Appendix C: HUD-1 Settlement Statement

Size: px
Start display at page:

Download "Appendix C: HUD-1 Settlement Statement"

Transcription

1 Appendix C: HUD-1 Settlement Statement

2

3

4

5

6

7 HUD-1 Settlement Statement The Settlement Statement, or HUD-1 Form, details the exact breakdown of all the money paid or received by both the buyer and the seller. A recent revision to the form provides space for the buyer to compare the actual figures to those given in the original Good Faith Estimate, which would have been provided within three days of completing the loan application. When referring to the HUD-1 Form, the terms debit and credit are often used. A debit is a charge that would mean the buyer would have to pay more or the seller would receive less. A credit is a receipt of funds that would mean the buyer has to pay out less cash or the seller would receive more cash. Consider the following examples: The price of the home is a debit to the buyer and a credit to the seller. The loan proceeds would be a credit to the buyer, since it means the buyer will have to deposit less money. The seller's existing loan would be a debit to the seller, since it means that the seller would receive less money than if there were no such loan. The revised HUD-1 Form is a three page form. The first page gives an overview of the transaction, including the final amount due from the buyer and the final amount payable to the seller. The second page gives more detail in how the charges and credits were computed, including information about commissions, various fees, prepayments, escrow (impound) information, title charges, recording fees and transfer taxes and any additional closing costs. The third page gives the buyer a comparison of the information originally given in the Good Faith Estimate and detailed disclosures about the loan and its terms. Explanation of the HUD-1 Form What follows is an introductory explanation of the various sections of the HUD-1 Settlement Statement form. You may wish to download a copy of the form and print it out and spend a few moments reviewing it before proceeding. You can download the form at:

8 Initial Introductory Section At the top of the first page, there is an introductory section that indicates the type of loan and some of the basic provisions of that loan. It appears as follows: For the most part, the boxes which are to be filled in are self-explanatory. Be sure to note Section C above, which explains to the reader that the initials POC stand for Paid Outside of Closing. While the form indicates that this would be denoted as (p.o.c.), it is a common practice for settlement agents to indicate this with the initials POC followed by an indication of who paid those costs in parentheses. For example, the notation POC (seller) would indicate that the seller paid a cost outside of closing. POC (buyer) would indicate that the buyer paid a cost outside of closing. In a no cost loan, many costs would be noted as POC (lender). Beneath this introductory section are sections J and K. Section J is on the left and is entitled Summary of Borrower s Transaction. Section K is on the right and is entitled Summary of Seller s Transaction. We will examine these sections separately. Section J Summary of Borrower s Transaction Section J is divided into the following subsections: Lines : Gross Amounts Due from Borrower; Lines : Adjustment for items paid by seller in advance;

9 Lines : Amounts Paid by or in Behalf of Borrower; Lines : Adjustments for items unpaid by seller; and Lines : Cash at Settlement from/to Borrower. Lines : Gross Amounts Due from Borrower Line 101 would list the price of the home (not including any separately purchased items of personal property); Line 102 would list the cost of any items of personal property which are being purchased separately, such as appliances or items of furniture. Line 103 would list the total settlement charges from line 1400 (at the bottom of the second page) of this form. Lines 104 and 105 would list costs which are owed by the borrower that were not listed on the Good Faith Estimate, plus additional items sometimes seen in rental properties. Lines : Adjustment for items paid by seller in advance

10 Lines 106 to 108 are used for cases where the seller has paid for city or county taxes or special assessments in advance and must be reimbursed by the borrower. Lines 109 to 112 can be used for other reimbursements to the seller, such as for purchase of existing supplies of heating oil or for flood insurance premiums paid in advance for a policy assumed by the buyer. Line 120 is labeled Gross Amount Due from Borrower and shows the total of lines 100 through 112. Lines : Amounts Paid by or in Behalf of Borrower This section begins the listing of items credited to the buyer, and appears as follows:

11 Line 201 lists the initial good faith deposit (earnest money) that was paid when the offer was made to the seller. Since it was previously paid by the buyer, it is treated as a credit, reducing further deposit requirements for the buyer. Line 202 shows the principal amounts of the loan(s) received by the buyer; Line 203 shows the loan balance of any loan which the buyer is assuming or taking title subject to existing loans. Lines are used to list credits to the buyer for other items, which could include any closing costs paid by the seller, allowances from builders of new homes, or seller financing.

12 Lines : Adjustments for Items Unpaid by Seller Lines 210 through 212 are used for the situation where the borrower will end up paying for taxes for a period of time in which the seller still owned the property. The settlement agent will prorate the charges and credit the buyer with the proportionate amount which relates to the time that the seller owned the property. Lines 213 through 219 give space for other situations where the buyer will end up paying for costs associated with the seller s ownership period. These could include cases where the seller had collected the rent on a rental property for a time that extends past the settlement date, for instance. Line 220 is labeled Total Paid by/for Seller, and lists the total of lines 201 through 219. Lines : Cash at Settlement from/to Borrower

13 When the amount in line 302 is subtracted from the amount in line 301, a positive result would indicate cash is needed from the borrower (as would be the case in purchase transaction). When the result is a negative number (as would be the case in a cash out refinancing), that would represent the amount to be paid to the borrower. Section K: Summary of Seller s Transaction Section K, which is on the right side of the first page of the HUD-1 Form, gives the information about the money credited to the seller and charged to the seller. It should be noted that in the case of a refinancing loan, there of course would be no seller involved. The settlement agent can do either of the following: Use the HUD-1 Form and leave blank the columns referring to the seller; or Use the HUD-1a Form, which is only for refinance loans and has no sections referring to the seller. Section K is divided into the following subsections: Lines : Gross Amount Due to Seller Lines : Adjustments for items paid by seller in advance Lines : Reductions In Amount Due to Seller Lines : Adjustments for items unpaid by seller Lines : Cash at Settlement to/from Seller Lines : Gross Amount Due to Seller

