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 e: usainfo@temenos.com While the publisher and author have used reasonable efforts in preparing this manual, the publisher and author provide to it to the recipient in its "as-is" condition and without warranty or condition of any kind, including specifically but without limitation any warranty with respect to the accuracy or completeness of the contents of this manual. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not apply or be suitable for your situation. You should consult with a professional where appropriate. The accuracy and completeness of the information provided herein and the opinions stated herein are not guaranteed or warranted to produce any particular results and the advice and strategies contained herein are not suitable for every individual. By providing information or links to other websites, the publisher and the author do not guarantee, approve or endorse the information or products available at any linked websites or mentioned companies, or persons, nor does a link indicate any association with or endorsement by the publisher or author. This publication is designed to provide information with regard to the subject matter covered. It is licensed with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Neither the publisher nor the author shall be liable for any loss or loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. THE PUBLISHER AND THE AUTHOR EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND/OR NON-INFRINGEMENT. TriNovus, LLC, a Temenos company 2015.
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE LOAN ESTIMATE CROSS-REFERENCE... 1 PAGE 1 - LOAN ESTIMATE FORM... 1 HEADING INFORMATION... 1 LOAN TERMS... 2 PROJECTED PAYMENTS... 2 COSTS AT CLOSING... 3 ALTERNATE COSTS AT CLOSING TABLE: NON-SELLER TRANSACTIONS... 3 FOOTER... 3 PAGE 2 CLOSING COST DETAILS... 4 LOAN COSTS... 4 OTHER COSTS... 4 CALCULATING CASH TO CLOSE... 5 ALTERNATE CALCULATING CASH TO CLOSE TABLE: NON-SELLER TRANSACTIONS... 6 ADJUSTABLE PAYMENT (AP) TABLE... 6 ADJUSTABLE INTEREST RATE (AIR) TABLE... 6 PAGE 3 ADDITIONAL INFORMATION ABOUT THIS LOAN... 8 GENERAL INFORMATION... 8 COMPARISONS... 8 OTHER CONSIDERATIONS... 8 CONFIRM RECEIPT - OPTION... 9 CLOSING DISCLOSURE CROSS-REFERENCE...10 PAGE 1 - CLOSING DISCLOSURE... 10 HEADING INFORMATION... 10 LOAN TERMS... 11 PROJECTED PAYMENTS... 12 COSTS AT CLOSING... 12 ALTERNATE COSTS AT CLOSING TABLE: NON-SELLER TRANSACTIONS... 13 FOOTER... 13 PAGE 2 CLOSING COST DETAILS... 14 LOAN COSTS... 14 OTHER COSTS... 15 PAGE 3 (TRANSACTION INFORMATION)... 17 CALCULATING CASH TO CLOSE... 17 SUMMARIES OF TRANSACTIONS... 17 BORROWER S TRANSACTION... 17 SELLER S TRANSACTION... 19 ALTERNATE PAGE 3 TO THE CLOSING DISCLOSURE (NON-SELLER TRANSACTIONS)... 21 ALTERNATIVE PAYOFFS AND PAYMENTS TABLE: NON-SELLER TRANSACTIONS... 21 ALTERNATIVE CALCULATING CASH TO CLOSE TABLE: NON-SELLER TRANSACTIONS... 21 PAGE 4 - CLOSING DISCLOSURE... 22 LOAN DISCLOSURES... 22 ADJUSTABLE PAYMENT (AP) TABLE... 24 ADJUSTABLE INTEREST RATE (AIR) TABLE... 25 PAGE 5 - CLOSING DISCLOSURE... 26 LOAN CALCULATIONS... 26 QUESTIONS?... 26 OTHER DISCLOSURES... 26 CONTACT INFORMATION... 27 CONFIRM RECEIPT... 27 TriNovus, LLC, a Temenos company 2015.
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE LOAN ESTIMATE CROSS-REFERENCE This Loan Estimate cross-reference Guide is designed to cross-reference the fields in the new Loan Estimate form (Model form H-24) with the existing Truth-in-Lending (TIL) f forms such as H-2 and H-4 for closed end mortgage loans and RESPA s Good Faith Estimate (GFE). PAGE 1 - LOAN ESTIMATE FORM LE FIELD TIL GFE [Creditor] (upper Left corner) Save this Loan Estimate to compare with your Closing Disclosure. HEADING INFORMATION Creditors usually provide this information on most forms Page 1 Name of Originator Page 3 Loan Originator Name Loan Estimate Date Issued Applicants Property Creditors usually provide this information on most forms Creditors usually provide this information on most forms as Borrower/Applicant on Page 1 Property address is usually stated with the Security: Taking a security interest in Sales Price Unless Credit Sale Prop. Value Page 1 Date of GFE Page 1 - Borrower Page 1 Property Address Loan Term Page 1 Your Loan Term is Purpose Product Loan Type Loan ID# Page 3 Loan Term Rate Lock (Yes/No) for Y/N (rate lock) Until Page 1 Date rate lock available through Before closing, your interest rate, points, and lender credits can change unless you lock the interest rate. All other estimated closing costs expire on Page 1 Important Dates #1 The interest rate for this GFE is available through. After this time, the interest rate, some of your Loan Origination Page 1 Important Dates #2 Date all other fees available through TriNovus, LLC, a Temenos company 2015. P a g e 1
