Which two items will appear on a closing disclosure?

A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

Which two items will appear on a closing disclosure quizlet?

- The Closing Disclosure is required under RESPA. The Closing Disclosure is a five-page form that provides final details about the mortgage loan. It includes the loan terms, projected monthly payments, and how much the borrower will pay in fees and other costs to get the mortgage (closing costs).

What is on page 2 of the closing disclosure?

Initial Escrow Payment A cushion for the escrow account you pay at closing. See Section G on page 2. Monthly Escrow Payment The amount included in your total monthly payment. Estimated Property Costs over Year 1 Estimated total amount over year 1.

What do final closing disclosure look for?

Double-check the loan amount, loan type, loan term, interest rate, monthly payment amount, whether there is a prepayment penalty, whether you are paying points or receiving credits, and other key details. Compare the Annual Percentage Rate (APR) on the Closing Disclosure to the APR listed on your Loan Estimate.

What information is included in the closing statement?

A mortgage closing statement lists all of the costs and fees associated with the loan, as well as the total amount and payment schedule. A closing statement or credit agreement is provided with any type of loan, often with the application itself.

Always Assume the Close, ALWAYS!

What comes after closing disclosure?

What happens after the closing disclosure? Three business days after you receive your closing disclosure, you will use a cashier's check or wire transfer to send the settlement company any money you're required to bring to the closing table, such as your down payment and closing costs.

How do you complete the closing disclosure?

What is on page 3 of the closing disclosure?

On page 3 of the Closing Disclosure, the Calculating Cash to Close table and Summaries of Transaction table are disclosed. For transactions without a seller, a Payoffs and Payments table may be substituted for the Summaries of Transactions table and placed before the Alternative Calculating Cash to Close table.

Which item is entered on the closing disclosure as a credit to the seller?

Which item is entered on the Closing Disclosure as a credit to the seller? All of the expenses listed are debited (not credited) to the seller except for the total purchase price. The total purchase price and any items the seller prepaid are credited to the seller.

Which set of items appears on a loan estimate framework?

For the amount, type, and term of the loan you've applied for, the loan estimate will show your projected closing costs, monthly payment, interest rate, and annual percentage rate, among other details.

What is on the fourth page of the closing disclosure?

Page 4: This section tells you what your late fee will be and whether your lender accepts partial payments. Information about your loan's escrow account – odds are you have one – is also on this page.

Which items appear on a loan estimate?

The Loan Estimate covers your loan terms, projected payments, costs at closing, loan costs, other costs, a calculation of cash to close and other considerations. The Closing Disclosure lists loan terms and costs, closing costs and the amount of cash you'll need at closing.

What is included in cash to close?

Cash to close includes the total closing costs minus any fees that are rolled into the loan amount. It also includes your down payment, and subtracts the earnest money deposit you might have made when your offer was accepted, plus any seller credits.

What is a closing disclosure quizlet?

Closing disclosure. Contains the actual, finalized, terms and costs of the transaction. When Prepayment added, or a change in APR - 3 biz days. When must a Loan Officer give revised closing disclosure and how many days. You just studied 35 terms!

When would a closing disclosure be required quizlet?

A: Requires that consumers receive the Closing Disclosure at least three business days before closing on the mortgage loan. [CORRECT] Explain: The TRID rule requires that consumers receive the Closing Disclosure at least three business days before closing on the mortgage loan.

What are the three primary acts that impact mortgage loan disclosure?

The data- related requirements in HMDA and Regulation C serve three primary purposes: (1) to help determine whether financial institutions are serving their communities' housing needs; (2) to assist public officials in distributing public investment to attract private investment; and (3) to assist in identifying ...

Which item will show as a credit to the buyer on a closing statement quizlet?

The Sale/Purchase Price: The total consideration (sale or purchase price) for the property must be paid by the buyer to the seller at closing. This will appear on the buyer's closing statement as a charge and on the seller's closing statement as a credit.

What item will appear as a debit on the buyer's closing statement?

A debit is money you owe, and a credit is money coming to you. The debit section highlights items that are part of the total dollar amount owed at closing. This includes the amount due for closing and title costs, which are generally split between the buyer and the seller- who pays how much is generally negotiable.

Which of the following items would be prorated at closing?

The answer is loan amount. Mortgage interest, general real estate taxes, water taxes, insurance premiums, and similar expenses are usually prorated at closing. Which of the following items would be prorated at closing?

How many sections does closing disclosure have?

The Closing Disclosure is a five-page form that describes the critical aspects of your mortgage loan, including purchase price, loan fees, interest rate, estimated real estate taxes, insurance, closing costs and other expenses.

Which information is not required to be included on the closing disclosure?

The note rate (the rate used to amortize the loan) is not required to be listed on the closing disclosure, however the APR is required.

What is on page 3 of the loan estimate?

Key terms on Loan Estimate page 3: In 5 years — The total amount you'd pay toward the loan in five years, including principal, interest, mortgage insurance, and upfront costs. Annual percentage rate (APR) — Your combined interest and loan costs, represented as a percentage of the loan amount.

In what section of a closing disclosure would you find information regarding the loan term?

The Loan Terms Table on the Closing Disclosure discloses the same information required to be disclosed on Page 1 of the Loan Estimate. This includes information about the loan—Loan Amount, Interest Rate, Monthly Principal and Interest, and Presence of Prepayment Penalty or Balloon Payment.

Which documents are examples of what may be required for closing?

Which of the following pieces of information is considered an application?

An application is defined as the submission of six pieces of information: (1) the consumer's name, (2) the consumer's income, (3) the consumer's Social Security number to obtain a credit report (or other unique identifier if the consumer has no Social Security number), (4) the property address, (5) an estimate of the ...