MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

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In observance of Independence Day, the Credit Union will be closed on Sat., 7/4. Our branch in the MSU Union will also be closed Fri., 7/3.

 

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MSU Federal Credit Union | Disclosures | Home Loans

Mortgage & Home Loan Disclosures

To Our Members and Those Eligible to Become Members

MSUFCU wants you to know that with respect to mortgage loans and Home Improvement Loans the following policies are utilized:

  • That any person has the right to make a loan inquiry.

  • That any person has the right to file a written loan application for a mortgage loan or Home Improvement Loan with MSUFCU.

  • That any person has the right to receive a written response to an inquiry or application.

Establishing Creditworthiness
It is the MSUFCU's policy to consider the creditworthiness of an applicant. The general factors used for establishing creditworthiness include:

 

A. Applicant must be a member in good standing with MSUFCU.


B. The applicant's income is sufficient to repay the loan according to its terms.


C. The applicant's total debt load will not impair repayment of the loan requested.


D. The debt ratio of housing expense to income will not impair the repayment of the loan requested.


E. The applicant's past credit history with MSUFCU and other credit grantors has been satisfactory.


F. The applicant's job history and time lived at current address show stability.

Market Value
Market value is the most probable price a property should bring in a competitive and open market under all conditions for a fair sale, assuming the price is not affected by undue stimulus.


MSUFCU will consider the market value of proposed security when evaluating a loan application.

Community Organizations
The presence of an active community group will be taken into consideration for home mortgage and Home Improvement Loans in neighborhoods which are historic or in physical decline.

Lending Area
Home mortgage loans are limited to within the state of Michigan. Home Improvement Loans are made throughout the United States.

Insurance
Regular residential properties require Private Mortgage Insurance (PMI) where the Loan-to-Value Ratio (L-T-V) exceeds 80% of the lesser of the market value or purchase price.

Rate Changes
Rates initially quoted are subject to change during the period prior to closing due to changing economic conditions.

Minimum Loan Amounts
The minimum home mortgage loan amount is $10,000. The minimum Home Improvement Loan amount is $1,000.

Security
Only real estate located within the state of Michigan will be considered for home mortgage loans. Multiple units, up to four, will be considered for first mortgage loans and home equity lines of credit/second mortgages provided that one of the units is owner-occupied.


The residence must have an acceptable appraisal and useful life of not less than the length of the amortization period for the mortgage. The property must have all the usual improvements necessary to sustain acceptable living standards and meet zoning ordinances and laws required for occupancy.


Home Improvement Loans may be granted on an unsecured basis or with the various types of collateral acceptable to MSUFCU.

Special Circumstances
During periods in which there is a shortage of loanable funds, MSUFCU will process all loan applications in the order they are received.

Loan Approvals
With the exception of loans to officials of MSUFCU, the loan officersand underwriters have the responsibility for granting and denying loans to members subject to the restrictions set forth by the board of directors, the bylaws of MSUFCU, and the laws which govern its operation.

Title
MSUFCU requires proof of clear title to the security being offered. Home mortgage loans will require title searches with the appropriate level of title insurance issued through a member company of the American Land Title Association (ALTA).

Appraisal
The objectives of an appraisal are:


A. To establish a current market value.

B. To establish that the security offered does exist.

C. To establish that the property offered as a security does have all the usual improvements necessary to sustain acceptable living standards and meets zoning ordinances and laws required for occupancy.

D. To establish that the residence does have a useful life not less than the amortization period for the mortgage.

The appraisal may affect the amount of the down payment required. The required down payment is based on the lesser value of the purchase price or the market value as established by the appraisal.

Verification of Funds
Certain fees may be involved in applying for a mortgage loan, such as appraisal and rate lock commitment fees. In addition, if the mortgage loan is approved, there will be settlement fees which must also be paid.


MSUFCU reserves the right to verify funds necessary to make the required down payment and cover closing costs.

Ancillary Collateral
Collateral other than real estate being purchased or refinanced will not be considered for home mortgage loans.


Collateral for Home Improvement Loans, if required, will be evaluated on its individual merit and market value.

Property in a Flood Plain
Flood insurance is required on all home mortgage loans where real estate is located in a designated flood hazard area.


Flood insurance is available through the National Flood Insurance Program.

Cosigners/Guarantors
Cosigners/Guarantors are not acceptable on home mortgage loan applications.


Cosigners/Guarantors for Home Improvement Loans must meet the same creditworthiness criteria as the applicant. However, the cosigner/guarantor needs not be a member of MSUFCU.

Additional Criteria
A. The member's signature and/or collateral is sufficient to cover the loan requested.

B. The loan purpose is provident and productive.

C. The applicant is of good character.

D. Property surveys may be required as a condition of issuance of a title insurance policy.

E. Adequate homeowners/hazard insurance is required on all secured loans and maintained for the term of the loan.


Revised 5/12



Privacy Policy

FACTS

WHAT DOES MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the products or service you have with us. This information can include:

  • Social Security Number and income
  • account balances and payment history
  • credit history and credit scores

How?