14 Line 401 would list the sale price of the property and would be same number as listed in line 101 in Section J on the left side of the page. Line 402 would list any items of personal property sold separately from the property and would be the same number as entered on line 102 in Section J on the left side of the page. Lines : Adjustments for items paid by seller in advance This section is the reverse side of lines 106 through 120 and would contain the same information and numbers as those lines. Lines : Reductions In Amount Due to Seller

15 Line 501 refers to excess deposits. An example of where this might occur would be if the listing real estate broker is holding the deposit and the deposit exceeds the commissions due and the broker will forward the excess directly to the seller without going through the settlement agent. Line 502 lists the seller s total settlement charges from line 1400 at the bottom of page 2 of this Form. Line 503 lists any loans which the borrower is assuming or taking title subject to the loan. Lines 504 and 505 list the payoff amounts for any existing loans which are to be repaid. These figures would include accrued interest. Lines 506 through 509 would include the same items as were listed on lines of Section J on the left side of this page. Lines : Adjustments for items unpaid by seller

16 The amounts listed in lines 510 through 519 would include the same amounts as were listed in lines 210 through 219 in Section J on the left side of the page. The total of the items in lines 501 through 519 is listed in line 520. Lines : Cash at Settlement to/from Seller When the amount listed in line 602 is subtracted from the amount listed in line 601, a positive amount would be the money to be paid to the seller. (This would of course be the case in most selling transactions.) A negative number would mean that the seller has to pay that amount to close the transaction. This would occur if the seller owed more against the property than the sale price of that property.

17 Section L: Settlement Charges Section L lists the various settlement charges and takes up all of page 2 of the HUD-1 form. It contains the following subsections: Line 700: Total Real Estate Broker Fees; Line 800: Items Payable in Connection with Loan; Line 900: Items Required by Lender to Be Paid in Advance; Line 1000: Reserves Deposited with Lender; Line 1100: Title Charges; Line 1200: Government Recording and Transfer Charges; Line 1300: Additional Settlement Charges; and Line 1400: Total Settlement Charges. Line 700: Total Real Estate Broker Fees Page 2 of the HUD-1 Form starts off with this section, which appears as follows: This section covers the real estate commissions. Since the commissions are often split between the firm that represents the seller and the firm that found the buyer, lines 701 and 702 allows the disclosure of each side of the commission. Line 703 then shows the allocation of the commission between the buyer and the seller. Most often, the full commission is paid by the seller only, so the full amount would be listed in the third column, which is labeled Paid From Seller s Funds at Settlement. Any amount that was paid by the buyer would be listed in the second column, which is labeled Paid From Borrower s Funds at Settlement. If any portion of the commission is paid from an earnest money deposit held by the real estate broker (or other third party), that could be listed in line 704 as a POC item. Line 800: Items Payable in Connection with Loan

18 Line 801 is the loan origination charges as were listed in Box 1 on the Good Faith Estimate Form and cannot change from that disclosure. This amount is listed in the shaded areas only, not in the two columns on the right. Line 802 is the credit or charge (points) as were listed in Box 2 on the GFE and cannot change from that disclosure. This number can be a positive or negative number and would be entered in the shaded area only, not in either of the two columns on the right. Line 803 is the adjusted loan origination charges as were listed in Box A of the GFE. The amount would be listed in the second column as a charge or credit to the borrower. Lines 804 through 808 are used to list charges that would have been listed in Box 3 of the GFE as Required services that we select. They would ordinarily be listed in the second column as charges to the borrower. Line 900: Items Required by Lender to Be Paid in Advance Line 901 would show dates of the prepaid interest, which is normally the settlement date through the end of that calendar month. It also shows the daily rate. The number of days is then multiplied by the daily rate, and the result would be listed as a charge to either the borrower or the seller. (Normally it is charged to the borrower); Line 902 shows the mortgage insurance premium, but not any portion that is part of the escrow account or the reserves for the escrow account (which would be listed in the next section of this Form.) This amount would ordinarily be charged to the borrower and would be listed in the second column. Line 903 deals with charges for homeowner s insurance and the total would be listed in the second column as a charge to the borrower.

19 Line 904 (and any subsequent lines added) can be for other items required by the lender or for additional insurance premiums that the lender did not require. The amount would typically be listed as a charge to the borrower in the second column. Line 1000: Reserves Deposited with Lender This section addresses the escrow account. In some areas this account is called an impound account or a trust account. This escrow account is for recurring costs such as homeowner s insurance, mortgage insurance, property taxes, homowner s association dues and the like. The amount of the initial deposit will ordinarily be entered in the second column, which is the column for charges to the borrower. The itemized items will be entered in the first column only (the shaded column). Line 1007 refers to the Aggregate Adjustment. After the items are computed individually, there is a different calculation which is done that takes into account all of the items at the same time. This aggregate method will not exceed the figures derived from the individual calculations, but will often be less. When the aggregate method results in a lower figure, a negative adjustment is entered in the shaded area of line Line 1100: Title Charges This section addresses title charges and appears as follows:

20 Line 1101 shows the title fees. These fees can include attorney fees, title search, documentation fees and the like. This amount would be listed in either the second column as a charge to the borrower or the third column as a charge to the seller, depending upon the agreement between the parties. Line 1102 shows the settlement or closing fee. It would only be put in the second or third columns if that amount was not included in the total entered on line Line 1103 shows the charge for the owner s title insurance and would be entered in the second or third columns, as charges to either the borrower or the seller, as per their agreement. Line 1104 shows the cost of the lender s title insurance policy, if any. It would only be listed in the second or third column if the figure was not included in the amount on line Line 1105 shows the lender s title insurance policy limit. This is for informational purposes only and would be entered only in the shaded column (the first column). Line 1106 shows the owner s title insurance policy limit. This is also for informational purposes only and would be entered only in the shaded column. Lines 1107 and 1108 are used to disclose the division of the premiums for the title insurance between the title agent and the underwriter of the title policy. It is for informational purposes only and would be entered only in the shaded column. If there are additional items, they can be added to this section with additionally sequenced lines. (The next line would be 1109, for instance.) Software packages will enable additional lines to be added when necessary. Line 1200: Government Recording and Transfer Charges Line 1201 lists the total Government recording charges and would be entered in the second or third columns as a charge to either the borrower or seller, respectively. Line 1202 lists the detail of the charges for informational purposes only, and these figures would be entered in the shaded areas only. Line 1203 lists the transfer taxes, and would be entered in the second or third column as a charge to either the borrower or the seller, respectively.