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE PAGE 1 - LOAN ESTIMATE FORM LE FIELD TIL GFE Loan Amount Can this amount increase after closing? Interest Rate Can this amount increase after closing? Monthly Principal & Interest See Projected Payments below for your Estimated Total Monthly Payment Can this amount increase after closing? LOAN TERMS Creditors usually provide this information on most forms Page 1 Interest Rate and Payment Summary Table Interest Rate Page 1 Interest Rate and Payment Summary Table Principal + Interest Payment Page 1 Your Initial Loan Amount is Page 3 Initial loan amount Page 1 Even if you make payments on time, can your loan balance rise? Page 1 Your initial interest rate is Page 3 Initial interest rate Page 1 Can your interest rate rise? Page 1 Your initial monthly amount owed for principal, interest, and any mortgage insurance is. Page 3 Initial monthly amount owed NOTE: GFE required monthly payments regardless of actual agreed to periodic payment; TRID allows disclosure of correct periodic payment frequency. Page 1 Even if you make payments on time, can your monthly amount owed for principal, interest, and any mortgage insurance rise? Page 3 Can monthly amount owed rise? Prepayment Penalty (amount) Page 1 Yes, your maximum prepayment penalty is $ Does the loan have these features? Balloon Payment (amount) Page 1 If you pay off early, you may will not have to pay a penalty If applicable, stated in the Fed Box below the Payment Summary Table Page 1 Does your loan have a prepayment penalty? Page 3 Prepayment penalty? Page 1 Yes, you have a balloon payment of $ Does the loan have these features? Page 1 Does your loan have a balloon payment? Page 3 Balloon payment? PROJECTED PAYMENTS Payment Calculation Principal & Interest Interest Rate and Payment Summary with column headings Page 1 Interest Rate and Payment Summary Table Principal + Interest Payment Page 1 Your initial monthly amount owed by prin., int. AND mort. Ins. TriNovus, LLC, a Temenos company 2015. P a g e 2
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE Mortgage Insurance Estimated Escrow PAGE 1 - LOAN ESTIMATE FORM LE FIELD TIL GFE Page 1 Interest Rate and Payment Summary Table - Est. Taxes + Insurance (Escrow) + [Includes (Private) Mortgage Insurance] Page 1 Interest Rate and Payment Summary Table - Est. Taxes + Insurance (Escrow) + [Includes (Private) Mortgage Insurance] Page 1 Your initial monthly amount owed by prin., int. AND mort. Ins. Amount can increase over time Estimated Total Monthly Payment Estimated Taxes, Insurance, & Assessments Page 1 Interest Rate & Payment Summary Table Total Est. Monthly Payment for including all of the totals required for TRID Amount can increase over time Page 1 Your initial monthly amount owed by prin., int. AND mort. Ins. for including all of the totals required for TRID This estimate includes in escrow? Property Taxes Homeowner s Insurance ---Other See Section G on page 2 for escrowed property costs. You must pay for other property costs separately. Page 1 Payment Summary Table for taxes and insurance but not for all assessments required for TRID Page 1 Escrow Account Information; Do we require you to have an escrow account for your loan? COSTS AT CLOSING Estimated Closing Costs Page 1 and 2 Block A + B Total Estimated Settlement Charges See page 2 for details. Estimated Cash to Close See Calculating Cash to Close on page 2 for details. ALTERNATE COSTS AT CLOSING TABLE: NON-SELLER TRANSACTIONS From / To Borrower FOOTER (CFPB) Website reference [Administrative information] TriNovus, LLC, a Temenos company 2015. P a g e 3
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE PAGE 2 CLOSING COST DETAILS LE FIELD TIL GFE LOAN COSTS A. ORIGINATION CHARGES Page 2- Block A Lines 1 & 2: Line 1 Our origination charge This charge is for getting this loan for you. % of Loan Amount (Points) Lines 02-13 Line 2 - The credit or charge for the interest rate of % is included in Our origination charge. (See item 1 above). Line 2 You receive a credit of $ for this interest rate of %. This credit reduces your settlement charges. Line 2 You pay a charge of $ for this interest rate of $ %. This charge (points) increases your total settlement charges. B. SERVICES YOU CANNOT SHOP FOR Page 2 - Block 3 Required services that we select Lines 02-13 Block 4 Title services and lender s title insurance (if lender does not permit) Block 5 - Owner s title insurance (if lender does not permit) C. SERVICES YOU CAN SHOP FOR Page 2 - Block 6 Required services that you can shop for Lines 02-13 Page 2 - Block 6 Required services that you can shop for Block 4 Title services and lender s title insurance (if lender permits) D. TOTAL LOAN COSTS (A + B + C) OTHER COSTS E. TAXES AND OTHER GOVERNMENT FEES Page 2 - Block 7 Government Recording Charges & Block 8 Transfer taxes Recording Fees and Other Taxes Page 1 Filing Fees $ Page 2 Block 7 Government Recording Charges Transfer Taxes Page 2 Block 8 Transfer Taxes TriNovus, LLC, a Temenos company 2015. P a g e 4
