Week 6 Assignment

Using the information provided below, calculate the buyer’s and seller’s costs and credits as they would appear on the Closing Disclosure Form (CDF). Refer to Chapter 9 and page 223 for help. You are not required to use the actual CDF Word Document, but you are certainly welcome to use it and it might make things a little easier. There is a of the Closing Disclosure document also attached for viewing.

You may simply list the debits (charges) and credits (additions) to both buyer and seller and the total amount due to/from each party in a MS Office Word or Excel document. The goal is to come up with the amount the Buyer needs to bring to closing, and the amount the Seller would receive at closing.

Do your best to first determine which party is responsible for each item. Upon completion, upload your CDF showing the Buyer and Seller Costs to the Assignments area of the classroom.

When calculating these costs, the complications can occur when you figure the taxes and shared lender fees, etc. Just do your best and let me know if you have any questions. You can receive partial credit on this assignment even if your numbers are slightly incorrect.

Property located in Virginia
Closing Date: October 15
First payment due: December 1
Sales Price: $280,000
Earnest money deposit: $5,000
Down payment: $56,000
Existing loan to be paid off: $125,000 @ 4.75% interest
New loan amount: $220,000 @ 4.50% interest, for 30 years
Total of three points, split by buyer and seller
Escrow (impound) of two months
Annual property taxes: $2,400, paid through December 31
Hazard insurance: $330 for one-year policy
Real estate broker commission: 6 percent
Owner’s title policy: $250
Lenders title policy: $750
Survey $125
Recording fees charged to buyer: $75
Lender fees charged to buyer: $1,100
Transfer tax: $180 paid by seller
Termite inspection: $125
Roof inspection & repair: $2,100
Homeowner warranty provided by seller: $500

Projected Payments

Loan Terms

CLOSING DISCLOSURE PAGE 1 OF 5 • LOAN ID # 0000000000

Payment Calculation

Principal & Interest

Mortgage Insurance

Estimated

Escrow

Amount can increase over time

Estimated Total

Monthly Payment

Estimated Taxes, Insurance
& Assessments
Amount can increase over time
See page 4 for details See Escrow Account on page 4 for details. You must pay for other property

costs separately.

This estimate includes In escrow

Property Taxes
Homeowner’s Insurance
Other:

Can this amount increase after closing?

Loan Amount

Interest Rate

Monthly Principal & Interest
See Projected Payments below for your
Estimated Total Monthly Payment

Does the loan have these features?

Prepayment Penalty

Balloon Payment

Closing Costs Includes $5,877.00 in Loan Costs + $7,642.43 in

Other Costs

– $0
in Lender Credits. See page 2 for details.

Cash to Close Includes Closing Costs. See Calculating Cash to Close on page 3 for details.

Costs at Closing

Transaction Information
Borrower

Seller

Lender

Loan Information
Loan Term
Purpose
Product

Loan Type Conventional FHA

VA _____________
Loan ID #
MIC #

Closing Information
Date Issued
Closing Date
Disbursement Date
Settlement Agent
File #
Property

Sale Price

This form is a statement of final loan terms and closing costs. Compare this
document with your Loan Estimate.Closing Disclosure

Projected Payments
Loan Terms
CLOSING DISCLOSURE PAGE 1 OF 5 • LOAN ID # 0000000000
Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Escrow
Amount can increase over time

Estimated Total
Monthly Payment

Estimated Taxes, Insurance
& Assessments
Amount can increase over time
See page 4 for details See Escrow Account on page 4 for details. You must pay for other property
costs separately.
This estimate includes In escrow?
Property Taxes
Homeowner’s Insurance
Other:
Can this amount increase after closing?
Loan Amount
Interest Rate
Monthly Principal & Interest
See Projected Payments below for your
Estimated Total Monthly Payment

Does the loan have these features?
Prepayment Penalty
Balloon Payment
Closing Costs Includes $5,877.00 in Loan Costs + $7,642.43 in Other Costs – $0
in Lender Credits. See page 2 for details.
Cash to Close Includes Closing Costs. See Calculating Cash to Close on page 3 for details.
Costs at Closing
Transaction Information
Borrower