21 Lines 1204 and 1205 give the detail information about the transfer taxes and would be entered in the shaded area only. Line 1206 (and any additional sequentially numbered lines) are used to itemize third party charges. Typically, those would have already been included in the items listed above and would be for informational purposes only and entered only in the shaded area. Line 1300: Additional Settlement Charges Line 1301 would show the Required services that you can shop for from Box #6 of the Good Faith Estimate form. The amount would be listed in the second column if it is a charge to the borrower or the third column if it is a charge to the seller. (Most often these will be charges to the borrower.) Lines 1302 through 1305 would be for additional settlement charges not already included in this Form, such as some inspection charges and any premiums for warranties on the house or its components or parts. Line 1400: Total Settlement Charges This section is used to show the total settlement costs for both the buyer and the seller and appears as follows: The total costs charged to the borrower would be entered in the second column and the total costs charged to the seller would be entered in the third column. These figures would then be copied to lines 103 and 502 on the first page of this form. Page 3 of the HUD-1 Form The third page of the HUD-1 Form provides summary information that the borrower can use to compare the figures given in the Good Faith Estimate to the related figures in the HUD-1 Settlement Statement. Remember that the borrower should have been sent the

22 Good Faith Estimate no later than the third business day after the lender received the application. On the third page of the GFE the form listed different settlement charge according to those that could not change, those that could change by no more than 10%, and those that could change (without any maximum). It is important to remember that for the second category (those that cannot increase more than 10%), the limit only applies if the lender selects the provider or if the borrower selected a provider that the lender identified or referred to the borrower. If the borrower were to select his or her own provider that was not referred by the lender, the 10% limitation would not apply. The comparison between the HUD-1 and the GFE is divided into the following sections: Items That Cannot Change; Items That Cannot Increase More Than 10%; Charges That Can Change. Items That Cannot Change This section of page 3 appears as follows: The loan origination charge is found on line 801 of the HUD-1 form and Block #1 of the GFE. The figures would be entered in the two columns on the right under their respective headings. The credit or charge for the specific interest rate chosen is found on line 802 of the HUD-1 form and Block #2 of the GFE. The adjusted origination charges are found on line 803 of the HUD-1 form and Line A of the GFE. The transfer taxes are found on line 1203 of the HUD-1 form and Block #8 of the GFE. Items That Cannot Increase More Than 10% This section of page 3 appears as follows:

23 The government recording charges can be found on line 1201 of the HUD-1 and Block #7 of the GFE. The figures from each of these forms would be listed under their respective column headings on the right side. The items listed in Block #3 of the GFE (Required services that we select) would be itemized in the lines below the government recording charges, and referenced to the appropriate lines of the HUD-1 form. Items from Block 4 ( Title services and lender s title insurance ), Block 5 ( Owner s title insurance ) and Block 6 ( Required services that you can shop for ) of the GFE form would only be included in this section if the borrower did not find his or her own settlement service provider, but rather selected one that was referred by the lender or MLO. If the borrower found his or her own provider, those items would appear in the following section. At the bottom of the this section, the totals of the two columns would be entered, and on the line below that the difference would be listed, both as a dollar amount and then as a percentage amount. Charges That Can Change The initial deposit to your escrow account is found on line 1001 of the HUD-1 and Block #9 of the GFE. The amounts of these items is listed under their respective column headings on the right. The daily interest charges can be found on line 901 of the HUD-1 form and Block #10 of the GFE.

24 The homeowner s insurance can be found on line 903 of the HUD-1 form and Block #11 of the GFE. The additional lines in this section can be used for those items in Blocks 4, 5 and 6 of the GFE for those cases where the borrower selected his or her own provider.

25 Summary of Loan Terms The final section of the HUD-1 form provides a summary of the terms of the loan. It is similar to the information found on the first page of the Good Faith Estimate. The lender is required to provide this information to the settlement agent so that the settlement agent does not have to review the entire loan agreement to determine the information.

First Mortgage Documents User Guide 139

First Mortgage Documents User Guide 139 HUD 1 Settlement Statement Line instructions General Instructions Information and amounts may be filled in by typewriter, hand printing, computer printing, or any other method producing clear and legible

More information

EXPLANATION OF THE HUD-1 Settlement Statement

EXPLANATION OF THE HUD-1 Settlement Statement EXPLANATION OF THE HUD-1 Settlement Statement The Settlement Statement is the financial picture of the closing. All money deposited into the escrow account and the disbursals out of the escrow account

More information

APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS

APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS The following are instructions for completing the HUD-1 settlement statement,

More information

Completing the New HUD-1 Settlement Statement

Completing the New HUD-1 Settlement Statement Completing the New HUD-1 Settlement Statement The new HUD-1 Settlement Statement ( HUD ) is designed to correlate closely to the new GFE, allowing borrowers to see how the estimate settlement costs disclosed

More information

HUD-1. GFE vs. HUD-1: HUD-1 Introduction:

HUD-1. GFE vs. HUD-1: HUD-1 Introduction: HUD-1 GFE vs. HUD-1: The new HUD-1 Settlement Statement (the HUD-1 ) is designed to allow the borrower to compare the document with the Good Faith Estimate (the GFE ) received before closing, including

More information

Good Faith Estimate (GFE)

Good Faith Estimate (GFE) OMB Approval No. 2502-0265 Good Faith Estimate (GFE) Name of Originator Originator Address Borrower Property Address Originator Phone Number Originator Email Date of GFE Purpose Shopping for your loan

More information

The New RESPA Closing Process

The New RESPA Closing Process The New RESPA Closing Process Presented by Thomas G. Cullen Managing Attorney Wisconsin Operations Attorneys Title Guaranty Fund, Inc. Roman Reynolds Member Services Representative Member Sales and Support

More information

Line 700: This line should reflect a calculation of the commission to be paid.

