Guide to Completing the Loan Estimate The following list highlights requirements needed to complete each section of the Loan Estimate.

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1 Guide to Completing the Loan Estimate The following list highlights requirements needed to complete each section of the Loan Estimate. General Information Page 1 Date Issued Date the LE is mailed or delivered to the consumer Applicants Each applicant s name and mailing address Property Address of the property that will secure the transaction Sale Price/ Appraised Value/ Estimated Value If the loan is a purchase, use Sale Price If the loan is a refinance, use Appraised Value or Estimated Value Loan Term In whole years (i.e. 30 years) More than 24 months, but NOT whole years (i.e. 15 yr., 5 mo.) Less than 24 months, but NOT whole years (i.e. 22 mo.) Purpose Purchase, Refinance, Construction, or Home Equity Loan Product Any feature that may change the periodic payment and duration (Negative Amortization, Interest Only, Step Payment, Balloon Payment, etc.) Whether an adjustable, step, or fixed rate is used to determine interest rate Loan Type Conventional, FHA, VA, or brief description if loan is insured or guaranteed by another federal or state agency Loan ID Creditor s loan number Each application must have its own unique number Rate Lock Is the rate locked at time the Loan Estimate is provided? If so, indicate how long the rate is locked, and How long the estimate of closing costs is good for Provide specifics to the date & time of day (include time zone) 3

2 Loan Terms Section Loan Amount In whole dollars Indicate whether items can change after closing Answering Yes requires additional information: Indication of maximum principal balance for the transaction, Due date (year or month in which it occurs rather than exact date) Whether that maximum balance may occur under the terms of the legal obligation Interest Rate Initial interest rate that is expected to applicable When rate is not locked Disclose a fully-indexed rate in the case of a loan that will be tied to an index If product is fixed rate, rate that is currently available for that product Indicate whether items can change after closing Answering Yes requires additional information: Disclosure of frequency of interest rate adjustments The date the interest rate may first adjust The maximum interest rate, and The first date when the loan can reach the maximum interest rate (year in which the event occurs, counting from the date that the interest for the first scheduled periodic payment begins to accrue after consummation) 4

3 Monthly Principal & Interest Initial interest rate that is expected to applicable When rate is not locked: Disclose a fully-indexed rate in the case of a loan that will be tied to an index If product is fixed rate, rate that is currently available for that product Indicate whether items can change after closing: Answering Yes requires additional information: Disclosure of scheduled frequency of adjustments The due date of the first adjustment, and The maximum possible amount (and the earliest it can occur) of the Monthly Principal & Interest Any periods during which only interest is required to be paid and the due date of the last period payment of such payments (year in which event occurs) Reference the Adjustable Payment (AP) Table on page 2 Prepayment Penalty Indicate the maximum amount and Date when the period during which the penalty may be imposed terminates Round to nearest dollar Balloon Payment Indicate the amount and due date of such payment Round to nearest dollar Projected Payments Section Estimated Total Monthly Payment Disclose in one column the initial Period Payment for Principal & Interest, Mortgage Insurance, Estimated Escrow and Estimated Total Monthly Payment. Depending on the features of the loan, subsequent payments also may be required to be disclosed. Refer to discussion of the standards that must be met for completing this chart in pages of the TILA RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms 5

4 Estimated Taxes, Insurance & Assessments Disclose the total monthly amount due for Property Taxes, Homeowner s Insurance, HOA fees and certain insurance premiums or charges if required by the lender. Include these amounts even if an escrow account will not be established Costs at Closing Section Estimated Closing Costs Estimated Cash to Close Loan Costs Section Calculated in the same manner as the Total Closing Costs disclosed on page 2 of the LE Calculated in the same manner as the Calculating Cash to Close table on page 2 of the LE Page 2 Origination Charges Charges will ALWAYS be subject to a zero tolerance standard Include any charge paid by consumer to creditor to reduce interest rate Must be stated as both a percentage of loan amount and dollar amount List items in alphabetical order using clear and conspicuous terminology Itemize separately: Any compensation paid directly by a consumer to a loan originator that is NOT also the creditor or Any charge imposed to pay for a loan level pricing adjustment assessed on the creditor that is passed on to the consumer as a cost at consummation and not as an adjustment to the interest rate 6

5 Services You Cannot Shop For Services provided by third parties that consumer is not allowed to select Typical fees include: appraisal fee, appraisal management fee, credit report fee, flood determination fee, government funding fee, homeowner s association certification fee, lender attorney fee, tax status search fee, 3 rd party subordination fee, title-related fees, upfront mortgage insurance fees. Any title-related service or charge must be preceded with the word Title at the beginning List items in alphabetical order using clear and conspicuous terminology Service You Can Shop For Services provided by third parties that consumer is allowed to select Typical fees include: Pest inspection fee, survey fee, Title-Closing agent fee, and Title-Closing Protection Letter fee. Any title-related service or charge must be preceded with the word Title at the beginning List items in alphabetical order using clear and conspicuous terminology You must provide a list of settlement service providers that the consumer can consider when choosing that service (can be as little as one option for each; no limitations on number you have to list) Total Loan Costs Sum of the subtotals of Origination Charges, Services You Cannot Shop For, and Services You Can Shop For 7

