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AFC STATEMENT OF COMPLIANCE WITH APPLICABLE LAWS

 It is the policy of Approved Funding Corp. to fully and completely comply with the letter and spirit of all applicable federal and state consumer protection, civil rights and fair housing laws and regulations. Approved Funding Corp. is fully committed to the principle that all lending policies, procedures and practices will not in any way discriminate against any person on the basis of race, color, religion, national origin, sex, marital stature, age (providing the applicant has the capacity to enter into a contract) or other prohibited basis. The policy of nondiscrimination covers all aspects of our credit operations and is absolute; there is no tolerance for any discriminatory act or behavior. Approved Funding Corp. expects our Loan Officers/Employees and approved brokers/lenders to fully understand fair lending practices and to deal fairly and equally with all loan applicants. We require that the letter and spirit of the fair lending practices, the following Federal laws, and all statutes governing lending and equal rights be complied with within each jurisdiction that the broker or lender conducts business. 


Equal Credit Opportunity Act (ECOA) – To Promote the availability of credit to all credit-worthy applicants, regardless of race, color, religion, national origin, handicap, gender, marital status, age (providing the applicant has the capacity to enter into a contract), public assistance, consumer credit protection act. The regulation also requires creditors to notify and collect government monitoring information about applicants. http://www.ftc.gov/bcp/conline/pubs/credit/ecoa.htm  


Fair Housing Act (FHA) – Prohibits discrimination in lending based on prohibited factors (race, color, religion, national origin, handicap, gender, marital status, age, receipt of public assistance and exercising of rights under the Consumer Protection Act). Also prohibits practices such as redlining, making excessively low appraisals, use of subjective or non-reviewable criteria, creating and exploiting a racially exclusive image, expressing intent to discriminate and discriminating against women. http://www.hud.gov/offices/fheo/FHLaws/index.cfm 


Fair Credit Reporting Act (FCRA) – To regulate the activities of reporting agencies and the users of credit information and protects individuals from invasion of privacy and the dissemination of false or inaccurate information. Requires disclosures when adverse action is taken. http://www.ftc.gov/os/statutes/frca.htm  


Gramm Leach Bliley Act (GBL) – The Financial Modernization Act of 1999, also known as the “Gramm-Leach-Bliley-Act” or GLB Act, includes provisions to protect consumers’’ personal financial information held by financial institutions. There are three principal parts to the privacy requirement: the Financial Privacy Rule Safeguards rule and pretexting provisions. http://www.ftc.gov/privacy/glbact/ 


Real Estate Settlement Procedures Act (RESPA0) – The regulation requires lenders to provide advance disclosure information on loan settlement procedures and costs. It also regulates the ways in which referrals between companies can be made as well as establishes parameters for the amount of funds borrowers place in an escrow account. http://www.hud.gov/offices/hsg/sfh/res/respa hm.cfm 


Truth In Lending Act (TILA) – The regulation requires lenders to disclose the amount financed, finance charges, annual percentage rate, total of payments and payment schedule for the financing transaction as well as information regarding the security pledged, late charge information, and whether prepayment penalty charges apply. Also establishes that borrowers have the right to rescind most loans secured by their primary residence within three business days of loans closing. http://www.federalreserve.gov/regulations/title12/sec226/


As a condition of entering into and maintaining a business relationship with Approved Funding Corp., the individual acknowledges and agrees to comply with the letter and spirit of all Federal, State, and local licensing, disclosures, and consumer protection laws and agrees to educate its principals, employees, affiliates, and agents about fair lending practices and the above laws. The individual further agrees to notify Approved Funding Corp. immediately upon ascertaining any violation of the above laws by its principals, employees, affiliates, third-party service provides or agents.