HOME EQUITY LINE APPLICATION DISCLOSURE Hancock Bank Whitney Bank
HOME EQUITY LINE APPLICATION DISCLOSUREHancock BankWhitney Bank“Hancock Bank” is the trade name used by Whitney Bank in Mississippi, Alabama and Florida.IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDITThis disclosure contains important information about our Home Equity Line of Credit (the "Line"). You should read it carefully and keep acopy for your records.AVAILABILITY OF TERMS. All of the terms described below are subject to change. If any of these terms change (other than the annual percentagerate) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you paid to us or anyone else inconnection with your application.SECURITY INTEREST. We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreementwith us.POSSIBLE ACTIONS.Temporary Credit Suspension and Credit Reduction: We may temporarily suspend your right to obtain credit advances on your Line and/orreduce your credit limit while any of the following circumstances exists:(1)The value of your Property declines significantly below its appraised value for purposes of the Line. This includes, but isnot limited to, a decline such that the initial difference between the credit limit and the available equity is reduced by fiftypercent (50%) and may include a smaller decline depending on individual circumstances;(2)We reasonably believe that you will be unable to fulfill the repayment terms under the Line because of a material changein your financial circumstances;(3)You are in default of a material obligation under the Line. A material obligation includes, but is not limited to, your duty toimmediately notify us should there be an adverse change in your credit or financial condition, to provide us with updatedfinancial or credit related information upon request; to continue to reside in any Property that secures your Line and wasyour principal dwelling at the inception of your Line and your agreement not to permit an intervening lien to be filedagainst your Property that would take priority over our security interest securing advances made under the Line;(4)We are precluded by government action from imposing the Annual Percentage Rate provided under the Line;(5)The priority of our security interest is adversely affected by government action to the extent that the value of our securityinterest in your Property is less than one hundred and twenty percent (120%) of your Credit Line;(6)The maximum Annual Percentage Rate under the Line is reached (until such time as the APR declines below thatmaximum);(7)We are notified by regulatory authorities that continued credit advances under the Line constitute an unsafe and unsoundlending practice; or(8)You or any lineholder requests that we do so. We may at our option require that any such request be sent to us bycertified mail before suspending credit on your Line. We may require that any requests to reinstate credit privileges alsobe put in writing and provided by each lineholder.If the circumstance that caused us to prohibit additional advances or reduce the credit limit under your Line subsequently ceases to exist,you must notify us of that fact. Upon notification, we may reinstate your Line to its previous status if we agree that the circumstance haschanged.Termination and Acceleration: We may terminate and accelerate payment of all amounts you owe to us under the Line, which you agree topay to us immediately without notice or demand, or take lesser action as provided under the Line if any of the following events occur:(1)You or any person signing the Agreement notifies us to cancel your Line for any reason. We may at our option requestthat this notice to cancel be delivered to us by certified mail before canceling your Line;(2)Your death results in an impairment of our security interest in your Property;(3)You fail to meet the repayment terms of the Line;(4)You act fraudulently in connection with your Line or materially misrepresent any information with regard to your Line,including but not limited to material misrepresentations in your credit application, financial statements that you provide tous, and any correspondence or discussions that you may have with us regarding your Line; or(5)Any action or inaction by you adversely affects our security interest in your Property. For example: you transfer title toyour Property or sell your Property without our permission, you fail to maintain required Insurance on your Property, youfail to maintain the Property, a tax lien that primes our security interest is filed against your Property or your Property istaken by eminent domain, your Property is foreclosed upon by a prior lien holder, or another creditor attempts to enforcea judgment against your Property.If an event occurs that would allow us to terminate and accelerate all amounts you owe us under your Line, we may initially elect to takelesser action, such as prohibiting additional advances, reducing your credit limit, or changing the terms of the Line by increasing yourannual percentage and daily periodic rates, minimum payment or collateral requirements. If we choose to take such lesser action initially, wereserve the right to terminate and accelerate all amounts due under your Line, regardless of whether any additional events have occurredwhich would permit termination and acceleration.PROPERTY INSURANCE. You must maintain insurance on the Property securing your Line.MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit during the first ten years of your Line (the "Draw Period"). After the DrawPeriod ends, the Repayment Period will begin and you will no longer be able to obtain credit advances and you must repay the outstanding balanceover fifteen years (“Repayment Period”).Rev 08/17/2015Page 1 of 7