Line 700: This line should reflect a calculation of the commission to be paid. Section L: The Second Page of the HUD-1 Section L appears on and is comprised of the second page of the HUD-1. The two columns reflect the settlement charges to both the Borrower(s) and Seller(s). The

More information

Appendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements

Appendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements Appendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements The following are instructions for completing Sections A through L of the HUD - 1 settlement statement,

More information

Information & Instructions: HUD 1 Settlement closing statement PREVIEW

Information & Instructions: HUD 1 Settlement closing statement PREVIEW Information & Instructions: HUD 1 Settlement closing statement 1. Section 5 of the Real Estate Settlement Procedures Act of 1974 (Public Law 93-533), effective on June 30, 1976 (RESPA), requires certain

More information

Line 1101 is used to record the total for the category of Title services and lender s title insurance. This amount must be listed in the columns.

Line 1101 is used to record the total for the category of Title services and lender s title insurance. This amount must be listed in the columns. Lines 1100-1108. This series covers title charges and charges by attorneys and closing or settlement agents. The title charges include a variety of services performed by title companies or others, and

More information

G. Property Location H. Settlement Agent: name, address. I. Settlement Date:

G. Property Location H. Settlement Agent: name, address. I. Settlement Date: A. HUD-1 Settlement Statement U.S. Department Of Housing And Urban Development OMB No 2502-0265Computer form published by Law Disks, www.lawdisks.com B. Type Of Loan: 6. File Number 7. Loan Number 8. Mortgage

More information

HUD-1 Page 1. All of these fields should be complete.

HUD-1 Page 1. All of these fields should be complete. Final HUD 1 The requirements for accurately completing the HUD-1 Settlement Statement are published based on the rules set forth by HUD, RESPA and Regulation X. The information must be both accurate and

More information

Settlement. Guide to

Settlement. Guide to Settlement Guide to Mid-States Title of Southwest Virginia is a settlement agency dedicated to being a knowledgeable and practical resource for all parties involved in the real estate closing process.

More information

Lesson 15: Closing Real Estate Transactions

Lesson 15: Closing Real Estate Transactions 1 Real Estate Principles of Georgia Lesson 15: Closing Real Estate Transactions 2 Closing Closing: Final stage in real estate transaction. Also called settlement. Buyer pays seller; seller transfers title

More information

40 Technology Parkway South, Suite 202 Norcross, Georgia 30092-2906 www.franzen-salzano.com. November 12, 2008

40 Technology Parkway South, Suite 202 Norcross, Georgia 30092-2906 www.franzen-salzano.com. November 12, 2008 Jennifer L. Dozier Telephone: 770-248-2885, ext. 241 Facsimile: 770-248-2883 e-mail: jdozier@franzen-salzano.com 40 Technology Parkway South, Suite 202 Norcross, Georgia 30092-2906 www.franzen-salzano.com

More information

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved TRID T I L A-RESPA INTEGRAT E D D I S C L O S U R E S Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015 2015 Temenos USA. All rights reserved w: temenos.com/tricomply p: 205.991.5636

More information

Loan Closing. One right and honest definition of business is mutual helpfulness -William Feather

Loan Closing. One right and honest definition of business is mutual helpfulness -William Feather chapter 9 Loan Closing You ve waited and worked so hard and the big day is here at last. You ll sign lots of papers, hand over lots of money, and finally get the keys to your new home. Closing will complete

More information

Appendix B: Good Faith Estimate

Appendix B: Good Faith Estimate Appendix B: Good Faith Estimate Good Faith Estimate The Real Estate Settlement Procedures Act, commonly referred to as RESPA, requires that within three business days of receipt of the loan application,

More information

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins.

Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. 4. [ ] VA 5. [ ] Conv. Ins. 6. File Number 7. Loan Number

More information

Settlement THE. process

Settlement THE. process Settlement THE process Settlement Pros is a highly experienced settlement company exclusively dedicated to transactions in the District of Columbia, Maryland and Virginia. Our team is committed to providing

More information

Final RESPA Rule Requirements

Final RESPA Rule Requirements Final RESPA Rule Requirements The Department of Housing and Urban Development (HUD) released its final rule on the Real Estate Settlement Procedures Act (RESPA) on November 20, 2008. The final rule and

More information

Upon completion you will be able to:

Upon completion you will be able to: Agenda This training manual consists of three parts that will provide you with step-bystep instructions about how to complete the Closing Disclosure form required by the Integrated Disclosures Rule Upon

More information

OMB NO. 2502-0265 TYPE OF LOAN. 1. FHA () 2. FmHA () CONV.UNIS. (X) 4. VA () 5. CONV. INS. () 6. FILE NUMBER 3911011-UCE2

OMB NO. 2502-0265 TYPE OF LOAN. 1. FHA () 2. FmHA () CONV.UNIS. (X) 4. VA () 5. CONV. INS. () 6. FILE NUMBER 3911011-UCE2 OMB NO. 2502-0265 B. A. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TYPE OF LOAN SETTLEMENT STATEMENT 1. FHA () 2. FmHA () CONV.UNIS. (X) 3. FINAL 4. VA () 5. CONV. INS. () 6. FILE NUMBER 3911011-UCE2

More information

Guide to Completing the Closing Disclosure The following list highlights requirements needed to complete each section of the Closing Disclosure (CD).

