Be prepared for your Mortgage Closing.
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1 Be prepared for your Mortgage Closing.
2 The Process That Leads Up to Your Mortgage Closing. Once you ve purchased your property and completed a loan application, or made a loan application for a refinance, you should begin the preparation for the settlement or loan closing. This is the process whereby in a purchase you will receive ownership of the property and all money will change hands. The seller will receive their proceeds, the Realtor(s), if involved, will receive their commission(s) and the lender will provide the money to complete the sale and receive their fees and costs associated with their granting of this loan. The settlement, or closing, is conducted by a title or closing agent, which may be an attorney, who represents the title insurance company and the lender. If your loan is for a refinance the closing agent will obtain funds from your lender to pay off any existing liens and make a final distribution of funds three business days after the closing. When refinancing a loan for an investment property or second home there is no three day waiting period. In connection with your loan application the lender will start a process to ensure you qualify for your loan. By law this process must verify and validate that you have the financial ability to repay the loan. The lender will obtain a credit report to identify your current credit profile and recurring monthly debts. This report will also provide your credit score. The score is very important as it is an indicator of how you use credit and repay your obligations. The higher the score the better. In most cases a score will be reported by the three separate credit bureaus. These are the entities that keep all credit information throughout the country. The lender will take the middle score reported. If there is more than one applicant on your loan the lender will use the lowest of all middle scores reported to determine acceptability for the loan approval. This information will be updated just prior to your page1
3 closing so it is important to stay current on all obligations during the process and not make any major changes in your debt obligations. Immediately notify your lender of any changes which will increase your monthly recurring debt payments. During the loan process you ll be asked to provide your lender with a variety of information and documentation to verify your employment, income and the money you ll use to pay for the down payment and closing costs. Your recurring monthly debts, the new mortgage payment and your income will determine your qualification for the loan you request. Once approved you ll select a loan option and interest rate and begin to prepare for the closing. It is important that you stay in constant contact and communicate with your lender regarding any changes in your financial status, including any changes in your income or employment. Your lender will re-verify this information just prior to the closing so if it changes it could create some problems. You may be asked to provide your complete personal, and business (if self employed), tax returns, including all schedules. Know that the lender will require you to provide a signed and dated IRS 4506-T form so they can obtain transcripts of these returns directly from the IRS for validation and comparison. The lender will also verify the source of all the money you use to complete the purchase. This includes your down payment(s) and the money you need to bring to closing. You cannot borrow money for your down payment or the closing costs. The money used must be yours or it may come from a gift from a parent of other relative. The source of such gifts must also be verified by the lender, with evidence of a transfer of the gift funds from the donor to you prior to, or at, the closing. As you can see the lender will do a comprehensive review of your credit, income, employment and assets to make reasonably sure you can repay the new mortgage debt under the terms of the loan agreement. The faster you provide the information requested, the quicker your loan will be approved and the sooner you can close and move into your new home. page2
4 It s Now Time To Prepare For Your Closing. Following your loan application the lender will provide an estimate of the fees and charges you should expect to pay in connection with the mortgage. These are the costs associated with getting the loan. Not all the fees will be paid to the lender. Some will go toward the cost of your credit, the appraisal on the property you are buying, some title services, title insurance policies and transfer taxes. Keep this estimate handy as you will use it to compare the final fees and costs you pay at your closing. The lender may not charge you any fee in connection with the mortgage loan that they do not list in this estimate. If things change during your loan process the lender may provide you with an updated estimate of fees and charges. This can be done if something changes on your loan that would directly affect one of the fees, like increasing your loan amount. You will also receive an updated estimate when you lock your interest rate. In this case the only fees which may change are those directly related to the rate lock. Other fees may not change. Be sure to discuss all estimates received from the lender so you fully understand what is being charged to you and why. Don t wait until your closing, get your answers before then! In preparing for the closing you will need to: 1. Obtain the insurance needed on the property. This will include homeowner s coverage equal to at least the new mortgage amount or for the full replacement cost value of the property you finance. If the property is determined to be in a flood zone you must also obtain flood insurance. page3