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE PAGE 2 CLOSING COST DETAILS LE FIELD TIL GFE F. PREPAIDS Homeowner s Insurance Premium ( months) Mortgage Insurance Premium ( months) Prepaid Interest ( per day for days @ ) Usually included in TIL itemization if one is completed Page 2 Block 11 Homeowner s Insurance (quote annual premium amount) Page 2 Block 10 Daily interest charges Property Taxes ( months) G. INITIAL ESCROW PAYMENT AT CLOSING Homeowner s Insurance per month for mo. Mortgage Insurance per month for mo. Property Taxes per month for mo. H. OTHER I. TOTAL OTHER COSTS (E + F + G + H) J. TOTAL CLOSING COSTS Page 2 Block 9 Initial deposit for your escrow account: This charge is held in an escrow account to pay future recurring charges on your property and includes: all property taxes all insurance, and other. Block 5 - Owner s title insurance D + I A + B Total Estimated Settlement Charge Lender Credits Line 2 Credit/Charge for interest rate chosen CALCULATING CASH TO CLOSE TOTAL CLOSING COSTS (J) Closing Costs Financed (Paid from your Loan Amount) Down Payment/Funds from Borrower Deposit Funds for Borrower TriNovus, LLC, a Temenos company 2015. P a g e 5
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE PAGE 2 CLOSING COST DETAILS LE FIELD TIL GFE Seller Credits Adjustments and Other Credits Estimated Cash to Close ALTERNATE CALCULATING CASH TO CLOSE TABLE: NON-SELLER TRANSACTIONS Loan Amount Total Closing Costs (J) Estimated Total Payoffs and Payments Estimated Cash to Close From / To Borrower Closing Costs Financed ADJUSTABLE PAYMENT (AP) TABLE Interest Only Payments? Optional Payments? Step Payments? Page 1 - Payment Summary for ARM or Step-Rate Seasonal Payments? Monthly Principal and Interest Payments Page 1 Payment Summary for ARM or Step-Rate Principal + Interest Payment First Change/Amount Only as may be reflected in Payment Summary Subsequent Changes Only as may be reflected in Payment Summary Maximum Payment Page 1-Payment Summary for ARM or Step Rate MAXIMUM EVER ADJUSTABLE INTEREST RATE (AIR) TABLE Index + Margin Initial Interest Rate Minimum/Maximum Interest Rate Page 1 - Payment Summary for ARM or Step-Rate Introductory Rate Page 1 - Payment Summary for ARM or Step-Rate MAXIMUM EVER Change Frequency Only as may be reflected in Payment Summary Page 1 Your initial interest rate is Page 3 Initial interest rate Page 1 Yes, it can rise to a maximum of % First Change Only as may be reflected in Payment Summary Page 1 The first change will be Subsequent Changes Only as may be reflected in Payment Summary Limits on Interest Rate Changes - ARM Disclosure TriNovus, LLC, a Temenos company 2015. P a g e 6
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE PAGE 2 CLOSING COST DETAILS LE FIELD TIL GFE First Change Only as may be reflected in Payment Summary Subsequent Changes TriNovus, LLC, a Temenos company 2015. P a g e 7
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE PAGE 3 ADDITIONAL INFORMATION ABOUT THIS LOAN LE FIELD TIL GFE Lender GENERAL INFORMATION Creditors usually provide this information on most forms NMLS/License ID Loan Officer NMLS/License ID Page 1 Name of Originator Email Page 1 - Originator email Phone Page 1 Originator Phone number Mortgage Broker NMLS/License ID Loan Officer NMLS/License ID Email Phone COMPARISONS Use these measures to compare this loan with other loans. In 5 Years Annual Percentage Rate (APR) Page 1 Fed box Total Interest Percentage (TIP) OTHER CONSIDERATIONS Appraisal We may order an appraisal to determine the property s value and charge you for this appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost. Assumption If you sell or transfer this property to another person, we will allow, under certain conditions, this person to assume this loan on the original terms. will not allow assumption of this loan on the original terms. Page 1 / 2- In a residential mortgage transaction: Assumption: Someone buying your house [may, subject to conditions be allowed to] [cannot] assume the remainder of the mortgage on the original terms. TriNovus, LLC, a Temenos company 2015. P a g e 8
LOAN ESTIMATE CROSS REFERENCE TO TIL AND GFE PAGE 3 ADDITIONAL INFORMATION ABOUT THIS LOAN LE FIELD TIL GFE Homeowner s Insurance This loan requires homeowner s insurance on the property, which you may obtain from a company of your choice that we find acceptable. Late Payment If your payment is more than days late, we will charge a late fee of Loan Acceptance You do not have to accept this loan because you have received this form or signed a loan application. Liability after Foreclosure Taking this loan could end any state law protection you may currently have against liability for unpaid debt if your lender forecloses on your home. If you lose this protection, you may have to pay any debt remaining even after foreclosure. You may want to consult a lawyer for more information. Refinance Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan. Servicing We intend to service your loan. If so, you will make your payments to us. to transfer servicing of your loan. Construction loan statement You may receive a revised Loan Estimate at any time prior to 60 days before consummation Page 1 You may obtain property insurance Page 1 If a payment is late, you will be charged $ / % of the payment. Page 1 - You are not required to complete this agreement Page 1/2 - There is no guarantee that you will be able to refinance to lower your rate and payments. Block 11 Homeowner s insurance This charge is for the insurance you must buy Must be provided on separate document from GFE CONFIRM RECEIPT - OPTION Confirm Receipt Page 1 - You are not required to complete this agreement Applicant Signature - Creditors often add Date - Creditors often add Co-Applicant Signature - Creditors often add Date - Creditors often add TriNovus, LLC, a Temenos company 2015. P a g e 9