Guide to Completing the Closing Disclosure The following list highlights requirements needed to complete each section of the Closing Disclosure (CD). Guide to Completing the Closing Disclosure The following list highlights requirements needed to complete each section of the Closing Disclosure (CD). Page 1 Closing Information Date Issued Date the CD

More information

Reference for Closing Agents To Provide to Lender Customers. Excerpts from RESPA Rules and FAQ s

Reference for Closing Agents To Provide to Lender Customers. Excerpts from RESPA Rules and FAQ s Reference for Closing Agents To Provide to Lender Customers Excerpts from RESPA Rules and FAQ s This Reference document may assist closing agents as it includes frequently asked questions related to compliant

More information

UNDERSTANDING THE LOAN ESTIMATE

UNDERSTANDING THE LOAN ESTIMATE The following breaks down the Loan Estimate by section with examples from Encompass followed by official commentary. Also attached, is a copy of a completed Loan Estimate form provided by the Encompass..

More information

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb NORTH AMERICAN TITLE COMPANY Like Clockwork www.nat.com/cfpb UNDERSTANDING THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS American Title, we want to make sure all of our customers have the information

More information

Summary of RESPA Rules... 1 Summary of Changes... 2 Required Use... 2 Average Cost Pricing... 3 Calculating the Average Charge...

Summary of RESPA Rules... 1 Summary of Changes... 2 Required Use... 2 Average Cost Pricing... 3 Calculating the Average Charge... Summary of RESPA Rules... 1 Summary of Changes... 2 Required Use... 2 Average Cost Pricing... 3 Calculating the Average Charge... 4 Good Faith Estimate... 5 Curing Tolerance Violations... 9 Lenders Disclosure

More information

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure.

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure. Loan Estimate DATE ISSUED APPLICANTS PROPERTY SALE PRICE Loan Terms Save this Loan Estimate to compare with your Closing Disclosure. LOAN TERM 30 years PURPOSE Purchase PRODUCT 5 Year Interest Only, 5/3

More information

RESPA Training Good Faith Estimate (GFE) & Settlement Statement HUD-1

RESPA Training Good Faith Estimate (GFE) & Settlement Statement HUD-1 RESPA Training Good Faith Estimate (GFE) & Settlement Statement HUD-1 2013 Rushmore Loan Management Services LLC. All Rights Reserved. 1 REAL ESTATE SETTLEMENT PROCEDURES ACT RESPA NEW RULE TIMELINE NOVEMBER

More information

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments

Mortgage- and Lender-Related Settlement Costs. Charges for Establishing and Transferring Ownership. Amounts Paid to State and Local Governments Mortgage- and Lender-Related Settlement Costs Charges for Establishing and Transferring Ownership Amounts Paid to State and Local Governments "All-in-One" Pricing of Settlement Costs Estimates of Settlement

More information

Colorado Housing and Finance Authority (CHFA) CHFA HomeAccess sm Second Mortgage Loan Instructions for Completion of Documents

Colorado Housing and Finance Authority (CHFA) CHFA HomeAccess sm Second Mortgage Loan Instructions for Completion of Documents page 1 of 6 Colorado Housing and Finance Authority (CHFA) CHFA HomeAccess sm Second Mortgage Loan Instructions for Completion of Documents The Instructions below are provided to assist CHFA s Participating

More information

a consumer guide to insurance INSURANCE ADMINISTRATION

a consumer guide to insurance INSURANCE ADMINISTRATION a consumer guide to Title insurance INSURANCE ADMINISTRATION a consumer guide to title insurance Table of Contents Introduction... 1 What Is Title Insurance... 1 Who Is Protected By Title Insurance?...

More information

CORRESPONDENT Compliance Manual. Instructions to Complete the TRID Loan Estimate

CORRESPONDENT Compliance Manual. Instructions to Complete the TRID Loan Estimate CORRESPONDENT Compliance Manual Instructions to Complete the TRID Loan Estimate Compliance Department 9/14/2015 2015 Impac Mortgage Corp. NMLS #128231. www.nmlsconsumeraccess.org. Rates, fees and programs

More information

Settlement Disclosure

Settlement Disclosure Settlement Disclosure This form is a statement of final loan terms and actual closing costs. Settlement information Date 12/13/2011 Agent Martha Jones Location ABC Settlement 54321 Random Blvd, Ste 405

More information

DISCLAIMER. Page - 1 - of 17

DISCLAIMER. Page - 1 - of 17 DISCLAIMER The information provided in this presentation and any printed material is for informational purposes only. None of the forms, materials or opinions is offered, or should be construed, as legal

More information

Shopping for your home loan. Settlement cost booklet

Shopping for your home loan. Settlement cost booklet Shopping for your home loan Settlement cost booklet January 2014 This booklet was initially prepared by the U.S. Department of Housing and Urban Development. The Consumer Financial Protection Bureau (CFPB)

More information

Summary of Borrower s Transaction Gross amount due from borrower 101. Contact Sales Price- The full purchase price as stated in the contract.

Summary of Borrower s Transaction Gross amount due from borrower 101. Contact Sales Price- The full purchase price as stated in the contract. 1 Your Guide to the Settlement Statement A real estate transaction involves a series of exchanges, not only between the buyer and seller, but also with the lenders, brokers, and state and local governments.

More information

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process

You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process You ve Applied For Your Mortgage. What Happens Next? A Simple Guide To Help You Through The Mortgage Process Four Easy Steps You have found the right home at the right price in the right location. Now

More information

TABLE OF CONTENTS. SCENARIO #1 FIXED PURCHASE. Page 2. Loan Estimate.. Page 3. Closing Disclosure. Page 12. SCENARIO #2 TOLERANCE CURE Page 22

TABLE OF CONTENTS. SCENARIO #1 FIXED PURCHASE. Page 2. Loan Estimate.. Page 3. Closing Disclosure. Page 12. SCENARIO #2 TOLERANCE CURE Page 22 TRID CASE BOOK TABLE OF CONTENTS SCENARIO #1 FIXED PURCHASE. Page 2 Loan Estimate.. Page 3 Closing Disclosure. Page 12 SCENARIO #2 TOLERANCE CURE Page 22 SCENARIO #3 FIXED REFINANCE Page 25 Loan Estimate...

