We use cookies and similar technologies to enhance your experience, analyze site usage, and support our services. This includes data collection for service delivery, performance analytics, and personalized content. By accepting, you consent to our use of these technologies in accordance with applicable data protection regulations. You can manage your preferences at any time.
Last Updated: December 15, 2024
These Terms of Service ("Terms") constitute a legally binding agreement between you and Sunward Bank Mortgage Services - Albuquerque ("Sunward," "we," "us," or "our"). By accessing our services, applying for financing, or entering into any financial arrangement with Sunward, you acknowledge that you have read, understood, and agree to be bound by these Terms.
1.1 Definitions.For the purposes of these Terms, the following definitions apply:
2.1 Eligibility Requirements.To be eligible for Sunward's services, Applicants must:
2.2 Application Submission.All applications must be submitted through authorized channels and include all requested documentation. Sunward reserves the right to request additional information or documentation at any stage of the application process. Incomplete applications may result in processing delays or denial.
2.3 Verification and Assessment.Sunward conducts comprehensive verification of all information provided by Applicants. This includes, but is not limited to, identity verification, income verification, employment verification, and financial history assessment. Applicants authorize Sunward to obtain and review information from third-party sources, including consumer reporting agencies.
2.4 Approval and Denial.Sunward reserves the sole discretion to approve or deny any application. Approval is subject to satisfactory completion of all verification processes and compliance with underwriting standards. Denial of an application does not obligate Sunward to provide specific reasons, though we strive to communicate general grounds for denial when permitted by law.
3.1 Interest Rate Determination.Interest rates are determined based on multiple factors including, but not limited to, the Applicant's financial profile, the type of financing requested, current market conditions, the term length, and the assessed risk level. All interest rates are clearly disclosed in the Agreement prior to acceptance.
3.2 Fixed vs. Variable Rates.Sunward offers both fixed and variable interest rate products. Fixed rates remain constant throughout the term of the Agreement. Variable rates may fluctuate based on changes to specified index rates or market conditions, as detailed in the Agreement. Any variable rate product will include clear disclosure of how rates may change and the maximum rate that may be charged.
3.3 Annual Percentage Rate (APR).The APR represents the total cost of financing expressed as a yearly rate, including interest and certain fees. The APR will be clearly disclosed in all financing agreements and promotional materials. The APR may differ from the stated interest rate due to the inclusion of applicable fees and the timing of payments.
3.4 Interest Calculation.Interest is calculated using the method specified in the Agreement, typically on a daily basis using the outstanding principal balance. Interest accrues from the date funds are disbursed until the principal is repaid in full. Specific calculation methods and compounding frequencies are detailed in individual Agreements.
3.5 Rate Changes.For variable rate products, Sunward will provide advance notice of rate changes as required by applicable law. Borrowers will receive written notification of any rate adjustment, the effective date of the change, and the impact on payment amounts.
4.1 Application Fees.Sunward may charge application fees to cover the cost of processing and underwriting. These fees are non-refundable and will be clearly disclosed prior to application submission. Application fees, if applicable, are due at the time of application.
4.2 Origination Fees.An origination fee may be charged to cover the administrative costs of establishing the financing arrangement. This fee is typically calculated as a percentage of the Principal Amount and will be clearly disclosed in the Agreement. Origination fees may be deducted from the disbursed amount or added to the total amount financed.
4.3 Late Payment Fees.If a scheduled payment is not received by the due date specified in the Agreement, a late payment fee may be assessed. The amount of the late fee and any grace period will be clearly stated in the Agreement. Late fees are in addition to any interest that continues to accrue on the outstanding balance.
4.4 Returned Payment Fees.If a payment is returned due to insufficient funds or other reasons, a returned payment fee will be charged. This fee covers the administrative costs associated with processing the returned payment and attempting to collect the amount due.
4.5 Prepayment.Borrowers may prepay all or part of the outstanding balance at any time. Sunward does not charge prepayment penalties on most financing products. Any exceptions will be clearly disclosed in the Agreement. Prepayments are applied first to accrued interest and then to principal, unless otherwise specified.
4.6 Third-Party Fees.Certain transactions may involve fees charged by third parties, such as appraisal fees, title search fees, recording fees, or other professional service fees. These fees are separate from Sunward's charges and are the responsibility of the Borrower unless otherwise agreed in writing.
4.7 Fee Disclosure.All fees applicable to a specific financing arrangement will be itemized and disclosed in the Agreement before acceptance. Borrowers have the right to review all fee disclosures and ask questions before proceeding.
5.1 Timely Payment.Borrowers are obligated to make all scheduled payments on or before the due date specified in the Agreement. Payments must be made in the manner prescribed by Sunward, which may include electronic transfer, check, or other authorized payment methods. It is the Borrower's responsibility to ensure payments are received by the due date, accounting for processing times.
5.2 Accurate Information.Borrowers must provide accurate, complete, and truthful information throughout the application process and the term of the Agreement. Any material changes to the information provided, including changes to employment, income, contact information, or financial circumstances, must be promptly communicated to Sunward.
5.3 Use of Funds.Funds provided by Sunward must be used for lawful purposes only. Borrowers may not use financing proceeds for illegal activities, speculative ventures, or purposes prohibited by the Agreement. Sunward reserves the right to inquire about the intended use of funds and to decline applications where the intended use raises concerns.