DRAW PERIOD PAYMENTS ON REVOLVING BALANCE. During the Draw Period, your payments will be due monthly. Your current payment will becalculated pursuant to one of the following methods, as selected by us and reflected in your Line agreement.(1)Interest-Only Payment Requirement. During the Draw Period, your current payment will be equal to the amount of your unpaidaccrued finance charges on the closing date for each monthly billing cycle. You will make 120 of these payments.(2)Principal and Interest Payment Requirement. During the Draw Period, your monthly payment will be equal to the sum of apercentage of your outstanding principal balance plus all unpaid accrued finance charges as of the cycle closing date for eachmonthly billing cycle, as shown below.Range of BalancesNumber of PaymentsCurrent Payment CalculationAll Balances1201.000% of your outstanding principal balance,plus all unpaid accrued finance chargeson the cycle closing date.REPAYMENT PERIOD PAYMENTS ON REVOLVING BALANCE. During the Repayment Period, your current payment will be based on a portion ofyour outstanding principal balance at the start of the Repayment Period, plus all unpaid accrued finance charges on the cycle closing date, as shownbelow. Your payments will be due monthly.Range of BalancesNumber of PaymentsCurrent Payment CalculationAll Balances1801/180th of your outstanding principal balanceat the start of the Repayment Periodplus all unpaid accrued finance charges onthe cycle closing date.Your total payment due each month during the Draw and Repayment Periods will be the current payment, plus any amount past due and all other feesand charges.MINIMUM PAYMENT EXAMPLE. If the current payments required during your Draw Period are interest-only payments, as described above, and if youpaid only the minimum payment due each month and took no other credit advances, it would take 25 years to pay off a credit advance of 10,000 at anANNUAL PERCENTAGE RATE of 3.99% (a recent rate as of the first business day in August 2015). During the Draw Period, you would make 120monthly payments ranging from 30.61 to 33.89. Then, during the Repayment Period, you would make 180 payments ranging from 55.74 to 89.44.If the current payments required during your Draw Period are principal and interest payments, as described above, and if you paid only the minimumpayment due each month and took no other credit advances, it would take 25 years to pay off a credit advance of 10,000 at an ANNUALPERCENTAGE RATE of 3.99% (a recent rate as of the first business day in August 2015). During the Draw Period, you would make 120 paymentsranging from 40.49 to 133.89. Then, during the Repayment Period, you would make 180 monthly payments ranging from 16.69 to 26.78.TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Line.VARIABLE RATE FEATURE. The Line has a variable rate feature. The annual percentage rate (corresponding to the periodic rate), the amount of thefinal payment, and the minimum payment amount can change as a result. The annual percentage rate includes interest and no other costs.The Index. The annual percentage rate is based on the value of an index (referred to in this disclosure as the “Index”). The Index is thePrime rate as published in the Wall Street Journal. When a range of rates has been published, the higher of the rates will be used.We will use the most recent Index value available to us as of the date of any ANNUAL PERCENTAGE RATE adjustment. Informationabout the Index is available or published at least weekly in the Wall Street Journal’s Money Rates table. If the Index is no longer available,we will choose a new Index and margin. The new Index will have an historical movement substantially similar to the original Index, and thenew Index and margin will result in an annual percentage rate that is substantially similar to the rate in effect at the time the original Indexbecomes unavailable.Annual Percentage Rate. To determine the annual percentage rate that will apply to your Line, we add a margin to the value of the Index. Achange in the Index rate generally will result in a change in the annual percentage rate. The amount that your annual percentage rate maychange also may be affected by the lifetime annual percentage rate limits, as discussed below.Initial Annual Percentage Rate Discount. The initial annual percentage rate for the Line may be “discounted” – meaning the rate may notbe based on the Index and margin used for later rate adjustments. The initial discounted rate, if given, will be in effect for the first six (6) fullcalendar months after your Line is established.Please ask us for the current Index value, margin, discount and annual percentage rate. After you open a Line, rate information will beprovided on periodic statements that we send you.FREQUENCY OF ANNUAL PERCENTAGE