More information

HUD Home-Buying Guide

HUD Home-Buying Guide HUD Home-Buying Guide The following home-buying guide comes from the U.S. Department of Housing and Urban Development page 1 INTRODUCTION Congratulations! You have decided to buy a new home. This booklet

More information

HUD s New RESPA Rules for HUD-1: With Q & A

HUD s New RESPA Rules for HUD-1: With Q & A HUD s New RESPA Rules for HUD-1: With Q & A Presented by: Paul McNutt, Jr. General Counsel Title Resources Guaranty Company The Secretary of HUD announced on Nov. 12, 2008, that effective on January 1,

More information

HUD'S RESPONSE TO HUD SETTLEMENT STATEMENT QUESTIONS RESPA AND HUD-1/1A QUESTIONS

HUD'S RESPONSE TO HUD SETTLEMENT STATEMENT QUESTIONS RESPA AND HUD-1/1A QUESTIONS HUD'S RESPONSE TO HUD SETTLEMENT STATEMENT QUESTIONS RESPA AND HUD-1/1A QUESTIONS Question 1: The bank offers several loan programs (rates, term etc.). A GFE is given within three days to match the product

More information

Presented by TREC Instructor: Laura Perry, Attorney TREC course: 7748

Presented by TREC Instructor: Laura Perry, Attorney TREC course: 7748 Presented by TREC Instructor: Laura Perry, Attorney TREC course: 7748 Comprehensive Outline Say Goodbye to the HUD1 and GFE on October 1 st, 2015 (or Hello Loan Estimate and Closing Disclosure) Opening

More information

You Can Buy a Home The keys to Homeownership

You Can Buy a Home The keys to Homeownership You Can Buy a Home The keys to Homeownership The keys to homeownership Buying a home is one of the most important purchases you ll ever make. Owning your own home helps you build wealth, save on taxes

More information

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

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

More information

RESPA REFORM 2010 THE NEW GOOD FAITH ESTIMATE

RESPA REFORM 2010 THE NEW GOOD FAITH ESTIMATE 2010-2011 UPDATE COURSE SECTION THREE RESPA REFORM 2010 THE NEW GOOD FAITH ESTIMATE AND HUD-1 FORMS Outline: Real Estate Settlement Procedures Act RESPA s Purpose Applicability of Law Reforms Implemented

More information

BUYING YOUR HOME. Settlement Costs and Helpful Information

BUYING YOUR HOME. Settlement Costs and Helpful Information BUYING YOUR HOME Settlement Costs and Helpful Information U.S. Department of Housing and Urban Development Office of Housing - Federal Housing Administration June 1997 HUD-398-H(4) Table of Contents I.

More information

HUD-1 CHANGES. HUD-1 form. www.rgtc.com

HUD-1 CHANGES. HUD-1 form. www.rgtc.com 2010 HUD-1 form Highlights New HUD-1 (HUD-1 ver. 2010) is required on all RESPA regulated transactions (residential refinances, residential purchases) beginning 1/1/2010. New HUD-1 adds a new page (page

More information

Understanding TRID Forms

Understanding TRID Forms YOUR GUIDE TO Understanding TRID Forms Learn more about the Loan Estimate, Closing Disclosure and Settlement Statement. This book includes details such as tolerance/variance levels, form changes based

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department

Home Finance Seminar. Presented by Commonwealth Credit Union Mortgage Department Home Finance Seminar Presented by Commonwealth Credit Union Mortgage Department Times have changed Then Any employee could provide mortgage loan information 100% financing was an option The disclosure

More information

HERE ARE FIVE THINGS YOU WILL NEED TO KNOW BEFORE THE NEW RULES TAKE EFFECT OCTOBER 3, 2015

HERE ARE FIVE THINGS YOU WILL NEED TO KNOW BEFORE THE NEW RULES TAKE EFFECT OCTOBER 3, 2015 5 THINGS TO KNOW BEFORE OCTOBER 3RD, 2015 As a result of the 20 financial meltdown, the Consumer Financial Protection Bureau (CFPB) has published a new set of game changing rules and forms that will impact

More information

Table of Contents Introduction Purchasing Time-line II. Before You Buy

Table of Contents Introduction Purchasing Time-line II. Before You Buy Table of Contents I. Introduction Purchasing Time-line II. Before You Buy Are You Ready to be a Homeowner? III. Determining What You Can Afford IV. Shopping for a House Role of the Real Estate Broker Selecting

More information

Settlement Disclosure Form

Settlement Disclosure Form Settlement Disclosure Form This form is a statement of final loan terms and actual settlement costs. SETTLEMENT INFORMATION Date 11/9/2011 Agent Martha Jones Location ABC Settlement 54321 Random Blvd,

More information

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Notice to students: If your course contains information on the Truth in Lending Act (TILA) and the Real Estate Settlement Procedure

More information

Home Mortgage Interest Deduction

Home Mortgage Interest Deduction Department of the Treasury Internal Revenue Service Publication 936 Cat.. 10426G Home Mortgage Interest Deduction For use in preparing 1998 Returns Contents Introduction... 1 Part I: Home Mortgage Interest...

More information

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET The fields in this document are filled in by Mortgage+Care Loan Origination Software. Please contact us at (800)481-2708 or www.mortcare.com for a list of mergeable documents. MORTGAGE LOAN DISCLOSURE

More information

AIM+ Release Notes. August 7, 2015

AIM+ Release Notes. August 7, 2015 AIM+ Release Notes August 7, 2015 Table of Contents AIM+ 5.4.2 Release Notes... 1 New in This Release... 1 Closing... 2 ALTA Settlement Statements... 2 ALTA Statement Categories... 3 Multiple POCs... 4

More information

Understanding the Good Faith Estimate.