CLOSING DISCLOSURE CROSS-REFERENCE This Closing Disclosure (CD) Guide is designed to cross-reference the fields in the new Loan Estimate Closing Disclosure form (Model form H-25A) with the existing Truth-in-Lending (TIL) forms such as H-2 and H-4 for closed end mortgage loans and RESPA s HUD-1 and HUD-1A forms. PAGE 1 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD-1A HEADING INFORMATION This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. HUD-1 Page 1 C. Note: This form is furnished Closing Disclosure CLOSING INFORMATION Date Issued Closing Date Creditors usually provide this information on most forms Creditors usually provide this information on most forms HUD-1 Page 1 I. Settlement Date HUD-1A Page 1 Settlement Date Disbursement Date HUD-1 / HUD 1A Page 1 Disburse: Often added by creditors Settlement Agent HUD-1 Page 1 H. Settlement Agent HUD-1A Page 1 Settlement Agent File # HUD-1 Page 1 6. File Number Property Usually included with Security: Taking a security interest in HUD-1 Page 1 G. Property Location Sales Price unless credit sale HUD-1 Page 1 Line 101 Contract Sales Price Appraised Prop. Value Estimated Prop. Value TRANSACTION INFORMATION Borrower Usually provided as Borrower/Applicant on Page 1 HUD-1 Page 1 - D. Name and Address of Borrower HUD-1A Page 1 Name and Address of Borrower Seller HUD-1 Page 1 E. Name and Address of Seller Lender Creditors usually provide this information on most forms HUD-1A Page 1 Name and Address of Seller HUD-1 Page 1 F. Name and Address of Lender TriNovus, LLC, a Temenos company 2015. P a g e 10
PAGE 1 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD-1A HUD-1A Page 1 Name and Address of Lender LOAN INFORMATION Loan Term HUD-1 Page 3 / HUD-1A Page 2 Your loan term is Purpose Product Loan Type HUD-1 Page 1 B. Type of Loan Loan ID# HUD-1 Page 1 7. Loan Number HUD-1A Page 1 Loan Number MIC # HUD-1 Page 1 8. Mortgage Insurance Case #: Loan Amount LOAN TERMS Creditors usually provide this information on most forms. HUD-1 Page 1 Line 202. Principal amount of new loan(s) HUD-1A Page 1 Line 1600 Loan amount HUD-1 Page 3 / HUD-1A Page 2 Your initial loan amount is Can this amount increase after closing? HUD-1 Page 3 / HUD-1A Page 2 Even if you make payments on time Interest Rate Page 1 Interest Rate and Payment Summary Table Interest Rate HUD-1 Page 3 / HUD-1A Page 2 Your initial interest rate is Can this amount increase after closing? HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? Monthly Principal & Interest See Projected Payments below for your Estimated Total Monthly Payment Page 1 - Interest Rate and Payment Summary Table Principal + Interest Payment HUD-1 Page 3 / HUD-1A Page 2 Your initial monthly amount owed Can this amount increase after closing? HUD-1 Page 3 / HUD-1A Page 2 Even if you make Prepayment Penalty (amount) HUD-1 Page 3 / HUD-1A Page 2 Yes, your maximum prepayment penalty is $ Does the loan have these features? Balloon Payment (amount) Page 1 If you pay off early you may will not have to pay a penalty If applicable, stated in the Fed Box below the Payment Summary Table HUD-1 Page 3 / HUD-1A Page 2 Does your loan have a prepayment penalty? HUD-1 Page 3 / HUD-1A Page 2 Yes, you have a balloon payment of $ Does the loan have these features? HUD-1 Page 3 / HUD-1A Page 2 Does your loan have a balloon payment? TriNovus, LLC, a Temenos company 2015. P a g e 11
Payment Calculation Principal & Interest Mortgage Insurance Estimated Escrow PROJECTED PAYMENTS Interest Rate and Payment Summary with applicable column headings Page 1 Interest Rate and Payment Summary Table Principal + Interest Payment Page 1 Interest Rate and Payment Summary Table - Est. Taxes + Insurance (Escrow) + [Includes (Private) Mortgage Insurance] Page 1 Interest Rate and Payment Summary Table - Est. Taxes + Insurance (Escrow) + [Includes (Private) Mortgage Insurance] Amount can increase over time Estimated Total Monthly Payment Estimated Taxes, Insurance, & Assessments Amount can increase over time See page 4 for details. Page 1 Interest Rate & Payment Summary Table Total Est. Monthly Payment for including all of the totals required for TRID HUD-1 Page 3 / HUD-1A Page 2 Your initial monthly amount owed HUD-1 Page 2 / HUD-1A Page 1 902. Mortgage insurance premium for months to (from GFE #3) HUD-1 Page 2 / HUD-1A Page 1 1003. Mortgage insurance months @ $ per month $ HUD-1 Page 3 / HUD-1A Page 2 Your initial monthly amount owed includes mortgage insurance in the total. HUD-1 Page 3 / HUD-1A Page 2 You have an additional monthly escrow payment of HUD-1 Page 3 / HUD-1A Page 2 Your initial monthly amount owed HUD-1 Page 3 / HUD-1A Page 2 Your initial monthly amount owed NOTE: does not include all assessments required under TRID This estimate includes in escrow? Property Taxes Homeowner s Insurance ---Other See Section G on page 2 for escrowed property costs. You must pay for other property costs separately. Page 1 Payment Summary Table for taxes and insurance but not for all assessments required for TRID HUD-1 Page 3 / HUD-1A Page 2 You do not have a monthly escrow payment COSTS AT CLOSING Closing Costs (J) Page 1 Line 103 Settlement Charges See page 2 for details. HUD-1 Page 2 / HUD-1A Page 1 Line 1400 Total Settlement Charges Cash to Close HUD-1 Page 1 Line 303 Cash From/To Borrower HUD-1A Page 1 Lines 1601 / 1604 TriNovus, LLC, a Temenos company 2015. P a g e 12