RATE ADJUSTMENTS. Your annual percentage rate can change daily. There is no limit on the amountby which the annual percentage rate can change during any one year period. However, under no circumstances will your ANNUAL PERCENTAGERATE exceed the following: Hancock Bank – 21% in Mississippi and Alabama branches, 18% in Florida branches; Whitney Bank in Louisianabranches – 21%; (or the maximum rate allowed by law). Also, at no time during the life of the loan will the ANNUAL PERCENTAGE RATE be lessthan 3.99% per annum. This floor rate of 3.99% shall not at anytime apply to a special introductory rate offered at our discretion.MAXIMUM RATE AND PAYMENT EXAMPLES.Hancock Bank (Mississippi and Alabama branches); Whitney Bank (Louisiana branches): (maximum rate - 21%):DRAW PERIOD. If you had an outstanding balance of 10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATEof 21% would be 178.36, if your Line is subject to the interest-only payment requirement during the Draw Period, or 278.36 if your Line issubject to the principal and interest payment requirement during the Draw Period. If we are offering an introductory rate for six months, thisannual percentage rate could be reached at the time of the seventh payment during the Draw Period. If we are not offering an introductoryrate, this annual percentage rate could be reached at the time of the first payment during the Draw Period.REPAYMENT PERIOD. If you had an outstanding balance of 10,000.00 at the beginning of the Repayment Period the minimum payment atthe maximum ANNUAL PERCENTAGE RATE of 21% would be 233.91. This annual percentage rate could be reached at the time of the firstpayment during the Repayment Period.Hancock Bank (Florida branches): (maximum rate - 18%):DRAW PERIOD. If you had an outstanding balance of 10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATEof 18% would be 152.88, if your Line is subject to the interest-only payment requirement during the Draw Period, or 252.88 if your Line issubject to the principal and interest payment requirement during the Draw Period. If we are offering an introductory rate for six months, thisannual percentage rate could be reached at the time of the seventh payment during the Draw Period. If we are not offering an introductoryrate, this annual percentage rate could be reached at the time of the first payment during the Draw Period.REPAYMENT PERIOD. If you had an outstanding balance of 10,000.00 at the beginning of the Repayment Period, the minimum paymentat the maximum ANNUAL PERCENTAGE RATE of 18% would be 208.43. This annual percentage rate could be reached at the time of thefirst payment during the Repayment Period.Rev 08/17/2015Page 2 of 7
HISTORICAL EXAMPLE. The example below shows how the annual percentage rate and the minimum payments for a single 10,000.00 creditadvance would have changed based on the changes in the Index over the past fifteen years. The Index values are from the first business day inAugust. While only one payment per year is shown, payments may have varied during each year. Different outstanding principal balances could resultin different payment amounts.The table assumes that no additional credit advances were taken, that only the minimum payment was made, and that the rate remained constantduring the year. It does not necessarily indicate how the Index or your payments would change in the future.INDEX TABLEINTEREST-ONLY PAYMENTREQUIREMENTYear(as of the first business day inAugust)PRINCIPAL AND INTERESTPAYMENT REQUIREMENTDRAW PERIODREPAYMENT PERIODIndex(Percent)Margin 0153.25.243.99(3)80.413.99(3)24.07(1) This is a margin we have used recently; your margin may be different.(2) This ANNUAL PERCENTAGE RATE reflects an initial discount that we may have offered recently; your Line may be discounted by a differentamount.(3) This ANNUAL PERCENTAGE RATE reflects a “floor” rate of 3.99%.TAKEDOWN OPTION. The Line contains an option to convert the annual percentage rate applicable to all or a part of the outstanding balance underyour Line from a variable rate with annual percentage rate limits to a fixed rate, as determined below, payable in equal payments over the term youselect, subject to the limitations outlined below. The following information is representative of the Takedown option features recently offered by us:Exercising the Option. You can exercise the Takedown option to convert all or part of your Line’s outstanding balance to a fixed rate only during theDraw Period and only if you are not then in default and your credit privileges have not been suspended or terminated.ANNUAL PERCENTAGE RATE Determination for Takedown. The fixed ANNUAL PERCENTAGE RATE applicable to a Takedown will be equal to thesum of: (i) the “Average Prime Offer Rate” for a fixed rate mortgage with a term comparable to the Takedown Term you select, as set forth in tablesentitled “Average Prime Offer Rates-Fixed” published by the Federal Financial Institutions Examination Council (available online athttp://www.ffiec.gov/ratespread/newcalc.aspx) in effect on the business day we receive your written election to exercise the Takedown option, plus (ii) amargin of 5.50% per annum. However, if the annual rate of interest available to you on a comparable fixed rate, closed-end home equity loan offeredby us