5 You should speak with your Realtor or insurance agent about the type of coverage required and the amount needed. This should be done early in the process. Do not wait until the last minute to shop for the required insurance coverage. If you are buying a condo the insurance should already be in place through the condo association. The cost of this coverage will be included in your monthly condo fee. However you may be required to obtain additional property and/or contents coverage. Check with your lender on what condo coverage is needed and then with the condo association to make sure the coverage they carry is sufficient. Again, do not wait until the last minute. When purchasing new insurance coverage the effective date of the new policy must be as of the closing date, and the policy(s) must be paid in advance for the first full year. Policies which combine coverage, e.g. auto and home, may present a problem for some lenders so check with your lender early in the process. 2. Make arrangements for a title search on the property being financed and for required title insurance. Most lenders will require you obtain insurance on the title to protect the lender. You should also purchase a policy to protect your interests. This is up to you. Title insurance is coverage to protect you and the lender against any problem or violation in the chain of title to the property. Maybe there was an illegal transfer of the property years ago which went unnoticed, or the owner made modifications to the lot, or improvements to the property, which do not conform to local building codes. A search should detect such problems and the title policy will protect you and the lender from any action which may come about as a result. In most cases your Realtor or builder will make arrangements for the closing agent who will also take care of the title search and policies needed. However you have the right and option to select the title company you prefer. The closing agent, or closing attorney, will coordinate the settlement with all interested parties and provide you with the costs for the closing. These are costs in addition to those provided to you by the lender. These will include estimates for taxes which may be due, added assessments on new construction homes, recording fees and other costs which may be charged to close on your property. Ask you closing agent/attorney to provide you with a breakdown of these charges well in advance of the settlement. 3. You will need to bring a certified check, or wire the money, to closing for the balance of any down payment and all closing costs. page4
6 Your Title/Closing Agent The individual who will conduct your closing may be from a title agency, a title company or may be an attorney. Regardless, the closing agent will act as mediator to conduct the settlement, collect and disburse all money, and protect the interests of the lender and the title company insuring the loan. The closing agent does not represent you. If you want representation you may hire a lawyer, but this will be at your own expense. This fee is not included in any estimates you receive from the lender or the closing agent. This is entirely up to you. About 5 days prior to your scheduled closing you should ask the closing agent and your lender to provide you with a detailed estimate of everything to be charged to, and due from, you at the settlement. This should include a breakdown of the lender s fees and charges, which you can compare against their most recent estimate, the detail of all other costs you will pay at closing and how much money you need to bring to the closing table. Remember this must be certified funds. Review this carefully to make sure you understand, and agree with, all the charges that you will pay. Make sure you get any answers or explanation before going to the closing table. The closing agent will conduct the closing and provide you with the documentation you need to review and sign. This is important. Ask the closing agent for an explanation of the documents you are signing if you do not have anyone there to represent you. There are many documents so don t be afraid to ask. You have the right to know and understand the meaning of the documents you sign. Be prepared to spend a few hours at the closing. Don t rush it; take your time and make sure you understand the process, everything you sign and all the charges. It s important since the closing is the final step in your ownership of the financed property. Once everything is signed the closing agent will collect and disburse the money to complete the transaction. page5
7 Documents... Documents... And More Documents. Be prepared to sign a large volume of documents at your closing. Aside form the Mortgage/Deed of Trust and Note you will sign a number of disclosures and acknowledgments. The vast majority of these documents are intended for your protection and are required by either state or federal law, or both. Do not be discouraged the end is in sight! The most important of these documents are the Mortgage/ Deed of Trust and the Note, with any accompanying Riders, the Truth in Lending and final closing statement. Lets look at each: 1. Mortgage/Deed of Trust: this is the security instrument. It indicates that you are giving the property as collateral for the loan and as a result the lender will hold a lien against the title. Because the property is the collateral, you must maintain it in good livable condition and continue to carry adequate insurance coverage to protect against any damage. You can not transfer ownership of the property without the approval of the lender. You can borrow more money against the property but any new lien will be second to that held by the first mortgage lender. The Mortgage/Deed of Trust will be recorded in the county of the state in which the property is located, as part of public record. page6
8 2. Note: this is your agreement to repay the loan. The Note will lay out the terms of the loan, the rate, the monthly payment(s) toward interest and principal and the maturity date of when the debt will be repaid in full. If you get an Adjustable Rate Mortgage, the note will also indicate the margin, index and any change caps which will determine your payment changes during the term of the loan. The Note is not recorded, nor made part of any public record. 