No lender or, if applicable, mortgage broker, shall fail to submit the certification of compliance to the Cuyahoga County Recorder’s Office as described in this section. At the time of recording a mortgage on owner-occupied residential real property located in the City of Cleveland on which there is situated a dwelling for not more than four (4) families, a condominium unit, or a cooperative unit, and which mortgage secures a loan where the annual percentage rate of the loan equals or exceeds by more than four and one half (4- 1/2) percentage points in the case of a mortgage that is a first lien when it is made, or equals or exceeds by more than six and one half (6-1/2) percentage points in the case of a mortgage that is junior when it is made, the yield on Treasury securities having comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately preceding the month in which the application of the extension of credit is received by the creditor, the lender and, if applicable the mortgage broker, shall submit a certification of compliance to the Cuyahoga County Recorder’s Office for recording along with the mortgage instrument and deed. It is not necessary to record a certificate of compliance for a loan that is made primarily for a business purpose unrelated to the residential real property securing the loan. The certification of compliance shall be substantially in the following form and shall comply with any formatting requirements promulgated from time to time by the Cuyahoga County Recorder’s Office.
CERTIFICATION
The undersigned lender and mortgage broker certify, that to the best of our knowledge, information and belief, the attached mortgage, described below, entered into between _________________________
(name of lender) and __________________
(name of borrower) on _________________
(date of execution) for the property located at
___________________________ (street address of property) contains the following characteristics and terms:
Type of mortgage:
Purchase Money Non-purchase Money
(circle one)
First Mortgage Junior Mortgage
(circle one)
a. The annual percentage rate of the loan at closing is _____________________.
b. The applicable Treasury Rate (i.e., the yield on Treasury securities having comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately preceding the month in which the application for the extension of credit is received by the creditor) is ______________.
c. The total loan amount is ________.
d. The total amount of points and fees (as defined in division (e) of Section 659.01) is ________________________.
e. The percentage of points and fees (calculated according to the equation d/ (c-d) x 100) financed is _____________________.
f. The borrower has or has not (circle one) received housing counseling. A notice of housing counseling is or is not (circle one) attached to this certification.
g. The mortgage does or does not (circle one) violate any provisions of Chapter 659 of the Codified Ordinances of the City of Cleveland, 1976.
Date: ________________________
_____________________________
Mortgage Lender
_____________________________
Name and Title of Officer
_____________________________
Address
_____________________________
Telephone Number
OR
_____________________________
Mortgage Broker
_____________________________
Name and Title of Officer
_____________________________
Address
_____________________________
Telephone Number
_____________________________
State of Ohio Registration No.
I, (lender), have filled out each blank space of this document and have given it to the customer and it is true and accurate.
Signed: ________________________
Date: __________________________
I, (mortgage broker), have filled out each blank space of this document and have given it to the customer and it is true and accurate.
Signed: ________________________
Date: __________________________
I, (borrower), have received and reviewed with the contractor a copy of this document.
Signed: ________________________
Date: __________________________
(Ord. No. 45-03. Passed 1-13-03, eff. 1-15-03)