on the business day we receive your written election is lower, then the ANNUAL PERCENTAGE RATE applicable to your Takedown will be equalto the annual rate of interest for the comparable closed-end home equity loan.In no event will the ANNUAL PERCENTAGE RATE for a Takedown be more than 21% per annum (18% per annum for Florida accounts) or themaximum rate allowed by applicable law, whichever is less. We divide the resulting ANNUAL PERCENTAGE RATE by the number of days in a year todetermine the daily Periodic Rate that will apply to the Takedown. If you have more than one Takedown, the Periodic Rate and corresponding ANNUALPERCENTAGE RATE applicable to each Takedown could be different.MINIMUM PAYMENT EXAMPLE FOR TAKEDOWN. If you select a term of 60 months for a Takedown of 10,000, and the Takedown has anANNUAL PERCENTAGE RATE of 4.99% (a recent Takedown rate), you would make 60 principal and interest payments of 188.67 if you paid only theminimum Takedown payment due each month toward your outstanding Takedown balance.Additional Rules. In addition, the following rules apply to the Takedown option for the Line: The amount of each Takedown must be at least 5,000. You can select the term over which your Takedown amount will be paid; however, that term cannot go beyond your Line’s establishedmaturity date. Your Takedown will be repayable in equal monthly installments of principal and interest sufficient to fully amortize the original amount ofyour Takedown over the Takedown term, at the applicable fixed rate of interest. While you have a Takedown balance outstanding, yourLine’s total monthly payment will include your Takedown payment and the payment due on the revolving portion of your Line. You may have up to four Takedowns outstanding at any time, subject to an overall maximum of four during any twelve-month period.FEES AND CHARGES. In order to open and maintain a Line, you may be required to pay certain fees and charges.Lender Fees. The following fees must be paid to us:Special Checks to Access Your Line. 5.00 for 25 checks, assessed each time you reorder special checks (fee waived for initialsupply).Rev 08/17/2015Page 3 of 7
Lender Fees. You may be charged the maDocumentation FeeDocumentation FeeOrigination FeeInterest Surcharge Fee 125 125 125 125Third Party Fees. To open your Line, you may be required to pay certain fees to third parties such as appraisers, credit reporting firms andgovernment agencies. We estimate the breakdown for each Hancock Bank as follows:Fees associated with opening a Line of Credit at Hancock Bank generally range from 0- 2450, as follows:Hancock Bank:Range of fees:1. Deed of Trust/Mortgage Recordation/Release Fee 16- 652. Existing Deed of Trust/Mortgage Cancellation Fee 8- 203. Flood Hazard Determination Fee 4.254. Flood Hazard Life of Loan Tracking Fee 15. Lender Title Insurance Premium 100- 15006. Mortgage Risk Protection Fee 507. Title Examination/Closing Fee 100- 10008. Appraisal Fee 55- 10009. Survey Fee* 150- 70010. Florida Branches Intangible Personal Property Tax* 20- 20011. Florida Branches Documentary Stamp Tax* 35- 245012. Alabama Mortgage Recording Tax* 15- 150Fees associated with opening a Line of Credit at Whitney Bank generally range from 0- 1500, as follows:Whitney Bank:Range of Fees:1. Mortgage Recordation Fee 86- 3302. Existing Mortgage Cancellation Fee 40- 1503. Flood Hazard Determination Fee 4.254. Flood Hazard Life of loan Tracking Fee 15. Lender Title Insurance Premium 100- 15006. Mortgage Risk Protection Fee 507. Title Examination / Closing Fee 100- 10009. Appraisal Fee 55- 100010. Survey Fee* 150- 50011. Documentary Tax (Orleans Parish Only)* 32512. Notice of Seizure Fee 50- 80 (varies parish to parish)13. Notary Fee 50- 100We may pay a portion of the above closing costs on your behalf, as outlined below:a.b.c.*We will not pay any portion of the Alabama Mortgage Recording Tax, the Florida Intangible Personal Property Tax, theFlorida Documentary Stamp Tax, the Orleans Parish Documentary Tax (where those taxes may be applicable and vary withthe loan amount), or the Survey Fee.For a Line with a credit limit of 250,000 or less, we may pay on your behalf all other closing costs listed above; andFor a Line with a credit limit of more than 250,000 we may pay on your behalf a portion of all other closing costs listed aboveup to a maximum of 500.You must pay any remainder of the closing costs in cash at closing.PREPAYMENT AND REIMBURSEMENT OF CLOSING COSTS. You agree that if you voluntarily cancel your Credit Line within one year of the date ofyour Line agreement, you may also be required to reimburse us for all or part of the closing costs we paid to nonaffiliated third parties on your behalf,which will be listed on your closing document “Schedule of Closing Costs”. Your reimbursement obligation will in no event exceed 2% of your initialcredit limit under your Credit Line. Your obligation to repay the closing costs we paid to nonaffiliated third parties on your behalf terminates on the firstanniversary of the Credit Line agreement.Revised 1/1/10; 2/1/10; 4/10, 2/9/11, 5/1/11, 1/15/12, 3/15/12, 5/3/12, 8/2/12, 12/1/12, 3/4/13, 8/1/13, 11/12/13, 12/02/13, 3/1/14, 07/1/14, 11/15/14,4/1/15, 7/1/15, 8/17/15Rev 08/17/2015Page 4 of 7
