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 can 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 percent 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% 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 costs* 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 $20.00 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 $25.00 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% 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 and $500. 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.

*Bridge loans and out-of-state home equity 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% 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% 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 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

 Year*

Index (%) 

Up to 70% Margin** 

Up to 70% APR (%) 

Minimum Payment ($)*** 

1999 

7.75 

-.25 

7.50

150 

2000 

8.50 

-.25 

8.25

150 

2001 

9.50 

-.25 

9.25

150 

2002 

4.75 

-.25 

4.50

150 

2003

4.25 

-.25 

4.00**** 

150 

2004 

4.00 

-.25 

4.00**** 

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

4.00****

150

2010

3.25

-.25

4.00****

150

2011

3.25

-.25

4.00****

150

2012

3.25

-.25

4.00****

150

2013

3.25

-.25

4.00****

150

 

Minimum Monthly Payment 80% LTV

 Year*

Index (%) 

Up to 80% Margin** 

Up to 80% APR (%) 

Minimum Payment ($)*** 

1999 

7.75 

+0.00 

7.75

150 

2000 

8.50 

+0.00 

8.50

150 

2001 

9.50 

+0.00 

9.50

150 

2002 

4.75 

+0.00

4.75

150 

2003 

4.25 

+0.00

4.25**** 

150 

2004 

4.00 

+0.00

4.25**** 

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

4.25****

150

2010

3.25

+0.00

4.25****

150

2011

3.25

+0.00

4.25****

150

2012

3.25

+0.00

4.25****

150

2013

3.25

+0.00

4.25****

150

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

Revised 09/13



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   

Individual NML  Last Name First Name                      
1143549 Aldrich Jamie                      
1152378 Ammerman Lera                      
1152831 Andronikidis Karrie                      
1152830 Badra Renee                      
880177 Baecker-Smith Kathy                      
1059338 Baldino Michelle                      
455756 Bancroft Erica                      
935090 Beard Jordan                      
1142168 Blackwell Brionna                      
798298 Bock Tiffany                      
455758 Boyd Lichiu                      
455759 Boyer Sally                      
798299 Boyer Stephanie                      
455760 Broughman Abbie                      
1142188 Brown Anthony                      
455762 Bush Justin                      
798308 Bussa Brandon                      
951255 Cardinal Garrett                      
493380 Carpenter Robert                      
635834 Carr Suzanne                      
1046614 Castel Rojelio                      
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                      
1065092 Dyer Benjamin                      
798306 Edmond Sonya                      
591157 Eifert Heather                      
455767 Eriksson Megan                      
1071020 Freels Ann                      
1138841 Freund Jessica                      
455773 Fullerton Kimberly                      
992959 Gakenheimer Bradley                      
1142165 Gauna Bethany                      
1065103 Geller Cynthia                      
455775 Gilman Michelle                      
992958 Gross Michael                      
1046616 Halfmann David                      
1138749 Hewson Justin                      
1071019 Horton Chandra                      
1152373 Huhn Victoria                      
455776 Hunt Erin                      
455777 Hutchings Melisa                      
992957 Inman Christopher                      
1142164 Jackson Amanda                      
455779 Johnson Paula                      
1152376 Kagey Jonathan                      
917914 Kaminskaya Irina                      
951256 Kendle Tyler                      
1143609 Kindel Allison                      
455780 King Julie                      
1152368 King Rhonda                      
455781 Knopps Kelly                      
1152369 Koch Jacqueline                      
455782 Kolka Jessica                      
1038572 Kuykendoll Ashley                      
455783 Larsen Ryan                      
455784 Liles Laura                      
455785 Lin Wanyu                      
1152377 Lint Erin                      
1074113 Long Jessica                      
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                      
455795 Miller Paula                      
1023365 Murphy Alison                      
455820 Murray Andrea                      
455796 Norton Stephanie                      
455798 O'Malley Tarissa                      
1089788 Perez Jane                      
798309 Piggott Michelle                      
880178 Piland Rachel                      
805243 Pitmon Colleen                      
1142166 Potter Chelsea                      
455799 Powers Jeffrey                      
455800 Ramos DeAnne                      
798303 Ring Scott                      
455802 Sanders Jason                      
455805 Schlak Vicki                      
455806 Schmitt Michelle                      
455808 Shappee Karla                      
591488 Sharpe Corinne                      
591498 Shimnoski Denya                      
455809 Showerman Kelly                      
455810 Smith Jenny                      
455812 Spayd Heather                      
455813 Stuart Mary                      
1152832 Terenzi Mary                      
992954 Thomas David                      
455815 Thomlison Kathleen                      
1124863 Thomson Alex                      
500108 Townsend Larry                      
1125802 Trevino Jasmine                      
1039502 Tribell Brian                      
455816 Trumble Christopher                      
1152375 Turek Benjamin                      
455817 Van Ess Amanda                      
455818 Vanderlaan Jason                      
935089 Walker Carrie                      
455819 Wallas Diane                      
902933 Walters Karen                      
935091 Whipp Betty                      
1125801 Wickham Ashley                      
1152432 Williams Aleisha                      
455821 Williams Timothy                      
455822 Willison Stacy                      
1038571 Wright Amy                      
1143550 Wright Kyle                      
455811 Zannini Jamie                      

 

Last updated: 03/28/2014