Seller

Lender
Loan Information
Loan Term
Purpose
Product

Loan Type Conventional FHA
VA _____________
Loan ID #
MIC #

Closing Information
Date Issued
Closing Date
Disbursement Date
Settlement Agent
File #
Property

Appraised Prop. Value

This form is a statement of final loan terms and closing costs. Compare this
document with your Loan Estimate.Closing Disclosure

Projected Payments
Loan Terms
CLOSING DISCLOSURE PAGE 1 OF 5 • LOAN ID # 0000000000
Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Escrow
Amount can increase over time
Estimated Total
Monthly Payment
Estimated Taxes, Insurance
& Assessments
Amount can increase over time
See page 4 for details See Escrow Account on page 4 for details. You must pay for other property
costs separately.
This estimate includes In escrow?
Property Taxes
Homeowner’s Insurance
Other:
Can this amount increase after closing?
Loan Amount
Interest Rate
Monthly Principal & Interest
See Projected Payments below for your
Estimated Total Monthly Payment

Seller

Lender
Loan Information
Loan Term
Purpose
Product

Loan Type Conventional FHA
VA _____________
Loan ID #
MIC #

Closing Information
Date Issued
Closing Date
Disbursement Date
Settlement Agent
File #
Property

Estimated Prop. Value

This form is a statement of final loan terms and closing costs. Compare this
document with your Loan Estimate.Closing Disclosure

Loan Costs

CLOSING DISCLOSURE PAGE 2 OF 5 • LOAN ID # 0000000000

Borrower-Paid Seller-Paid Paid by
OthersAt Closing Before Closing At Closing Before Closing

A. Origination Charges
01 % of Loan Amount (Points)
02
03
04
05
06
07
08
B. Services Borrower Did Not Shop For
01
02
03
04
05
06
07
08
09
10
C. Services Borrower Did Shop For
01
02
03
04
05
06
07
08
D. TOTAL LOAN COSTS (Borrower-Paid)
Loan Costs Subtotals (A + B + C)

J. TOTAL CLOSING COSTS (Borrower-Paid)
Closing Costs Subtotals (D + I)
Lender Credits

Closing Cost Details

E. Taxes and Other Government Fees
01 Recording Fees Deed: Mortgage:
02
F. Prepaids
01 Homeowner’s Insurance Premium ( mo.)
02 Mortgage Insurance Premium ( mo.)
03 Prepaid Interest ( per day from to )
04 Property Taxes ( mo.)
05
G. Initial Escrow Payment at Closing
01 Homeowner’s Insurance per month for mo.
02 Mortgage Insurance per month for mo.
03 Property Taxes per month for mo.
04
05
06
07
08 Aggregate Adjustment
H. Other
01
02
03
04
05
06
07
08
I. TOTAL OTHER COSTS (Borrower-Paid)
Other Costs Subtotals (E + F + G + H)

Other Costs

Calculating

Cash to Close

BORROWER’S TRANSACTION

K. Due from Borrower at Closing

01 Sale Price of Property
02 Sale Price of Any Personal Property Included in Sale
03 Closing Costs Paid at Closing (J)
04
Adjustments
05
06
07
Adjustments for Items Paid by Seller in Advance
08 City/Town Taxes to
09 County Taxes to
10 Assessments to
11
12
13
14
15

L. Paid Already by or on Behalf of Borrower at Closing
01 Deposit
02 Loan Amount
03 Existing Loan(s) Assumed or Taken Subject to
04
05 Seller Credit
Other Credits
06
07
Adjustments
08
09
10
11
Adjustments for Items Unpaid by Seller
12 City/Town Taxes to
13 County Taxes to
14 Assessments to
15
16
17

CALCULATION

Total Due from Borrower at Closing (K)
Total Paid Already by or on Behalf of Borrower at Closing (L)

Cash to Close From To Borrower

SELLER’S TRANSACTION

M. Due to Seller at Closing

01 Sale Price of Property
02 Sale Price of Any Personal Property Included in Sale
03
04
05
06
07
08
Adjustments for Items Paid by Seller in Advance
09 City/Town Taxes to
10 County Taxes to
11 Assessments to
12
13
14
15
16

N. Due from Seller at Closing
01 Excess

Deposit

02 Closing Costs Paid at Closing (J)
03 Existing Loan(s) Assumed or Taken Subject to
04 Payoff of First Mortgage Loan
05 Payoff of Second Mortgage Loan
06
07
08 Seller Credit
09
10
11
12
13
Adjustments for Items Unpaid by Seller
14 City/Town Taxes to
15 County Taxes to
16 Assessments to
17
18
19

CALCULATION

Total Due to Seller at Closing (M)
Total Due from Seller at Closing (N)

Cash From To Seller

Summaries of Transactions

CLOSING DISCLOSURE PAGE 3 OF 5 • LOAN ID # 0000000000

Loan Estimate Final Did this change?

