information will be provided on or with each periodic statement you receive from us.

 

Minimum Monthly Payment 70% LTV

 Year1

Index (%) 

Up to 70% Margin2  

Up to 70% APR (%) 

Minimum Payment ($)3

2001

9.50

-.25

9.25

$150

2002

4.75

-.25

4.50

$150

2003

4.25

-.25

4.004  

$150

2004

4.00

-.25

4.004

$150

2005

5.25

-.25

5.00

$150

2006

7.00

-.25

6.75

$150

2007

8.25

-.25

8.00

$150

2008

7.25

-.25

7.00

$150

2009

3.25

-.25

4.004

$150

2010

3.25

-.25

4.004

$150

2011

3.25

-.25

4.004

$150

2012

3.25

-.25

4.004

$150

2013

3.25

-.25

2.004

$150

2014 3.25 -.25 2.004 $150
2015 3.25 -.25 2.004 $150

 

 

Minimum Monthly Payment 80% LTV

 Year1

Index (%) 

Up to 80% Margin2 

Up to 80% APR (%) 

Minimum Payment ($)3

2001 

9.50 

+0.00 

9.50

$150 

2002 

4.75 

+0.00

4.75

$150 

2003 

4.25 

+0.00

4.254

$150 

2004 

4.00 

+0.00

4.254 

$150 

2005 

5.25 

+0.00

5.25

$150

2006

7.00

+0.00

7.00

$150

2007

8.25

+0.00

8.25

$150

2008

7.25

+0.00

7.25

$150

2009

3.25

+0.00

4.254

$150

2010

3.25

+0.00

4.254

$150

2011

3.25

+0.00

4.254

$150

2012

3.25

+0.00

4.254

$150

2013

3.25

+0.00

2.004

$150

2014 3.25 +0.0 2.004 $150
2015 3.25 +0.0 2.004 $150

 

1Rate stated reflects January 1 rate only.
2This is a margin we have used recently.
3Payment is rounded to the nearest whole dollar.
4Rate stated reflects Floor Rate.

 

Rev. 01/15



The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), designed to enhance consumer protection and reduce fraud, established minimum federal regulations for individuals who write mortgage loans. The SAFE Act also created a nationwide mortgage licensing database to help consumers ensure their mortgage loans are being handled by an employee licensed under SAFE Act guidelines.

 

Mortgage loan originators employed by a federally regulated depository, such as Michigan State University Federal Credit Union, must meet the licensing standards established by the SAFE Act and be registered in the Nationwide Mortgage Licensing System (NMLS). To be eligible for registration under the SAFE Act, home loan originators are required by the federal government to attend classes related to mortgage licensing, pass federal and state tests, and complete credit and criminal background checks.

 

A list of MSUFCU employees currently licensed in the NMLSR can be found below, along with each employee’s NMLS ID. MSU Federal Credit Union’s license number is 405297.

 

For more information, visit the NMLSR Consumer Access website or feel free to contact us.

 