PAGE 1 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD-1A See Calculating Cash to Close on page 3 for details. ALTERNATE COSTS AT CLOSING TABLE: NON-SELLER TRANSACTIONS From / To Borrower Page 1 Line 303 Cash From/To Borrower FOOTER [Administrative information] TriNovus, LLC, a Temenos company 2015. P a g e 13
PAGE 2 CLOSING COST DETAILS CD FIELD TIL HUD-1 / HUD1A LOAN COSTS A. ORIGINATION CHARGES HUD-1 Page 2 / HUD-1A Page 1 Lines 801 Line 803 01 % of Loan Amount (Points) Typically included in TIL itemization HUD-1 Page 2 / HUD-1A Page 1Included in line 801 [Additional Lines] Typically included in TIL itemization HUD-1 Page 2 / HUD-1A Page 1 Line 801 Our origination charge HUD-1 Page 2 / HUD-1A Page 1 Line 802 Your credit or charge (points) for the specific interest rate chosen HUD-1 Page 2 / HUD-1A Page 12 Line 803 Your adjusted origination charges B. SERVICES BORROWER DID NOT SHOP FOR HUD-1 Page 2 / HUD-1A Page 12 Line 804 Appraisal fee HUD-1 Page 2 / HUD-1A Page 1 Line 805 Credit Report (if lender does not permit) HUD-1 Page 2 / HUD-1A Page 1 Line 806 Tax Service (if lender does not permit) HUD-1 Page 2 / HUD-1A Page 1 Line 807 Flood certification (if lender does not permit) HUD-1 Page 2 / HUD-1A Page 1 Line 1100 series Title services and lender s title insurance (if lender does not permit) [Additional Lines] HUD-1 Page 2 / HUD-1A Page 1 Line 808 (if lender does not permit) C. SERVICES BORROWER DID SHOP FOR HUD-1 Page 2 / HUD-1A Page 1 Line 805 Credit Report (if lender permits) HUD-1 Page 2 / HUD-1A Page 1 Line 806 Tax Service (if lender permits) HUD-1 Page 2 / HUD-1A Page 1Line 806 Flood certification (if lender permits) HUD-1 Page 2 / HUD-1A Page 1 Line 1100 series Title services and lender s title insurance (if lender permits) [Additional Lines] HUD-1 Page 2 / HUD-1A Page 1 1300 series D. TOTAL LOAN COSTS (BORROWER- PAID) LOAN COSTS SUBTOTALS (A + B + C) HUD-1 Page 2 / HUD-1A Page 1 Part of Line 1400 Paid from Borrower s Funds HUD-1 Page 2 / HUD-1A Page 1Part of Line 1400 Paid from Borrower s Funds TriNovus, LLC, a Temenos company 2015. P a g e 14
PAGE 2 CLOSING COST DETAILS CD FIELD TIL HUD-1 / HUD1A OTHER COSTS E. TAXES AND OTHER GOVERNMENT FEES 01 Recording Fees Deed: Mortgage: HUD-1 Page 2 / HUD-1A Page 1 Line 1200 Government Recording and Transfer Charges Page 1 Filing Fees $ HUD-1 Page 2 / HUD-1A Page 1 Line 1201 Government Recording Charges HUD-1 Page 2 / HUD-1A Page 1 Line 1202 Deed $ Mortgage Releases $ 02 HUD-1 Page 2 / HUD-1A Page 1 Line 1203 Transfer Taxes HUD-1 Page 2 / HUD-1A Page 1 Line 1204 City/County tax/stamps Deed $/Mtg. $ HUD-1 Page 2 / HUD-1A Page 1 Line 1205 State tax/stamps Deed $/Mtg. $ F. PREPAIDS 01 Homeowner s Insurance Premium ( mo.) HUD-1 Page 2 / HUD-1A Page 1 900. Items Required by Lender to Be Paid in Advance HUD-1 Page 2 / HUD-1A Page 1Line 903 Homeowner s insurance for years to 02 Mortgage Insurance Premium ( mo.) HUD-1 Page 2 / HUD-1A Page 1 Line 902 Mortgage insurance premiums for months to 03 Prepaid Interest ( per day from to ) HUD-1 Page 2 / HUD-1A Page 1 Line 901 Daily interest charges from to @$ /day 04 Property Taxes ( mo.) HUD-1 Page 1 100 series HUD-1 Page 2 / HUD-1A Page 1 900 series, if applicable 08 Aggregate Adjustment HUD-1 Page 2 / HUD-1A Page 1Line 1007 G. INITIAL ESCROW PAYMENT AT CLOSING 01 Homeowner s Insurance per month for mo. HUD-1 Page 2 / HUD-1A Page 1 1000. Reserves Deposited with Lender HUD-1 Page 2 / HUD-1A Page 1 Line 1002 Homeowner s insurance months @$ per month 02 Mortgage Insurance per month for mo. HUD-1 Page 2 / HUD-1A Page 1 Line 1003 Mortgage insurance months @$ per month 03 Property Taxes per month for mo. HUD-1 Page 2 / HUD-1A Page 1 Line 1004 Property taxes months @$ per month 08 Aggregate Adjustment HUD-1 Page 2 / HUD-1A Page 1 Line 1007 Aggregate Adjustment TriNovus, LLC, a Temenos company 2015. P a g e 15
PAGE 2 CLOSING COST DETAILS CD FIELD TIL HUD-1 / HUD1A H. OTHER I. TOTAL OTHER COSTS (BORROWER-PAID) HUD-1 Page 2 / HUD-1A Page 1 1300 series HUD-1 Page 2 / HUD-1A Page 1 Part of Line 1400 Paid From Borrowers Funds at Settlement Other Costs Subtotals (E + F + G + H) HUD-1 Page 2 / HUD-1A Page 1 Part of Line 1400 Paid From Borrowers Funds at Settlement J. TOTAL CLOSING COSTS (BORROWER-PAID) HUD-1 Page 2 / HUD-1A Page 1 Line 1400 Total Settlement Charges Closing Costs Subtotals (D + I) Lender Credits HUD-1 Page 1 200 series or on Page 2 for a specific charge (e.g., POC (L)) TriNovus, LLC, a Temenos company 2015. P a g e 16