Understanding the Good Faith Estimate. Understanding the Good Faith Estimate. OLYMPI TITLE & ESCROW 401 EST LS OLS BLVD, STE 1400 FORT LUDERDLE, FL 33301 PHONE: (954) 695-7598 The Good Faith Estimate (GFE) is a required disclosure that provides

More information

The Closing Disclosure

The Closing Disclosure The Closing Disclosure Overview: The new TRID Regulation is effective for applications taken on October 3, 2015 and after. As a result, the GFE, TIL, and HUD-1 will no longer be issued. The Loan Estimate

More information

22. What amount is the buyer debited for the real estate taxes? A) $666.67 B) $1,600 C) $933.33 D) $133.33

22. What amount is the buyer debited for the real estate taxes? A) $666.67 B) $1,600 C) $933.33 D) $133.33 Name: Date: 1. Norman agrees to purchase Gusela's property for $185,500. He deposits the purchase price with Vincent, and Gusela deposits a warranty deed for the property with Vincent. Vincent is instructed

More information

Transaction Information. Michael Jones and Mary Stone 123 Anywhere Street. Anytown, ST 12345. Steve Cole and Amy Doe 321 Somewhere Drive

Transaction Information. Michael Jones and Mary Stone 123 Anywhere Street. Anytown, ST 12345. Steve Cole and Amy Doe 321 Somewhere Drive Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Date Issued 4//20 Closing Date 4//20 Disbursement Date

More information

RESPA REFORM. J. Tom Minor Karen W. Ingle

RESPA REFORM. J. Tom Minor Karen W. Ingle RESPA REFORM J. Tom Minor Karen W. Ingle RESPA Reform Purpose of the RESPA reform Protect consumers from unnecessarily high settlement costs Improve and standardize the Good Faith Estimate Provide an easy

More information

Fidelity National s Florida Underwriting Newsletter

Fidelity National s Florida Underwriting Newsletter Fidelity National s Florida Underwriting Newsletter HUD ISSUES FINAL RESPA RULE By Karla Staker Gray, State Underwriting Counsel 850 Trafalgar Court, Suite 150 Maitland, FL 32751 (407) 875-9040 (800) 669-7450

More information

Table of Contents. I. Introduction. Purchasing Time-line. Before You Buy

Table of Contents. I. Introduction. Purchasing Time-line. Before You Buy Table of Contents I. Introduction II. III. IV. Before You Buy Purchasing Time-line Are You Ready to be a Homeowner? Determining What You Can Afford Shopping for a House Role of the Real Estate Broker Role

More information

INTEGRATED MORTGAGE DISCLOSURES CLOSING DISCLOSURE

INTEGRATED MORTGAGE DISCLOSURES CLOSING DISCLOSURE INTEGRATED MORTGAGE DISCLOSURES TILA RESPA RULE CLOSING DISCLOSURE Financial Solutions Patti Blenden October 2014 1 September 2014 Guide The Loan Estimate and Closing Disclosure must be used for most closed

More information

Real estate terms and definitions

Real estate terms and definitions Real estate terms and definitions Annual Percentage Rate (APR): The total yearly cost of a mortgage as expressed by the actual rate of interest paid. The APR includes the base interest rate, points and

More information

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET

MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET MORTGAGE LOAN DISCLOSURE STATEMENT GOOD FAITH ESTIMATE NONTRADITIONAL MORTGAGE LOAN PRODUCT (ONE TO FOUR RESIDENTIAL UNITS (RE885) INFORMATIONAL SHEET WHEN TO USE THIS FORM NONTRADITIONAL LOAN PRODUCTS

More information

Guide to Completion and Review of DD Form 1705 Reimbursement for Real Estate Sale and/or Purchase Expenses

Guide to Completion and Review of DD Form 1705 Reimbursement for Real Estate Sale and/or Purchase Expenses 1. Assemble Your Claim Documents: Submission of one copy of each document is sufficient if the Claim is faxed to DFAS, if a hard copy is mailed, three copies of each document is required. The following

More information

ANNOUNCEMENT #09-34, December 29, 2009

ANNOUNCEMENT #09-34, December 29, 2009 ANNOUNCEMENT #09-34, December 29, 2009 To: All Michigan Mutual Brokers Re: RESPA Changes to the Good Faith Estimate and HUD-1 Table of Contents RESPA Changes to Good Faith Estimate and HUD-1 Important

More information

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM). Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,

More information

TITLE CLOSING AND SETTLEMENT PROCEDURES

TITLE CLOSING AND SETTLEMENT PROCEDURES 10 TITLE CLOSING AND SETTLEMENT PROCEDURES RATIONALE FOR CHAPTER This chapter discusses the most important part of the real estate transaction: the closing. Not only will title transfer, but that well-earned

More information

TILA-RESPA Integrated Disclosures

TILA-RESPA Integrated Disclosures Outlook Live Webinar- June 17, 2014 TILA-RESPA Integrated Disclosures Presented by the Consumer Financial Protection Bureau Visit us at www.consumercomplianceoutlook.org Disclaimer The Bureau issued the

More information

TILA RESPA Integrated Disclosure

TILA RESPA Integrated Disclosure FEBRUARY 7, 2014 TILA RESPA Integrated Disclosure H-25(E) Mortgage Loan Transaction Closing Disclosure Refinance Transaction Sample This is a sample of a completed Closing Disclosure for the refinance

More information

A consumer guide to. insurance INSURANCE ADMINISTRATION

A consumer guide to. insurance INSURANCE ADMINISTRATION A consumer guide to Title insurance INSURANCE ADMINISTRATION Table of Contents Introduction 1 What Is Title Insurance? 1 Who Is Protected By Title Insurance? 1 How Is A Title Insurance Policy Different

More information

Settlement Disclosure

Settlement Disclosure Settlement Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Settlement information Date 2/21/2012 Agent ABC Settlement File # 01234