MSU Federal Credit Union Employees Registered with the NMLS   

NMLS ID Last Name First Name
1143549 Aldrich Jamie
1152378 Ammerman Lera
1152831 Andronikidis Karrie
1152372 Bach Brandi
1152830 Badra Renee
880177 Baecker-Smith Kathy
1059338 Baldino Michelle
455756 Bancroft Erica
935090 Beard Jordan
1142168 Blackwell Brionna
798298 Bock Tiffany
1229371 Bowman Jerrica
455758 Boyd Lichiu
455759 Boyer Sally
798299 Boyer Stephanie
455760 Broughman Abbie
1142188 Brown Anthony
455762 Bush Justin
798308 Bussa Brandon
493380 Carpenter Robert
635834 Carr Suzanne
1046614 Castel Rojelio
1184132 Clark Andrew
455764 Clark Dale
455763 Clark M'Lisa
798300 Coe Amy
1138842 Croley Anne
1142169 Cummings Benjamin
1046617 Daly Heather
608932 Dassance Abby
969930 Davidson Graham
1071021 Davis Gregory
1046615 Deneau Danielle
798304 Dilts Nicole
455768 Docherty Jennifer
455769 Dolan Sara
500135 Douma Mary
1038569 Drwencke Justin
1229370 Duncanson Ian
1065092 Dyer Benjamin
798306 Edmond Sonya
591157 Eifert Heather
1152371 Elmore Samantha
455767 Eriksson Megan
1071020 Freels Ann
1138841 Freund Jessica
455773 Fullerton Kimberly
992959 Gakenheimer Bradley
1142165 Gauna Bethany
1065103 Geller Cynthia
455775 Gilman Michelle
1152434 Gonzales Anissa
992958 Gross Michael
1046616 Halfmann David
1152374 Hatcher Jesse
1138749 Hewson Justin
1184131 Hill Amber
1219954 Horn Allison
1071019 Horton Chandra
1221528 Hosey Laura
1152373 Huhn Victoria
455776 Hunt Erin
455777 Hutchings Melisa
992957 Inman Christopher
1142164 Jackson Amanda
1204877 James Gina
455779 Johnson Paula
1152376 Kagey Jonathan
917914 Kaminskaya Irina
951256 Kendle Tyler
1143609 Kindel Allison
455780 King Julie
1152368 King Rhonda
1228018 Kinney Christy
455781 Knopps Kelly
1152369 Koch Jacqueline
455782 Kolka Jessica
1038572 Kuykendoll Ashley
1204876 LaFave Leah
455783 Larsen Ryan
1208287 LeBlanc Megan
1190440 Lemon Sara
455784 Liles Laura
455785 Lin Wanyu
1074113 Long Jessica
1152833 Lott Adam
1184125 Manning Ashley
455786 Martin Rhodope
1023367 Maxey Kara
455787 Mayes Rachelle
455788 McClure Christopher
951254 McCoy Ronda
455789 McGowan Dana
1138840 McWherter Carla
1038570 Medina Casie
455792 Medina Vera Mario
880179 Meissner Doreen
455793 Mendoza Jesus
455794 Meschini Julie
1227606 Miller Ashleigh
455795 Miller Paula
1023365 Murphy Alison
455820 Murray Andrea
1209924 Nevills Sarah
455796 Norton Stephanie
455798 O'Malley Tarissa
1219955 Palacios Ryan
1204872 Parsons Ashley
1089788 Perez Jane
798309 Piggott Michelle
880178 Piland Rachel
805243 Pitmon Colleen
1204874 Ploeg Jennifer
1208286 Porter Franklin
1184128 Pothoof Kathryn
1142166 Potter Chelsea
455799 Powers Jeffrey
455800 Ramos DeAnne
798303 Ring Scott
1204873 Roush Danielle
538655 Roush Kyle
455802 Sanders Jason
455805 Schlak Vicki
455806 Schmitt Michelle
1204875 Schubeck Kara
1208822 Schueller Karen
455808 Shappee Karla
591488 Sharpe Corinne
591498 Shimnoski Denya
455809 Showerman Kelly
1208285 Singleton Taylor
1184130 Sipkovsky Jordan
1208824 Sliva Timothy
455810 Smith Jenny
455812 Spayd Heather
455813 Stuart Mary
1152832 Terenzi Mary
455815 Thomlison Kathleen
1124863 Thomson Alex
1231001 Torres Rickie
500108 Townsend Larry
1125802 Trevino Jasmine
1039502 Tribell Brian
455816 Trumble Christopher
1152375 Turek Benjamin
1184126 Turowski Maria
455817 Van Ess Amanda
455818 Vanderlaan Jason
1184127 Viglianco Danielle
1152370 Vogt Deborah
1184129 Waligorski Russell
935089 Walker Carrie
455819 Wallas Diane
902933 Walters Karen
1225802 Watson Alex
935091 Whipp Betty
1125801 Wickham Ashley
1152432 Williams Aleisha
455821 Williams Timothy
455822 Willison Stacy
1208823 Winsor Ryan
1184123 Wolf Bobi
1152433 Worth Jennifer
1038571 Wright Amy
1143550 Wright Kyle
1184124 Yinger Jessica
455811 Zannini Jamie

 

Last updated: 09/13/2014