PAGE 3 (TRANSACTION INFORMATION) CD FIELD TIL HUD-1 / HUD1A CALCULATING CASH TO CLOSE Total Closing Costs (J) HUD-1 Page 1 Line 103/Page 2 Line 1400 Settlement Charges to Borrower Closing Costs Paid Before Closing Fees listed as POC HUD-1A Page 1 Line 1400 Settlement Charges to Borrower Closing Costs Financed (Paid from your Loan Amount) Down Payment/Funds from Borrower HUD-1 Page 1 Line 201 Deposit or earnest money; Line 300 series HUD-1A Page 1 Line 1601 Plus Cash/Check From Borrower Deposit HUD-1 Page 1 Line 201 Deposit or earnest money Funds for Borrower HUD-1 Page 1 Line 302 Seller Credits HUD-1 Page 1 200 series with offsetting credit in 500 series Adjustments and Other Credits HUD-1 Page 1 Adjustments for items unpaid by seller Cash to Close HUD-1 Page 1 Line 303 Cash From/To Borrower HUD-1A Page 1 Line 1601 Plus Cash/Check From Borrower SUMMARIES OF TRANSACTIONS Use this table to see a summary of your transaction. HUD-1 Page 1 Block C Note: This form is furnished K. DUE FROM BORROWER AT CLOSING BORROWER S TRANSACTION J. Summary of Borrower of Borrower s Transaction 01 Sale Price of Property HUD-1 Page 1 Line 101 Contract Sales Price 02 Sale Price of Any Personal Property Included in Sale HUD-1 Page 1 Line 102 Personal Property 03 Closing Costs Paid at Closing (J) HUD-1 Page 1 Line 103 Settlement Charges to Borrower (Line 1400 from Page 2) 04 HUD-1 Page 1 Lines 104 and 105 Adjustments 05 07 HUD-1 Page 1 200 Series TriNovus, LLC, a Temenos company 2015. P a g e 17
PAGE 3 (TRANSACTION INFORMATION) CD FIELD TIL HUD-1 / HUD1A Adjustments for Items Paid by Seller in Advance HUD-1 Page 1 Adjustment for items paid by seller in advance 08 City/Town Taxes to HUD-1 Page 1 Line 106 City/town taxes to 09 County Taxes to HUD-1 Page 1 Line 107 County taxes to 10 Assessments to HUD-1 Page 1 Line 108 County taxes to 11 15 HUD-1 Page 1 Lines 109-112 L. PAID ALREADY BY OR ON BEHALF OF BORROWER AT CLOSING HUD-1 Page 1 Line 200 Amounts Paid by or on Behalf of Borrower 01 Deposit HUD-1 Page 1 Line 201 Deposit or earnest money 02 Loan Amount HUD-1 Page 1 Line 202 Principal amount of new loan 03 Existing Loan(s) Assumed or Taken Subject to HUD-1A Page 1 Line 1600 Loan amount HUD-1 Page 1 Line 203 Existing loan(s) taken subject to 04 HUD-1 Page 1 Line 204 05 Seller Credit HUD-1 Page 1 200 series with offsetting amount in 500 series Other Credits HUD-1Page 1 200 series or may be listed on Page 2 with POC 06... 07 HUD-1 Page 1 Line 206 207 Adjustments 8 11 HUD-1 Page 1 Lines 208-209 Adjustments for Items Unpaid by Seller 12 City/Town Taxes to HUD-1 Page 1 Line 210 City/town taxes to 13 County Taxes to HUD-1 Page 1 Line 211 County taxes to 14 Assessments to HUD-1 Page 1 Line 212 Assessments to 15 17 HUD-1 Page 1 Lines 213 219 CALCULATION Total Due from Borrower at Closing (K) HUD-1 Page 1 Line 301 Gross amount due from borrower Total Paid Already by or on Behalf of Borrower at Closing (L) HUD-1 Page 1 Line 220 Total Paid by/for Borrower Cash to Close From To Borrower HUD-1 Page 1 Line 303 Cash From/To Borrower TriNovus, LLC, a Temenos company 2015. P a g e 18
PAGE 3 (TRANSACTION INFORMATION) CD FIELD TIL HUD-1 / HUD1A M. DUE TO SELLER AT CLOSING SELLER S TRANSACTION HUD-1 Page 1 K. Summary of Seller s Transaction 01 Sale Price of Property HUD-1 Page 1 Line 401 Contract sales price 02 Sale Price of Any Personal Property Included in Sale HUD-1 Page 1 Line 402 Personal property 03 08 HUD-1 Page 1 Lines 403-405 Adjustments for Items Paid by Seller in Advance 09 City/Town Taxes to HUD-1 Page 1 Line 406 City/town taxes to 10 County Taxes to HUD-1 Page 1 Line 407 County taxes to 11 Assessments to HUD-1 Page 1 Line 408 Assessments to 12 16 HUD-1 Page 1 Lines 409-412 N. DUE FROM SELLER AT CLOSING 01 Excess Deposit HUD-1 Page 1 Line 501 Excess deposit 02 Closing Costs Paid at Closing (J) HUD-1 Page 1 Line 502 Settlement charges to seller (line 1400) 03 Existing Loan(s) Assumed or Taken Subject to HUD-1 Page 1 Line 503 Existing loan(s) taken subject to 04 Payoff of First Mortgage Loan HUD-1 Page 1 Line 504 Payoff of first mortgage loan 05 Payoff of Second Mortgage Loan HUD-1 Page 1 Line 505 Payoff of second mortgage loan 06 07 HUD-1 Page 1 Lines 506-509 08 Seller Credit HUD-1 though this would be indicated by listing the number on Page 1 in the 506-509 series 9 13 Adjustments for Items Unpaid by Seller 14 City/Town Taxes to HUD-1 Page 1 Line 510 City/town taxes to 15 County Taxes to HUD-1 Page 1 Line 511 County taxes to 16 Assessments to HUD-1 Page 1 Line 512 Assessments to 17 19 HUD-1 Page 1 Lines 513-519 CALCULATION Total Due to Seller at Closing (M) HUD-1 Page 1 Line 601 Gross amount due to seller (line 420) TriNovus, LLC, a Temenos company 2015. P a g e 19
PAGE 3 (TRANSACTION INFORMATION) CD FIELD TIL HUD-1 / HUD1A Total Due from Seller at Closing (N) HUD-1 Page 1 Line 600 Cash at Settlement to/from Seller Cash From To Seller HUD-1 Page 1 Line 603 Cash to/from Seller TriNovus, LLC, a Temenos company 2015. P a g e 20
ALTERNATE PAGE 3 TO THE CLOSING DISCLOSURE (NON-SELLER TRANSACTIONS) CD FIELD TIL HUD-1 / HUD1A ALTERNATIVE PAYOFFS AND PAYMENTS TABLE: NON-SELLER TRANSACTIONS PAYOFFS AND PAYMENTS Use this table to see a summary of your payoffs and payments to others from your loan amount. HUD-1A Page 1 M. Disbursements to Others To HUD-1A Page 1 Lines 1501-1515 K. TOTAL PAYOFFS AND PAYMENTS HUD-1A Page 1 Line 1520 Total Disbursed (enter on line 1603) ALTERNATIVE CALCULATING CASH TO CLOSE TABLE: NON-SELLER TRANSACTIONS Loan Amount HUD-1A Page 1 Line 1600 Loan Amount Total Closing Costs (J) HUD-1A Page 1 Line 1602 Total Settlement Charges (line 1400) Closing Costs Paid Before Closing Total Payoffs and Payments HUD-1A Page 1 Line 1603 Total Disbursements to Others Cash to Close From / To Borrower HUD-1A Page 1 Line 104 Total Disbursements to Borrower Closing Costs Financed (Paid from your Loan Amount) TriNovus, LLC, a Temenos company 2015. P a g e 21