5.4 Maintenance of Collateral.If the financing is secured by collateral, the Borrower must maintain the collateral in good condition, keep it properly insured, and protect it from damage, loss, or deterioration. The Borrower may not sell, transfer, or encumber the collateral without Sunward's prior written consent.
5.5 Insurance Requirements.Borrowers may be required to maintain specific types of insurance coverage as a condition of the financing arrangement. Required insurance may include property insurance, liability insurance, or other coverage as specified in the Agreement. Proof of insurance must be provided to Sunward upon request.
5.6 Cooperation with Servicing.Borrowers must cooperate with Sunward's servicing activities, including responding to communications, providing requested documentation, and facilitating any necessary inspections or appraisals. Failure to cooperate may constitute a breach of the Agreement.
5.7 Notification of Default.If a Borrower anticipates difficulty making a scheduled payment or believes they may be unable to fulfill their obligations, they should contact Sunward immediately. Early communication may provide opportunities to explore alternative arrangements or solutions.
6.1 Events of Default.The following events constitute default under the Agreement:
6.2 Notice of Default.Upon occurrence of an event of default, Sunward will provide written notice to the Borrower specifying the nature of the default and the action required to cure it, if curable. The notice will specify a reasonable time period within which the default must be cured.
6.3 Acceleration.If a default is not cured within the specified time period, Sunward may declare the entire outstanding balance, including all accrued interest and fees, immediately due and payable. This acceleration right will be exercised in accordance with applicable law.
6.4 Collection Activities.Following default and acceleration, Sunward may pursue all available legal remedies to collect the outstanding balance. This may include, but is not limited to, engaging collection agencies, reporting the default to consumer reporting agencies, initiating legal proceedings, and exercising rights against collateral.
6.5 Foreclosure and Repossession.For secured financing, Sunward may exercise its rights to foreclose on real property or repossess personal property serving as collateral. All foreclosure and repossession activities will be conducted in accordance with applicable federal and state laws. The Borrower remains liable for any deficiency balance after the collateral is sold.
6.6 Costs of Collection.The Borrower is responsible for all costs incurred by Sunward in connection with collection activities, including reasonable attorney's fees, court costs, collection agency fees, and other expenses, to the extent permitted by law.
6.7 Credit Reporting.Sunward reports account information to consumer reporting agencies. Default, late payments, and other negative information may be reported and will adversely affect the Borrower's credit rating. Accurate reporting of account status is required by law and serves the interests of the credit system.
7.1 Privacy Policy.Sunward's collection, use, and protection of personal information is governed by our Privacy Policy, which is incorporated into these Terms by reference. The Privacy Policy is available on our website at https://nysunward.com and will be provided to Applicants and Borrowers upon request.
7.2 Information Collection.Sunward collects personal and financial information necessary to evaluate applications, service accounts, comply with legal requirements, and improve our services. This information may include, but is not limited to, name, address, Social Security number, employment information, income data, and financial account information.
7.3 Information Sharing.Sunward may share information with third parties as necessary to provide services, comply with legal obligations, or protect our rights. This may include sharing with service providers, consumer reporting agencies, regulatory authorities, and other parties as described in the Privacy Policy. We do not sell personal information to third parties for marketing purposes.
7.4 Data Security.Sunward implements reasonable security measures to protect personal information from unauthorized access, disclosure, alteration, or destruction. However, no security system is impenetrable, and we cannot guarantee absolute security. Borrowers should take appropriate precautions to protect their account information and credentials.
7.5 Consumer Reporting.By applying for financing, Applicants authorize Sunward to obtain consumer reports from consumer reporting agencies for the purposes of evaluating the application, servicing the account, and collecting amounts due. Sunward may also report account information to consumer reporting agencies.
7.6 Communication Consent.By providing contact information, Applicants and Borrowers consent to receive communications from Sunward via telephone, email, text message, and mail regarding their application or account. This includes communications for servicing, collection, and marketing purposes, subject to applicable law and opt-out rights.
8.1 Borrower Representations.By accepting financing from Sunward, the Borrower represents and warrants that:
8.2 Continuing Representations.The representations and warranties made by the Borrower are deemed to be continuing and remain in effect throughout the term of the Agreement. Any material change that would make a representation untrue must be promptly disclosed to Sunward.
8.3 Sunward Representations.Sunward represents that it is duly organized and authorized to provide financial services in the jurisdictions where it operates and that it will comply with all applicable laws and regulations in the provision of services.
9.1 No Warranty of Services.Sunward's services are provided "as is" without warranties of any kind, either express or implied. While we strive to provide accurate information and reliable service, we do not warrant that our services will be uninterrupted, error-free, or meet any particular requirements.
9.2 Limitation of Liability.To the maximum extent permitted by law, Sunward's liability for any claims arising from or related to these Terms or the services provided is limited to the amount of fees actually paid by the Borrower to Sunward. Sunward shall not be liable for any indirect, incidental, consequential, special, or punitive damages.
9.3 Third-Party Services.Sunward may utilize third-party service providers in connection with providing services. Sunward is not responsible for the acts or omissions of third-party service providers, except to the extent required by law.
9.4 Force Majeure.Sunward shall not be liable for any failure or delay in performance due to circumstances beyond its reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, labor disputes, governmental actions, or failures of third-party systems or services.
9.5 No Financial Advice.Sunward provides financing services but does not provide financial, tax, or legal advice. Borrowers should consult with appropriate professionals regarding their specific circumstances and the implications of entering into financing arrangements.