Total Closing Costs (J)

Closing Costs Paid Before Closing

Closing Costs Financed
(Paid from your Loan Amount)

Down Payment/Funds from Borrower

Deposit

Funds for Borrower

Seller Credits

Adjustments and Other Credits

Cash to Close

Use this table to see a summary of your transaction.

Use this table to see what has changed from your Loan Estimate.

Assumption
If you sell or transfer this property to another person, your lender

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, your lender will charge a
late fee of ________________________________________________

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
Your lender

may accept payments that are less than the full amount due
(partial payments) and apply them to your loan.

may hold them in a separate account until you pay the rest of the
payment, and then apply the full payment to your loan.

does not accept any partial payments.
If this loan is sold, your new lender may have a different policy.

Security Interest
You are granting a security interest in

You may lose this property if you do not make your payments or
satisfy other obligations for this loan.

CLOSING DISCLOSURE PAGE 4 OF 5 • LOAN ID # 0000000000

Loan Disclosures

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, possibly in one or two large
payments a year. Your lender may be liable for penalties and interest
for failing to make a payment.

Escrow

Escrowed
Property Costs
over Year 1

Estimated total amount over year 1 for
your escrowed property costs:

Non-Escrowed
Property Costs
over Year 1

Estimated total amount over year 1 for
your non-escrowed property costs:

You may have other property costs.

Initial Escrow
Payment

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.

No Escrow

Estimated
Property Costs
over Year 1

Estimated total amount over year 1. You
must pay these costs directly, possibly
in one or two large payments a year.

Escrow Waiver Fee

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.

In the future,
Your property costs may change and, as a result, your escrow pay-
ment 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.

Additional Information About This Loan

Assumption
If you sell or transfer this property to another person, your lender
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, your lender will charge a
late fee of ________________________________________________
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
Your lender
may accept payments that are less than the full amount due
(partial payments) and apply them to your loan.
may hold them in a separate account until you pay the rest of the
payment, and then apply the full payment to your loan.
does not accept any partial payments.
If this loan is sold, your new lender may have a different policy.
Security Interest
You are granting a security interest in

You may lose this property if you do not make your payments or
satisfy other obligations for this loan.
CLOSING DISCLOSURE PAGE 4 OF 5 • LOAN ID # 0000000000
Loan Disclosures
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, possibly in one or two large
payments a year. Your lender may be liable for penalties and interest
for failing to make a payment.
Escrow
Escrowed
Property Costs
over Year 1
Estimated total amount over year 1 for
your escrowed property costs:
Non-Escrowed
Property Costs
over Year 1
Estimated total amount over year 1 for
your non-escrowed property costs:
You may have other property costs.
Initial Escrow
Payment
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.
No Escrow
Estimated
Property Costs
over Year 1
Estimated total amount over year 1. You
must pay these costs directly, possibly
in one or two large payments a year.
Escrow Waiver Fee
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.
In the future,
Your property costs may change and, as a result, your escrow pay-
ment 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.

Additional Information About This Loan

Adjustable Payment (AP) Table

Interest Only Payments?

Optional Payments?

Step Payments?

Seasonal Payments?

Monthly Principal and Interest Payments
First Change/Amount
Subsequent Changes
Maximum Payment

Adjustable Interest Rate (AIR) Table
Index + Margin
Initial Interest Rate
Minimum/Maximum Interest Rate
Change Frequency
First Change
Subsequent Changes
Limits on Interest Rate Changes
First Change
Subsequent Changes

Contact Information

Other Disclosures

Confirm Receipt

By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received
this form.

Applicant Signature Date Co-Applicant Signature Date

CLOSING DISCLOSURE PAGE 5 OF 5 • LOAN ID # 0000000000

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.

