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Loan Type Conventional FHA Veteran's Loan ID VA ID MIC Can this amount increase after closing Loan Amount Interest Rate Monthly Principal Interest See Projected Payments below for your Estimate: Projected Purchase Price Estimated Cost: — — Est Interest Est. Monthly Principal Additional Costs for Loan Term: Projected Payments - - - - - - - - - - - - - - - - - - - - - - - - - - - - Interest Rate 0% 0% 0% 0% 0% Purchase Price Estimated Cost: - - - - - - - Note : To view or print more than one item or the “Completed” portion of this document, choose “View All” when viewing or saving this form. Note : Projected Purchase Price includes 1,000 down payment as well as closing costs. Costs not paid by borrower will be charged to the loan. Closing costs include closing costs for all loan types, loan modification costs, and closing costs associated with property transfer, title and registration, transfer of insurance benefits, utility costs and attorney's fees. Payment for the property and loan are due upon closing and should be paid within 30 days from closing by check or money order made payable to: FHA Loan Center, Account #: 2075-5, Loan #: CLN10-1098. Note : The Loan Estimate may not include your closing costs, which are not subject to FHA Insurance Company. To be added to your Projected Purchase Price, you must pay any Closing Costs not paid by you by the Due Date shown. Note : Use the Loan Estimate to get an idea of what you might pay and make an informed decision about which loan to purchase. The Loan Estimate is based on a detailed real estate analysis. Although we strive to present accurate information about each loan, the Loan Estimate is not an exact representation of the actual loan amount in your application. A loan that does not meet the terms described is not a valid loan to purchase. Note 1 : Loan Estimate figures include the lender costs and fees as well as your closing costs and the interest you will pay on your purchase. These costs will vary according to the loan type and your payment history. These costs are not included in your final loan amount.

Who needs the Closing Disclosure Form?

The closing Disclosure form is a kind of summarizing agreement defining the final term of mortgage loan and closing costs that is to be concluded by the two parties: the borrower and the lender. Other parties may be involved while signing the Closing Disclosure form including the seller of the property and the real estate broker(s) handling the deal. It is the lenders (the lending institution’s) duty to provide the borrower with the given Closing Disclosure before closing the mortgage loan.

What is the purpose of the Closing Disclosure Form?

Filling out and signing the form is an inevitable step in making a loan agreement. The disclosure reveals all the financial details including calculations of the interest rate and number and amount of monthly payments.  These details are important to the parties in case of any misunderstanding in the future.

When is the Closing Disclosure due?

The lender is supposed to deliver the form to the borrower 3 days before the loan closing date. This period is important to the borrower, so the borrow can check all the terms and details of the loan, as they should correspond to those indicated on the previously received Loan Estimate form.

How to fill out the Loan Closing Disclosure?

Other than the information about the parties and the real property being bought, the completion of the form requires indicating a significant amount of financial information:

1. Loan amount;

2. Interest rate;

3. Monthly principal and interest;

4. Payment calculations;

5. Closing costs;

6. Other costs;

7. Summaries of transactions, etc.

Any important additional information covering the transaction details should be put in the Closing Disclosure as well.

Where to send the completed Closing Disclosure?

As already mentioned, the lending institution is obliged to direct the filled out closing Disclosure Form for the borrower’s signature, giving them a 3-day period to double-check the terms of the loan.

Loan Type Conventional FHA Veteran's Loan ID VA ID MIC Can this amount increase after closing Loan Amount Interest Rate Monthly Principal Interest See Projected Payments below for your Estimate: Projected Purchase Price Estimated Cost: — — Est Interest Est. Monthly Principal Additional Costs for Loan Term: Projected Payments - - - - - - - - - - - - - - - - - - - - - - - - - - - - Interest Rate 0% 0% 0% 0% 0% Purchase Price Estimated Cost: - - - - - - - Note : To view or print more than one item or the “Completed” portion of this document, choose “View All” when viewing or saving this form. Payment for the property and loan are due upon closing and should be paid within 30 days from closing by check or money order made payable to: FHA Loan Center, Account #: 2075-5, Loan #: CLN10-1098. Note 1 : Loan Estimate figures include the lender costs and fees as well as your closing costs and the interest you will pay on your purchase.

I'm Mary Schuster chief product officer and MVP of regulatory affairs with Ram quest here to talk to you today about the new closing disclosure form from the CFPB in the past federal law required two different disclosure forms to be provided to consumers at or shortly before their loan closing the information on these forms known as the final till and hood one was overlapping and often inconsistent consumers often found the forms confusing the dodd-frank act directed the Consumer Financial Protection Bureau the CFPB to integrate these mortgage loan disclosures into a new single consolidated disclosure form as a result the closing disclosure form is a five-page form that is due to the borrower for review three days prior to the closing or settlement in an escrow state it is due to the seller not later than the day of closing or settlement the lender or creditor is responsible for delivering the closing disclosure or CD to the borrower also the consumer, but creditors may engage the services of a settlement agent to provide the CD so long as they comply with the provisions of the rule creating these new requirements is known as the integrated Mortgage Disclosure rule or trig, and it applies to most closed-ended mortgage transactions except home equity lines of credit reverse mortgages and true mobile home loans when the dwelling is not attached to the land or seller financing where the creditor makes five or fewer mortgages in a year let's take a look at the first page of the closing disclosure form to see what information is presented first to the borrower