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2019 BNCW & Sangster Motors Home Tour & Remodeling Expo

Selecting a Trusted Lender Avoiding Copyright
Infringement
A trusted lender will help you choose the right type of loan
to help you accomplish your ownership or refinance goals
while meeting your budget needs. By offering a wide range The key to avoiding copyright infringement is to understand
of loan programs, such as All-in-One custom construction, that copying any part of another designer’s or builder’s plan
first-time home buyers, lot construction loans, reverse is illegal. If you ask your designer, architect or builder to
mortgages and many government assistance programs, design or construct the same exact feature found in another
your lender will be able to tailor a solution to your specific builder’s home, it is a violation of copyright.
situation. ©
Many people believe that if you alter a plan by a certain
It’s very important to select from home loan experts that percentage, you are not in violation of copyright laws.
combine years of experience with dedication to serving as However, even using another designer’s plan as a starting
guides through the finance process from start to finish. point could place you in violation of their copyright.
Consequently, the first step in securing financing begins
with finding the right residential loan officer. The residential It is not unusual to draw inspiration from a plan in a plan
lending expert you choose to work with will provide you with book, internet plan room or another house. Ask your builder
a checklist of essential documents you’ll need to take the or designer if they used someone else’s original drawing as
next step—completing a loan application.
a starting point or "inspiration". If the drawing or home that
served as inspiration for the homeowner, builder or designer
While you’re completing the application, your home loan
expert will be hard at work initiating credit checks, verifying is "substantially similar" to the new drawing or home, the
employment and deposit account history and securing new drawing may be a "derivative work”. Unauthorized use of
credit approval. Once the application has been submitted, a derivative work to build a house is copyright infringement.
your dedicated loan officer works in concert with your
Realtor ™ (if applicable) to ensure all the necessary property
information has been secured. At the same time, the loan
officer will be working hand-in-hand with one of their
experienced loan underwriters, whose job it is to verify all
of the submitted documents meet the conditions of the
loan. They also pay close attention to each detail of your
specific loan type to make sure the loan meets the complex
regulatory requirements needed for conditional approval.

The next sequence of events marks the final stage
of securing financing for your purchase, refinance,
construction or remodel project. As the loan processor
completes their final application checks and ensures all
conditions of the loan are met, the lender requests the
closing documents. Behind the scenes, the bank’s loan
closing team or an escrow officer from a title company
ensures titles are created or cleared, arranges for payoff
statements (if needed for your loan type) and puts the final
touches on preparing the closing statements.

Once all the necessary documentation is prepared, your loan
officer will coordinate appointments that are convenient for
your schedule to meet with the loan closer or Title Company.
At this appointment the final signing of loan documents by
you occurs. Upon the final signing, and the escrow company
or bank verifies everything is in order, deeds are recorded
and funds are dispersed, making your home ownership or
refinance goals a reality.

Source: Brette Sangster, NMLS#507149 Vice President, Banner Bank
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