PAGE 4 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD1A LOAN DISCLOSURES Assumption If you sell or transfer this property to another person, we will allow, under certain conditions, this person to assume this loan on the original terms. will not allow assumption of this loan on the original terms. Demand Feature Your loan has a demand feature, which permits your lender to require early repayment of the loan. You should review your note for details. does not have a demand feature. Late Payment If your payment is more than days late, we will charge a late fee of Page 1 / 2- In a residential mortgage transaction: Assumption: Someone buying your house [may, subject to conditions be allowed to] [cannot] assume the remainder of the mortgage on the original terms. This obligation [is payable on demand.] OR [has a demand feature.] [All disclosures are based on an assumed maturity of one year.] Page 1 If a payment is late, you will be charged $ / % of the payment. Negative Amortization (Increase in Loan Amount) Under your loan terms, you are scheduled to make monthly payments that do not pay all of the interest due that month. As a result, your loan amount will increase (negatively amortize), and your loan amount will likely become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property. may have monthly payments that do not pay all of the interest due that month. If you do, your loan amount will increase (negatively amortize), and, as a result, your loan amount may become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property. do not have a negative amortization feature. Partial Payments Security Interest You are granting a security interest in Escrow Account For now, your loan: will have an escrow account (also called an impound or trust account to pay the property costs listed below. Without an escrow account, you would pay them directly, Page 1 Security: Taking a security interest in HUD-1 Page 2 1000 series HUD-1 Page 3 / HUD-1A Page 2 You have an additional monthly escrow payment of $ TriNovus, LLC, a Temenos company 2015. P a g e 22
PAGE 4 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD1A possibly in one or two large payments a year. Your lender may be liable for penalties and interest for failing to make a payment. HUD-1 Page 2 / HUD-1A Page 1 Line 1001 Initial deposit for your escrow account Escrow Escrowed Property Costs over Year 1 Estimated total amount over year 1 for your escrowed property costs: HUD-1 Page 3 / HUD-1A Page 2 does not include annual amounts but does include monthly amounts under Total monthly amount owed including escrow account payments Non-Escrowed Property Costs over Year 1 Estimated total amount over year 1 for your nonescrowed property costs: Initial Escrow Payment You may have other property costs. 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. Page 1 Payment Summary table Est. Taxes + insurance (escrow) will not have an escrow account because: you declined it your lender does not offer one. You must directly pay your property costs, such as taxes and homeowner s insurance. Contact your lender to ask if your loan can have an escrow account. HUD-1 Page 3 You do not have a monthly escrow payment for items HUD-1 Page 2 Lines 801/802 may include the Escrow Waiver fee No Escrow Estimated Property Costs over Year 1 Estimated total amount over year 1. You must pay these costs directly, possibly in one or TriNovus, LLC, a Temenos company 2015. P a g e 23
PAGE 4 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD1A two large payments a year. Escrow Waiver Fee The amount included in your total monthly payment. In the future, Your property costs may change and, as a result, your escrow payment may change. You may be able to cancel your escrow account, but if you do, you must pay your property costs directly. If you fail to pay your property taxes, your state or local government may (1) impose fines and penalties or (2) place a tax lien on this property. If you fail to pay any of your property costs, your lender may (1) add the amounts to your loan balance, (2) add an escrow account to your loan, or (3) require you to pay for property insurance that the lender buys on your behalf, which likely would cost more and provide fewer benefits than what you could buy on your own. ADJUSTABLE PAYMENT (AP) TABLE Interest Only Payments? Optional Payments? Step Payments? Page 1 - Payment Summary for ARM or Step-Rate Seasonal Payments? Monthly Principal and Interest Payments First Change/Amount Subsequent Changes Maximum Payment Page 1 Payment Summary for ARM or Step-Rate Principal + Interest Payment Only as may be reflected in Payment Summary Only as may be reflected in Payment Summary Page 1-Payment Summary for ARM or Step Rate MAXIMUM EVER HUD-1 Page 3 / HUD-1A Page 2 Initial monthly payment HUD-1 Page 3 / HUD-1A Page 2 Even if you make payments on time HUD-1 Page 3 / HUD-1A Page 2 Even if you make payments on time HUD-1 Page 3 / HUD-1A Page 2 Even if you make payments on time TriNovus, LLC, a Temenos company 2015. P a g e 24