3. Riders: these are attachments or addenda to the either the Mortgage/Deed of Trust or the Note. These documents outline and explain specific terms and conditions not covered in the Mortgage/ Deed of Trust or the Note. They may include information about the loan repayment under the adjustable rate terms or specify collateral conditions in the event that you are purchasing an investment property. Any Riders to the Mortgage/Deed of Trust are recorded, those to the Note are not. 4. Truth in Lending Disclosure (TIL): this is a document that provides you with the overall cost of the loan in an annual percentage rate (APR) and finance charges. This is the total the loan will cost you over the life of the loan, which includes the payment of the interest, principal and most of the other fees you paid in connection with the loan. The annual percentage rate (APR) listed on this form at day of closing may not be more than.125% above the APR on the last TIL disclosure which you received from your lender. That TIL disclosure must have been received by you at least three (3) full business days prior to your closing. The APR reported on the TIL disclosure includes origination charges, settlement services, and any discount points you pay. It does not include the costs you pay for the appraisal, credit, title insurance, homeowners insurance, real estate taxes, recording fees, or any escrowed items. Accompanying the TIL should be an Itemization of the Finance Charges which lists those fees included in the APR. These fees and the APR are partly determined by the interest rate on your loan. Be aware, the monthly payment for principal and interest as indicated in your Note is determined by the loan s interest rate which is also listed in the Note. The rate can only change based on the terms of the Note and any Riders. If you have a fixed rate loan your payment for principal and interest will page7
9 not change over the life of your loan. If you have an ARM loan the rate and payments will adjust periodically depending on the ARM plan. Such adjustments are spelled out in the Note and the Riders. If your loan payment includes a monthly escrow payment for the annual payment of the real estate taxes and insurances, your payments may be adjusted periodically by the lender to ensure the collection of sufficient money to cover these annual expenses. 5. Other Disclosures/Documents: You are required to sign a number of other documents at the closing that provide you information and protection. Most of the documents you must sign are the result of federal and state laws enacted for consumer protections. Such documents include a statement on how you intend to use or occupy the property. This is important as the lender provides money at rates dependent upon the risk involved. If you will not occupy the property as your primary residence it presents a greater risk so the rate may be a little higher. Other documents acknowledge that you have received, read and understand information about the loan, its terms and conditions. There are affidavits certifying your name and other identifying information, with acknowledgments and certifications confirming that all information you provided in connection with the loan application and its approval is true and correct, and you have made no misrepresentations. Take the time to read and understand each document before you sign it. If you are not sure of the intent or content of a document, ask for an explanation from the closing agent or the lender before you sign it. 6. Settlement Statement: this is a final accounting of the process. This document lists the names of the parties and the terms of the transaction. A financial accounting is done for the buyer and seller in a purchase, or for the borrower in a refinance. This form lists all fees and charges for all parties and indicates any amounts due from, or to, each party. This form should be explained completely by the closing agent and reviewed very carefully as it is the final accounting of what happened and what you are charged. The fees and charges from the lender should match those provided to you in the lender s most recent estimate. page8
10 Congratulations On Your New Home! Once everything is properly signed by all parties the closing agent will collect all money and make any distribution of funds due to the seller and realtor for a purchase transaction, the refinance of an investment property, or a true second home. If the loan is a refinance of your primary residence, the loan proceeds may not be released until three (3) full business days after the closing takes place. During this period you have a right to rescind (cancel) the transaction by notifying the lender in writing prior to end of the third business day. Otherwise the closing agent will release any funds at that time. Once funds are released the closing agent will file the Mortgage/Deed of Trust for recording. You should receive copies of everything you sign at the closing for your records. page9
11 About the Author Michael L. Vitali, Sr., SVP/Chief Compliance Officer Michael Vitali presently serves as the Chief Compliance Officer of LoanLogics where his responsibilities include monitoring regulatory developments and their practical implications for lenders, servicers and vendors. He has over 40 years of experience in all facets of mortgage lending. Before joining LoanLogics, Mike most recently served for more than 12 years as an EVP and Chief Risk Officer for a major national lender. He also served as legislative chair for both the MBA of Greater Philadelphia and MBA of Pennsylvania, and is a member of several task forces dealing with compliance issues for the National MBA. Prepared For The ABA Courtesy Of LoanLogics, Inc. LoanLogics was founded to improve the transparency and accuracy of the mortgage process and improve the quality of loans. With the industry s first Enterprise Loan Quality and Performance Analytics Platform we serve the needs of residential mortgage lenders, servicers, insurers, and investors that want to improve loan quality, performance and reliability throughout the loan lifecycle. Our advanced solutions help clients validate compliance, improve profitability, and manage risk during the manufacture, sale and servicing of loan assets. Our technology is supported by compliance and risk expertise that aligns with our customers need to address their own highly regulated environments. This material is provided as a general information service by LoanLogics, Inc. and its applicable subsidiaries and affiliates ( LoanLogics ), and is not intended to provide financial, regulatory or legal advice on any specific matter. The information contained herein reflects the views of LoanLogics and sources reasonably believed by LoanLogics to be reliable as of the date of this publication. LoanLogics does not make any representation or warranty regarding the accuracy of the information contained in this material, and there is no guarantee that any projection, forecast or opinion in this material will be realized. Any links provided from outside sources are subject to expiration or change LoanLogics, Inc. All Rights Reserved. page10
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