AMA Medical Student Offers

Disclaimers

†Fixed Rate Resident Interview Loan Repayment Examples:

Borrowers are eligible to make $25 monthly payments during their residency training for a minimum of 48 months up to 60 months ("Residency Period"). These payments may not be enough to cover all of the interest that accrues on the loan. Once the Residency Period ends, any unpaid accrued interest will be added to the loan principal and monthly payments of principal and interest will begin.

All repayment examples assume a loan amount of $10,000 accruing at an annual simple interest rate of 9.99%, which includes a 0.25% AMA Member Discount. The APRs do not include any discount for making automatic payments from a checking or savings account. A borrower's actual rate and payment amount may vary, and is determined by the product, term, loan amount, and your credit qualifications. Example APRs are offered as of May 6, 2019 and subject to change.
Note: The interest rate is higher than the APR because the APR considers the effects of the period of Reduced Payment.

Mortgage Rewards Program

As used throughout this Mortgage Rewards Program, the term “Lender” means KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

Lender offers applicants the opportunity to participate in a reward-based program (the “Rewards Program”) throughout the Lender’s mortgage loan application process using the Lender’s online mortgage platform. Through the Rewards Program, applicants may have the opportunity to accrue points that will be redeemable and applied towards costs at closing.

The accrued points are earned by choosing certain specified options to complete the mortgage loan application process. The most cost effective and efficient tasks lead to the greatest amount of points. When you close your mortgage, the total amount of points earned are awarded and then converted into a lender credit. The dollar amount of the lender credit is then applied toward eligible non-recurring closing costs or disclosed fees.

Your participation in the Rewards Program is voluntary, and is expressly conditioned on compliance with the Program Rules and with all present and future Program Rules, terms, regulations, policies, and procedures that Lender may, in its discretion, adopt from time to time.

ACCRUING POINTS AND/OR CHOOSING CERTAIN SPECIFIED OPTIONS TO COMPLETE THE MORTGAGE APPLICATION PROCESS DOES NOT AFFECT THE REVIEW OF THE BORROWER’S MORTGAGE APPLICATION, LENDER’S ULTIMATE DECISION REGARDING THE BORROWER’S MORTGAGE APPLICATION, OR ANY TERM OF A LOAN OFFERED BY LENDER OTHER THAN A REDUCTION OF NON-RECURRING CLOSING COSTS OR DISCLOSED FEES.

RULES

• Only available to individuals legally eligible to obtain a mortgage loan. Proof of age is required at closing.
• Points are accrued based on tasks performed within a given application. Earnings are accrued per task. Points are earned once per task.
• Borrowers can accrue up to 650 points per loan transaction. Total points accrued and/or available are located in the “My Rewards” widget.
• Points are converted on a one-to-one basis to lender credits that will be reflected on the Closing Disclosure and applied to eligible non-recurring closing costs at Lender’s discretion. The maximum available lender credit that may be obtained for the Reward Program is $650.
• Points accrued during the process may be converted into rewards at the closing of an approved Lender loan, provided the applicants’ application remains active until the time of closing.
• Points are non-assignable and non-transferable.
• Accrued points have no cash value, are non-negotiable, and are not redeemable either in whole or in part for cash. Applicants cannot receive cash back from rewards applied at closing. Accrued points have no value in the event that the applicant withdrawals the loan application, the application is withdrawn by Lender as incomplete, or the application is denied.
• Applied lender credits may not exceed limits that may be imposed on lender credits by investor or program guidelines. Applied lender credits may be modified if the total amount of credit exceeds the maximum allowed under the applicable guidelines.
• DETERMINATION OF TAX LIABILITY OF REWARDS IS THE RESPONSIBILITY OF THE APPLICANT. APPLICANTS SHOULD CONTACT THEIR TAX ADVISORS WITH ANY TAX RELATED QUESTIONS.
• Lender has the right, in its sole discretion and without notice, to change, update, revise, limit, supplement and otherwise modify the terms of the Reward Program and impose new or additional terms and conditions on the applicant’s use of the reward program, at any time, at its discretion, with or without notice, even though such changes may affect the accumulation of points or the ability to obtain the reward. Lender reserves the right to change the Program Rules at any time in its sole discretion without prior notice to borrower, including but not limited to: (i) the qualifications for eligibility; (ii) the value of Points earned by the applicant; (iii) the number of Points needed to earn a Reward; and (iv) the Rewards available to be earned. Each such modification will be effective upon posting on the Site.
• Lender reserves the right, in its sole discretion and without notice, to terminate or cancel the Rewards Program, in whole or in part, or an individual applicant’s participation in the Program for any reason and at its sole discretion, with or without cause. “Termination” means ending the Rewards Program, with no further ability to earn Points and/or convert points at closing by any applicant; “Cancellation” means the expiration or revocation of an individual applicant’s eligibility, for any reason, with or without cause. Neither Termination nor Cancellation of the Rewards Program affects the applicant’s pending loan application(s).

Questions or Concerns Regarding Rewards
If you have questions or concerns regarding rewards, please call at 877-801-4686 or email mortgage@laurelroad.com.