Loan Signing Documents (2023/2024) Rated A

Loan Signing Documents (2023/2024) Rated A Borrower's Certification Authorization This document certifies all of the information provided in the loan application is true and complete. Closing Disclosure (CD) Combines and replaces the HUD/Settlement Statement and Truth in Lending (TIL) statement for most loans applied for beginning October 3, 2015. The closing disclosure itemizes all closing costs. Page 1 includes loan amount, inetrest rate, projected montly payments, closing cost, pay offs and payments, cash to close calculations, disclosures, loal calculations and contact information. Please note: The borrower should have received this document form is or her lender in advance of the closing. Error and Omissions (E&O) and Compliance Agreement This states that if there are any typographical or clerical errors on the closing documents, the borrower would agree to sign any documents that had to be corrected. Flood Hazard Notice This indicates whether or not the property is in an area designated as a flood zone area. Form 4506-T Request for Transcript of Tax Return This form authorizes the lender to obtain transcripts of tax returns. GFE/ Good Faith Estimate Replaced by the Loan Estimate for most loans applied for begging October 3, 2015. The Good Faith Estimate is an estimate of all closing fees including fees including pre-paid and escrow items as well as lender charges. HUD settlement statement (HUD-1) The HUD/Settlement itemizes all closing costs; on pages 1 and 2 items that appear on this statement include real estate commissions, loan fees, points, payoffs, and escrow amounts. Page 3 of the Settlement Statement is a comparison of the fees disclosed on the Good Faith Estimate (GFE) to the actual costs as listed on the HUD/Settlement Statment. The bottom portion of page 3 shows the loans terms. The loan amount , rate, term, principal and interest payment, as well as total payment, are at the bottom. (If the borrower has questions related these amounts, direct the borrower to the lender.) Identification Verification Form This form verifies identity of the borrower and should read exaclty as their state or federal issued ID reads. Impound Account Letter This is the form authorizing the lender to collect real estate taxes and homeowner's insurance to be paid out of the borrower's escrow account when they are due and payable. Initial Escrow Disclosure Statement This is one- year snapshot of the borrower's escrow account. Insurance Requirements This document states that homeowners insurance is required during the term of the loan. Itemization of Amount Financed This describes the items in detail that comprise the amounts necessary to calculate the annual percentage rate. Loan Estimate (LE) Replaces the Good Faith Estimate and initial Truth in Lending Disclosure for most loans applied for beginning October 3, 2015. The Loan Estimate is an estimate of all closing fees including pre-paid, escrow items and lender charges. Please note: This document will be delivered to the borrower after the borrower applies for the loan. It will typically not be included with the closing package. Mortgage (deed of trust) This document is recorded in county land records as evidence of the lender's security interest in the property. Note The note is a written promise to pay a sum of money at a stated interest rate during a specified term. Notice of Right to Cancel This is the borrower's notice of their right to cancel the transaction within a specified time frame. Owner's Affidavit This states that the borrower acknowledges no additional liens, judgments, encumbrances or claims against the property.It also states no one else owns the property besides the borrower, there's no contract for sale, confirms marital status, no delinquent taxes and no zoning law violations. Payment Letter This is the borrower's principal, interest, real estate taxes and homeowner's insurance which total the monthly payment. Riders (If applicable) Planned Unit Development (PUD) Rider -This rider requires the borrower to pay fees or assessments that may be levied by a Homeowners Association (HOA) to prevent any liens by the association. -Second Home Rider : This rider states the borrower is not occupying the home as their primary residence. -1-4 Family Rider: This rider states that the property is a multi-unit property. -Manufactured Home Rider: This rider states the property is a manufactured home. -Condominium Rider: This rider states the property is a condominium. -ARM Rider: This rider states this loan is an Adjustable Rate Mortgage (ARM) loan Servicing Disclosure Statement This document discloses the fact that the lender has the the right to sell, transfer or assign the servicing rights to the loan. Signature and Name Affidavit The Signature and Name Affidavit lists variations of the borrowers name such as "AKA'S" that the lender may have located when checking their credit or when the title search was completed. The variations may differ from their name as it appears on the lender's loan documents. Truth in Lending Act (TILA) replaced by the Loan Estimate for most loans applied for beginning October 3, 2015 This is the Truth in lending statement. It will include the following information: -The annual percentage rate(APR) -The Finance charge -The total payments (the amount the borrower will have paid after they have made all of their scheduled mortgage payments.) Uniform Residential Loan Application /1003 This is the final , typed version of the loan application. W-9 This form verifies the borrower's social security number Obtains tax ID number for self-employed persons