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Credit One Financial Solutions ("COFS") has a business relationship with GB Home Equity, LLC ("GBHE"). COFS is a member of GBHE and has a 50% ownership interest in the operating division of GBHE doing business as Marble Arch Home Loans. Because of this relationship, referrals to Marble Arch Home Loans may provide COFS a financial or other benefit. GB Home Equity, LLC is a wholly-owned first tier subsidiary of Guaranty Bank, FSB. Home equity loans available in most states. All loans are subject to approval.
Pursuant to the Office of Thrift Supervision (OTS) regulation ยง560.2, federal savings associations may extend credit as authorized under federal law without regard to state laws purporting to regulate their credit activities and that state laws imposing licensing and registration requirements on federal savings associates are preempted. Further, in 57 Fed. Reg. 48,942 (October 29, 1992), all provisions of federal laws, regulations and policies of the OTS applicable to the operations of a federal savings association shall apply in the same manner and to the same extent to the operations subsidiary shall generally be consolidated and treated as a unit for the purpose of applying statutory and regulatory requirements and limitations. This principle was reaffirmed in 1996 when OTS revised it regulations on subordinate organizations (12 C.F.R. Part 559).
Therefore, as a wholly-owned operating subsidiary of a federally-chartered savings association, it is not necessary for GB Home Equity, LLC to obtain state lending licenses and/or registrations. GB Home Equity is currently able to originate mortgage loans and lines-of-credit in all but the following states: ALASKA
The Equity Line is a variable rate interest-only for the first 10 years of the contract. During the 10th year, the outstanding balance switches to a principal and interest payment for the last 10 years of the contract.
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