All financial companies need to share members' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their members' personal information; the reasons Michigan State University Federal Credit Union chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information

Does MSUFCU share?
Can you limit this sharing?

For our everyday business purposes-
such as to process your transaction, maintain your accounts(s), respond to court orders and legal investigations, or report to credit bureaus

YES
NO

For our marketing purposes-
to offer our products and services to you

YES
YES

For joint marketing with other financial companies

YES
YES

For our affiliates' everyday business purposes-
information about your transactions and experiences

NO
We don't share

For our affiliates' everyday business purposes-
information about your creditworthiness

NO
We don't share

For nonaffiliates to market to you

NO
We don't share

To limit our sharing

  • Call 517-333-2424 or 800-678-4968 - a member service representative will assist you in your opt-out preference.
     
  • Visit us online: www.msufcu.org, log into your account via ComputerLine, select the Messages at the top of your screen and leave a secure message.

     

Please note:
If you are a new member, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our member, we continue to share your information as described in this notice.


However, you can contact us at anytime to limit our sharing.

Questions Call 517-333-2424 or 800-678-4968 or go to www.msufcu.org
Who we are
Who is providing this notice? Michigan State University Federal Credit Union
What we do
How does Michigan State University Federal Credit Union collect my personal information?

We collect your personal information, for example, when you

  • open an account or deposit money
  • pay your bills or apply for a loan
  • use your credit or debit card

    We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

  • sharing for affiliates' everyday business purposes- information about your credit worthiness
  • affiliates from using your information to market to you
  • sharing for nonaffiliates to market to you
What happens when I limit sharing for an account I hold jointly with someone else? Your choices will apply to everyone on your account.
Definitions
Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

  • MSUFCU has no affiliates.
Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

  • MSUFCU does not share with nonaffiliates so they can market to you.
Joint Marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

  • Our joint marketing partners include insurance companies.


Online Privacy
Our privacy policy is the same whether you are online or not. At our website, www.msufcu.org, you may apply for membership, accounts, loans and services. You may also communicate with us via the secure Contact Us form. To protect information you provide us online, we use multiple levels of security. All applications, forms and ComputerLine transactions are submitted to us securely using the industry standard "Secure Socket Layer" (SSL) encryption to secure your submission. MSUFCU uses 128-bit encryption and we use firewalls to secure your information. A firewall is a security measure that insulates the credit union's computer network from the World Wide Web. We analyze the traffic coming in and out of the firewall, which could indicate intrusion activity and computer viruses. MSUFCU contracts with a third-party technology specialist to try to penetrate our network and evaluate the security of our online applications and ComputerLine. MSUFCU has successfully passed each evaluation and is annually certified as a secure site. To read more about online security requirements click here.

 

Our Use of Cookies
If you conduct transactions with MSUFCU via ComputerLine, you may notice our use of Internet cookies. Cookies are a small text file assigned and attached by a web server to the directory file on your computer. Cookies enable our systems to recognize your browser and your information as you navigate and conduct transactions within ComputerLine. If we did not use cookies within ComputerLine, you would need to enter your account number and password each time you wanted to see another page or each transaction you initiate. ComputerLine uses temporary session cookies that are stored on your Computer only during your current session and are automatically deleted from your computer when you close your browser. No information is collected from your computer.


Children's Online Privacy Protection Act (COPPA)
MSUFCU does not knowingly collect, nor is our web site designed or directed to use personal information from children under the age of 13 without containing verifiable consent from their parents. We do offer three children's programs on our web site: Sweet Pea for children ages 0-4, Dollar Dog Kids Club for children ages 5-12, and the Cha-ching program for teens age 13-17. Unless applying for MSUFCU membership, no information is collected from children to participate in the online activities and information found in these areas of our website.


Sweet Pea: Contains an online membership application that is designed to be submitted by a parent or guardian. In this membership application we ask information about the child for the purpose of establishing a Sweet Pea account for membership. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. Before the application can be submitted, the parent/guardian has to agree to consent to submit this information solely for the purpose of establishing a Sweet Pea account at MSUFCU. Parents/guardians have the ability to review the personal information collected prior to submitting the application. The child's name, age, and address information will also be used to send via U.S. Postal Mail a yearly Sweet Pea account birthday card. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff  will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-678-4968 or by sending a secure message using the Contact Us form. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.


Dollar Dog: Contains an online membership application that is designed to be submitted by a parent or guardian. In this membership application we ask information about the child for the purpose of establishing a Dollar Dog account for membership. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. Before the application can be submitted, the parent/guardian has to agree to consent to submit this information solely for the purpose of establishing a Dollar Dog account at MSUFCU. Parents/guardians have the ability to review the personal information collected prior to submitting the application. The child's name, age, and address information will also be used to send via U.S. Postal Mail a quarterly newsletter. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-678-4968 or by sending a secure message using the Contact Us form. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.


Cha-ching: This section of our web site is designed for teens ages 13-17. A Cha-ching membership application is available to submit online to establish an MSUFCU Cha-ching membership account. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. The child's name, age, and address information will also be used to send via U.S. Postal Mail a quarterly newsletter. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-678-4968 or by sending a secure message using the Contact Us form. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.

 

REV. 07/14