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Consumer Loan Applicants FAQ

Do you require proof of income and employment?

Yes, we do. All of our loans are full documentation, which means we need to verify all income used to qualify you for your loan and that you have at least 2 years of continuous employment. If you work for someone else, we will need two recent paystubs and 2 years of W-2s. If you are self-employed or have other income you report, we will need your last two years of filed tax returns along with any approved extensions, if applicable.

I was told I need to prove my housing payment. Why?

We require proof of housing payment whenever you are asking for an unsecured loan or line of credit for $10,000 or more. We want to make sure your total expenses have been considered when we lend larger amounts.

I already had accounts at the bank that was here before HomeStreet Bank. Why do I need to provide proof of my identity just to apply for a loan?

The USA Patriot Act has Know Your Customer requirements we must comply with. This includes independently verifying the identity of any new customers, even those who previously banked with an acquired or merged bank. This is to protect all of us from identity theft and fraud, and to prevent potential terrorist activity.

I live with my family rent free. Does that matter?

We will always apply the minimum rent expense for a studio apartment in your county. We get this from the annual Fair Market rent tables published by the Department of Housing and Urban Development (HUD). Rent-free living may not be sustainable so we use what it may cost you to rent a small place in your current community. This is true for all rent situations, so if your rent is lower than this average, we do use the average.

How long will it take to process my loan?

Our consumer loans are all processed centrally. It typically takes 1-2 business days to get a loan decision, depending on your loan type and information provided up front. If we need something you haven’t yet provided, like a paystub, we will begin to underwrite your loan using your stated values, but will verify everything before final approval. If you are applying for a deposit secured loan or an unsecured loan, you can typically close your loan within 2-5 business days from application. If you are applying for a loan to purchase a vehicle or vessel, closing will not occur until we have inspected the collateral (if applicable); ensured proper sales and transfer paperwork is in place and coordinated any needed documents. Private party purchases are not allowed. Once a decision is made, your banker will contact you with your decision and any next steps. If your loan is declined, the Consumer Lending team will send you a letter with the specific reasons along with information on how to obtain and review a copy of your credit report.

If my loan is approved, I may have trouble signing during the week. Is there another option?

Yes, some of our loans allow you to use an electronic signing service called e-Lynx to sign some or all documents electronically. Please ask your banker if your loan is eligible for e-Lynx.When signing electronically, you will need access to a PC or laptop. You will be asked to set up a user id and password, as well as some challenge questions to identify you. These are all case sensitive and private, meaning we cannot see them. If you forget or lose your information, just follow the prompts for a forgotten User ID or password.Some documents do need to be signed and notarized. In most cases, a notary is available in our branches, but not always. If a notary is needed and not available, we will work with you to ensure all documents are correctly completed. Every vehicle or vessel loan will have documents that require notarization.

Why do you need proof of my auto insurance, even if I am refinancing my car?

We do require proof of insurance for each individual loan, so even if you have provided this before, we will need a new Insurance Binder and evidence HomeStreet Bank will be added as loss payee. We require comprehensive and collision coverage, with a maximum deductible of $500. If your loan is approved, we will verify this coverage and that we have been added as a loss payee on your policy.

My banker mentioned automatic loan payments. Is there any benefit?

Yes, there is a .25% reduction to your rate or margin when you have your loan or line of credit payments automatically withdrawn from your HomeStreet Bank checking or savings account. Ask your banker to enroll you in Auto-pay.

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