More information

F. Name & Address of Lender Seller 1217 Fort Branch Blvd. Austin, TX 78721

F. Name & Address of Lender Seller 1217 Fort Branch Blvd. Austin, TX 78721 File No 2413014409 A. Settlement Statement U.S. Department of Housing and Urban Development OMB No. 2502-0265 B. Type of Loan 1. FHA 2. 6. File Number 7. Loan Number 8. Mortgage Ins Case FmHA 3. Conv Unins

More information

TABLE OF CONTENTS. Form Number Title / Description Page

TABLE OF CONTENTS. Form Number Title / Description Page TABLE OF CONTENTS Form Number Title / Description Page TIME CHART / ROUNDING FORMS LOAN ESTIMATE Loan Estimate and Closing Disclosure Time Chart 1 TILA RESPA Time Chart 3 Loan Estimate Rounding Chart 5

More information

Introduction. Instructor and student introductions. Module overview. Your Own Home

Introduction. Instructor and student introductions. Module overview. Your Own Home Introduction Instructor and student introductions. Module overview. 2 Student Introductions Your name. Your expectations, questions, and concerns about buying a home. 3 Purpose : Gives you information

More information

Know Before You Owe. TILA-RESPA Integrated Disclosure (TRID) Rule

Know Before You Owe. TILA-RESPA Integrated Disclosure (TRID) Rule Know Before You Owe TILA-RESPA Integrated Disclosure (TRID) Rule Background of CFPB The Consumer Financial Protection Bureau (CFPB) was established in 2010 under the Dodd-Frank Act Directed to publish

More information

Notes on the New Settlement Sheets

Notes on the New Settlement Sheets Notes on the New Settlement Sheets The new GFE and HUD-1 forms are required after January 1, 2010. Settlements after January 1, 2010 with the old GFE are done on the old HUD-1. Settlements before January

More information

Mortgage Loan Application Package

Mortgage Loan Application Package Mortgage Loan Application Package PURCHASE LOANS OF 1-4 FAMILY RESIDENTIAL ONLY Section 1: Application documents For loans to purchase a residential property, the following is required to be obtained with

More information

How Do I Qualify for a Loan?

How Do I Qualify for a Loan? The three primary things a lender considers when approving a loan are: Credit - do you have a history of paying your bills? Income - do you earn enough to afford the mortgage payments? Assets - do you

More information

1100 Section Title Services and Title Insurance The Comparison page (HUD Page 3) Item #4 / HUD page 2, line 1103

1100 Section Title Services and Title Insurance The Comparison page (HUD Page 3) Item #4 / HUD page 2, line 1103 1100 Section Title Services and Title Insurance The Comparison page (HUD Page 3) Item #4 / HUD page 2, line 1103 In general, the borrower pays for the loan policy. The sales contract or agreement determines

More information

CFPB s RESPA TILA Integrated Disclosure. Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381

CFPB s RESPA TILA Integrated Disclosure. Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381 CFPB s RESPA TILA Integrated Disclosure Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381 RESPA-TILA Integrated Disclosure A. Background I. Impetus for change a. Dodd-Frank directed

More information

Settlement Disclosure

Settlement Disclosure Settlement Disclosure This form is a statement of final loan terms and actual closing costs. Settlement information Date 12/13/2011 Agent Martha Jones Location ABC Settlement 54321 Random Blvd, Ste 405

More information

Closing Disclosure. Loan Terms. Projected Payments. Costs at Closing

Closing Disclosure. Loan Terms. Projected Payments. Costs at Closing Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Date Issued Closing Date Disbursement Date Settlement

More information

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing?

Settlement. Coming to Grips With. What to Know before Your Closing. The Event. What Is Closing? Coming to Grips With Settlement What to Know before Your Closing The closing, or settlement, is the last step in getting your mortgage and actually becoming the owner of your new home. You ll probably

More information

MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015. Presenter: Bonnie S. Nachamie

MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015. Presenter: Bonnie S. Nachamie MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015 Presenter: Bonnie S. Nachamie The Closing Disclosure ( CD ) is the new form that amends, enhances and replaces the Final TIL and HUD-1 The

More information

Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy.

Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy. Are you planning to use a Reverse Mortgage to Purchase a Home? Then the following checklist will be very handy. 1) The sale must be an Arm s Length Transaction which means that you must be buying from

More information

Understanding the (GFE) Good Faith Estimate

Understanding the (GFE) Good Faith Estimate A good faith estimate is a document that estimates the total costs to get a loan when you are buying or refinancing a home. The good faith estimate details costs you will incur on all loan related fees

More information

CFPB Consumer Laws and Regulations

CFPB Consumer Laws and Regulations Real Estate Settlement Procedures Act 1 The Real Estate Settlement Procedures Act of 1974 () (12 U.S.C. 2601 et seq.) (the Act) became effective on June 20, 1975. The Act requires lenders, mortgage brokers,

More information

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts

Mortgage Fraud. Table of Contents. Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Mortgage Fraud Table of Contents Home Equity Scams Choosing a Loan Home Equity Dos Home Equity Don ts Reverse Mortgages Home Loan Law HOEPA Prevents For more information on Mortgage Fraud visit: You could

More information

America s Title Group

America s Title Group America s Title Group Title Resource Guide Service is our Commitment www.americastitlegroup.com America s Title Group is a full service title insurance agency providing title and closing services throughout

More information

Your Mortgage Guide: The Process, Meet Your

Your Mortgage Guide: The Process, Meet Your Your Mortgage Guide: The Process, Meet Your Team, Definitions, and Frequently Asked Questions Getting Started The first step begins by completing your mortgage application. You may hear this referred to

More information

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate. Mortgage Glossary 203(b): FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low

More information

Chapter 47. The Closing THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

Chapter 47. The Closing THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) Chapter 47 The Closing THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) For federally related first mortgages to purchase one-to-four-family dwellings (i.e., almost all residential first mortgage loans

More information

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures Agenda Basics: Why We re Here Final Rule The New Forms Evaluating the Rule Cost to Implement What s Next Questions Basics Dodd-Frank

More information