PAGE 4 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD1A ADJUSTABLE INTEREST RATE (AIR) TABLE Index + Margin Initial Interest Rate Minimum/Maximum Interest Rate Change Frequency First Change Subsequent Changes Page 1-Payment Summary for ARM or Step-Rate Introductory Rate Page 1-Payment Summary for ARM or Step-Rate MAXIMUM EVER Only as may be reflected in Payment Summary Only as may be reflected in Payment Summary Only as may be reflected in Payment Summary HUD-1 Page 3 / HUD-1A Page 2 Your initial interest rate is HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? Limits on Interest Rate Changes - ARM Disclosure HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? First Change Only as may be reflected in Payment Summary HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? Subsequent Changes HUD-1 Page 3 / HUD-1A Page 2 Can your interest rate rise? TriNovus, LLC, a Temenos company 2015. P a g e 25
PAGE 5 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD-1A LOAN CALCULATIONS Total of Payments. Total you will have paid after you make all payments of principal, interest, mortgage insurance, and loan costs, as scheduled. Finance Charge. The dollar amount the loan will cost you. Amount Financed. The loan amount available after paying your upfront finance charge. Annual Percentage Rate (APR). Your costs over the loan term expressed as a rate. This is not your interest rate. Total Interest Percentage (TIP). The total amount of interest that you will pay over the loan term as a percentage of your loan amount. Page 1 Fed box Total of Payments The amount you will have paid after you have made all payments as scheduled. Page 1 Fed box Finance Charge The dollar amount the credit will cost you. Page 1 Fed box Amount Financed The amount of credit provided to you or on your behalf. Page 1 Fed box Annual percentage Rate The cost of your credit as a yearly rate. QUESTIONS? Questions? HUD-1 Page 3 / HUD-1A Page 2 Note: If you have any questions about the Settlement Charges and Loan Terms listed on this form, please contact your lender. OTHER DISCLOSURES Appraisal Contract Details See your note and security instrument for information about what happens if you fail to make your payments, what is a default on the loan, situations in which your lender can require early repayment of the loan, and the rules for making payments before they are due. Liability after Foreclosure If your lender forecloses on this property and the foreclosure does not cover the amount of unpaid balance on this loan, state law may protect you from liability for the unpaid balance. If you refinance or take on any additional debt on this property, you may Page 1 See your contract documents for any additional information about nonpayment, default, any requirement repayment in full before the scheduled date, and prepayment refunds and penalties. TriNovus, LLC, a Temenos company 2015. P a g e 26
PAGE 5 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD-1A lose this protection and have to pay any debt remaining even after foreclosure. You may want to consult a lawyer for more information. state law does not protect you from liability for the unpaid balance. Loan Acceptance You do not have to accept this loan because you have received this form or signed a loan application. Refinance Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan. required; may be included from early TIL that did not need to be redisclosed: Page 1 - You are not required to complete this agreement Page 1 / 2 - There is no guarantee that you will be able to refinance to lower your rate and payments. Tax Deductions CONTACT INFORMATION Lender, Mortgage Broker, Real Estate Broker for the borrower, Real Estate Broker for the Seller and Settlement Agent For each of the parties, enter the following information as applicable: Name Address NMLS ID# License ID# Contact name for the primary contact to the consumer Contact NMLS ID# Contact Email address Contact Phone number Creditors usually provide this information on most forms CONFIRM RECEIPT Contact information is not generally provided on the HUD except to the extent the third party to whom a fee is paid is listed. Confirm Receipt Applicant Signature Date Not required but may be listed from early TIL; Page 1 - You are not required to complete this agreement Creditors usually provide this information on most forms Creditors usually provide this information on most forms Creditors usually provide for this information on most forms Creditors usually provide for this information on most forms Co-Applicant Signature Creditors usually provide this Creditors usually provide for this TriNovus, LLC, a Temenos company 2015. P a g e 27
PAGE 5 - CLOSING DISCLOSURE CD FIELD TIL HUD-1 / HUD-1A Date information on most forms Creditors usually provide this information on most forms information on most forms Creditors usually provide for this information on most forms TriNovus, LLC, a Temenos company 2015. P a g e 28