6 Other Costs Section Taxes and Other Government Fees Recording Fees and Other Taxes do NOT include fees based on the Sale Price of the Property or Loan Amount Transfer Taxes The name used under State or local law to refer to these amounts is not determinative as to whether they are or are not Transfer Taxes Disclose only taxes paid by the consumer (NOT those paid by Seller) Prepaids Include: Homeowner s Insurance, Mortgage Insurance, Prepaid Interest, Property Taxes (all four of which are preprinted on form), and space for a maximum of three additional items (must be listed out by you) Must include the applicable time period covered by the amount paid and total amount to be paid Initial Escrow Payment at Closing Include: Homeowner s Insurance, Mortgage Insurance, Property Taxes (all three of which are preprinted on form), and space for a maximum of five additional items (must be listed out by you in alphabetical order) Other Items that may go here: Separate insurance, warranty, guarantee or eventcoverage products (Owner s title insurance, credit life insurance, debt suspension/cancellation coverage, warranties of home appliances & systems) Items that disclose any premiums paid for separate insurance, warranty, guarantee, or event-coverage products that are NOT required by creditor MUST include (optional) at the end of label Any title-related service or charge must be preceded with the word Title at the beginning 8

7 Total Other Costs Sum of the subtotals of Taxes and Other Government Fees, Prepaids, Initial Escrow Payment at Closing, and Other Total Closing Costs Sum of Total Loan Costs, Total Other Costs, and Lender Credits Lender Credits is the amount of any payments from the creditor to the consumer that do not pay for a particular fee on the LE and is disclosed as a negative number Calculating Cash to Close Section Total Closing Costs Same as the amount disclosed as Total Closing Costs in the Other Costs Section Closing Costs Financed (Paid from Your Loan Amount) Down Payment/Funds from Borrower Subtract the estimated total amount of payments to third parties NOT otherwise disclosed in the Loan Costs and Other Costs sections from the Loan Amount shown on page 1 If a positive number, Closing Costs Financed is that amount, disclosed as a negative number but only to the extent that it does NOT exceed the amount of Lender Credits If result is zero or negative, then Closing Costs Financed is $0 Purchase transaction Difference between purchase price and principal amount of credit extended, disclosed as a positive number If loan amount exceeds purchase price, disclose $0 Non-purchase transaction Difference between principal amount of credit extended and the total amount of all existing debt being satisfied in transaction If positive number, use as your Down Payment If negative or $0, report $0 Deposit Only occurs in purchase transaction where purchaser has paid money in advance to seller, trust, or escrow held by an attorney/other party under terms of the purchase contract Funds for Borrower Purchase transaction = $0 Other transactions = Total amount of all existing debt principal amount extended Seller Credits Shown as a negative number Adjustments and Other Credits May include: gifts from family members, credits from developers/home builders to be applied to items in the Loan Costs and Other Costs table, funds provided to consumer from the proceeds of subordinate financing, local, or State housing assistance grants, or other similar sources 9

8 Adjustable Interest Rate (AIR) Table Adjustable Interest Rate (AIR) Table Used only when the loan s interest rate may INCREASE after consummation Index and Margin The index in which adjustments to the interest rate will be based and the margin that is added to the index to determine the interest rate Initial Interest Rate Initial Interest Rate at closing Minimum/Maximum Interest Rate If no maximum interest rate specified in contract, disclose any maximum rate specified in any applicable state law (i.e. State usury law) If no minimum interest rate specified in contract or in State law, your margin will serve as minimum interest rate Change Frequency For First Change, list the month when the first interest rate change may occur after closing. For Subsequent Changes, list the frequency of interest rate adjustments after the initial adjustment. Limits on Interest Rate Changes If multiple limits apply at different points in time or based on different circumstances, you must disclose the greatest limit on changes in the interest rate when making these disclosures Additional Information About This Loan Page 3 Contact Information Disclose the Name and NMLS ID for the lender and mortgage broker, if any, and the individual loan officer for both. Must disclose an and phone number for the loan officer. 10

9 Comparisons Section In 5 Years List the total dollar amount the consumer will have paid through the end of the 60 th month after the due date of the first periodic payment: Principal Interest Mortgage Insurance Loan Costs already disclosed on Page 2, Item D under Loan Costs Total Interest Percentage (TIP) Other Considerations Total amount of interest the consumer will pay over the loan term, expressed as a percentage of the loan amount. Use the same standards used when calculating the amount of the interest component of Finance Charges for your old Fed Box Reg Z disclosures. Liability After Foreclosure Must include in the Other Considerations disclosures if the purpose of the credit transaction is to refinance an extension of credit, a brief statement that certain State law protections against liability for any deficiency after foreclosure may be lost, the potential consequences of the loss of such protections, and a statement that the consumer should consult an attorney for additional information 11

10 Loan Acceptance Must be included only in circumstances where page 3 does not contain a Confirm Receipt table which includes a similar type of disclosure to applicant Must read as follows: You do not have to accept this loan because you have received this form or signed a loan application. Confirm Receipt Section Confirm Receipt Purely optional, not required on the Loan Estimate If used though, the signature statement must contain the EXACT language from the model form If you decide not to include this section on form, remember to include the above mentioned Loan Acceptance disclosure in the Other Considerations section on page 3 12

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