Hancock Bank / Whitney BankLoan Options For Your Residential Mortgage Loan RequestCustomer NameDateLoan AmountLoan NumberLoan Options Notice: Our goal is to offer a variety of home loan products with different features in terms,interest rates, fees and closing costs designed to meet your specific financial needs.You have been presented with loan options of the types of loans that you expressed interest in, for whichyour loan originator has determined that you would likely qualify. Except as set forth below, youacknowledge that you were presented with these loan options:1. A loan option with the lowest interest rate;2. A loan option with the lowest interest rate without negative amortization, prepayment penalty,interest-only payments, a balloon payment in the first 7 years of the loan, a demand feature,shared equity, or shared appreciation.3. A loan option with the lowest total dollar amount for origination points or fees and discountpoints.You may be presented with fewer than three loan options if those loan options presented:1. Included all of the above loan features, or2. Your loan originator determined in good faith that you would not likely qualify for all three loanoptions and presented you with the loan options for which you would likely qualify.Additional Information about Your Loan Request: The Bank uses different delivery channels – theMortgage Department and Retail Consumer Department. Each of these departments has separateapplication processes as well as separate underwriting and approval requirements for the different typesof loans they offer.For example, the Mortgage Department offers first mortgage loans on primary residences with termsfrom 10 to 40 years both on a fixed or variable rate basis. The Retail Consumer Loan Department offerssecond mortgage loans on primary residences from as low as 2,500 with loan terms up to 15 years. Inaddition, the Retail Consumer Loan Department offers both first and second lien Home Equity Lines ofCredit on primary residences. The Home Equity Line of Credit is a variable rate product featuring a 10year draw period followed by a 15 year repayment period.You understand you are free to apply with either or both departments at any time. The choice, of courseis yours. By offering both delivery channels and explaining the loan options, we can help you select theproduct that is best for you.Your loan originator has offered you the opportunity to consult with representatives of both the MortgageDepartment and the Retail Consumer Loan Department in order to learn about the various loans offeredby each. After consideration of all options, you have chosen to apply with the Retail Consumer LoanDepartment for your home loan.You understand that if for any reason your application is not approved in the Retail Consumer LoanDepartment, you will not automatically be considered for a loan from the Mortgage Department and thatyou must submit an application to that department in order to be considered for a loan there.Customer SignatureCustomer SignatureDate“Hancock Bank” is a trade name used by Whitney Bank. Whitney Bank offers and providesfinancial products and services through its locations as “Whitney Bank” in Louisiana andTexas and as “Hancock Bank” in Mississippi, Alabama and Florida.Rev 08/17/2015Page 5 of 7
APPRAISAL NOTICE[[] HANCOCK BANK] WHITNEY BANKTo Applicant(s):Application/Loan No.We may order an appraisal to determine the property’s value and charge youfor this appraisal. We will promptly give you a copy of any appraisal, even ifyour loan does not close.You can pay for an additional appraisal for your own use at your own cost."Hancock Bank" is a trade name used by Whitney Bank. Whitney Bank offers and provides financial products and servicesthrough its locations as "Whitney Bank" in Louisiana and Texas and as "Hancock Bank" in Mississippi, Alabama, and Florida.Rev 08/17/2015Page 6 of 7
WAIVER OF THREE DAY NOTICE PERIODFederal law requires us to provide you with a copy of each appraisal or written valuation of yourproperty promptly upon completion, but no less than 3 business days before you sign your loandocuments, or 3 business days before your account is opened, whichever is earlier.This 3 business day notice period is required by federal law, and your loan may not be closed oryour account opened until 3 business days have passed after you receive your appraisal or writtenvaluation unless you waive the 3 day notice period.If you wish to close your loan or open your account within 3 days of receiving your appraisal orother written valuation, you must sign this waiver.By signing this waiver below, you acknowledge reading and understanding the information disclosedabove and you agree that we may provide the appraisal or written valuation of your property to youat or within 3 days of loan closing or account opening, except where otherwise prohibited by law.BorrowerRev 08/17/2015DateBorrowerDatePage 7 of 7
IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT . This disclosure contains important information about our Home Equity Line of Credit (the "Line"). You should read it carefully and keep a . (or the maximum rate allowed by law). Also, at no time during the life of the loan will the ANNUAL PERCENTAGE RATE be less than 3.99% per annum. This .
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