Loan Calculations

?
Lender Mortgage Broker Real Estate Broker (B) Real Estate Broker (S) Settlement Agent

Name Ficus Bank FRIENDLY MORTGAGE
BROKER INC.

RELIABLE REALTY CO. REALTY PROS ABC Settlement

Address 4321 Raven Blvd.
Somecity, MD 54321

1234 Terrapin Dr.
Somecity, MD 54321

1776 Chesapeake St.
Ste 405
Anytown, MD 12345

3456 Oriole Ave.
Anytown, MD 12345

5432 Free State Blvd.
Ste 405
Somecity, MD 54321

NMLS ID 111111 222222

License ID

Contact Joe Smith JIM TAYLOR KELLY GREEN STEVE WALSH NANCY WILSON

Contact NMLS ID 487493 394784

Contact
License ID

Email JSMITH@
FICUSBANK.COM

JTAYLOR@
FRNDLYMTGBRKR.CO

KGREEN@
RREALTY.COM

SWALSH@
REALTYPROS.COM

NWILSON@
ABCSETTLEMENT.COM

Phone 111-222-3333 333-444-5555 444-555-6666 555-666-7777 666-777-8888

Appraisal
If the property was appraised for your loan, your lender is required to
give you a copy at no additional cost at least 3 days before closing.
If you have not yet received it, please contact your lender at the
information listed below.

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
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.

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.

Tax Deductions
If you borrow more than this property is worth, the interest on the
loan amount above this property’s fair market value is not deductible
from your federal income taxes. You should consult a tax advisor for
more information.

Questions? If you have questions about the
loan terms or costs on this form, use the contact
information below. To get more information
or make a complaint, contact the Consumer
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-closing?

Contact Information
Other Disclosures
CLOSING DISCLOSURE PAGE 5 OF 5 • LOAN ID # 0000000000
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.
Loan Calculations
?
Lender Mortgage Broker Real Estate Broker (B) Real Estate Broker (S) Settlement Agent
Name Ficus Bank FRIENDLY MORTGAGE
BROKER INC.
RELIABLE REALTY CO. REALTY PROS ABC Settlement
Address 4321 Raven Blvd.
Somecity, MD 54321
1234 Terrapin Dr.
Somecity, MD 54321
1776 Chesapeake St.
Ste 405
Anytown, MD 12345
3456 Oriole Ave.
Anytown, MD 12345
5432 Free State Blvd.
Ste 405
Somecity, MD 54321
NMLS ID 111111 222222
License ID
Contact Joe Smith JIM TAYLOR KELLY GREEN STEVE WALSH NANCY WILSON
Contact NMLS ID 487493 394784
Contact
License ID
Email JSMITH@
FICUSBANK.COM
JTAYLOR@
FRNDLYMTGBRKR.CO
KGREEN@
RREALTY.COM
SWALSH@
REALTYPROS.COM
NWILSON@
ABCSETTLEMENT.COM
Phone 111-222-3333 333-444-5555 444-555-6666 555-666-7777 666-777-8888
?
Appraisal
If the property was appraised for your loan, your lender is required to
give you a copy at no additional cost at least 3 days before closing.
If you have not yet received it, please contact your lender at the
information listed below.
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
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.
Tax Deductions
If you borrow more than this property is worth, the interest on the
loan amount above this property’s fair market value is not deductible
from your federal income taxes. You should consult a tax advisor for
more information.
Questions? If you have questions about the
loan terms or costs on this form, use the contact
information below. To get more information
or make a complaint, contact the Consumer
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-closing?

Contact Information
Other Disclosures
Confirm Receipt
By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received
this form.
Applicant Signature Date Co-Applicant Signature Date
CLOSING DISCLOSURE PAGE 5 OF 5 • LOAN ID # 0000000000
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.
Loan Calculations
?
Lender Mortgage Broker Real Estate Broker (B) Real Estate Broker (S) Settlement Agent
Name Ficus Bank FRIENDLY MORTGAGE
BROKER INC.
RELIABLE REALTY CO. REALTY PROS ABC Settlement
Address 4321 Raven Blvd.
Somecity, MD 54321
1234 Terrapin Dr.
Somecity, MD 54321
1776 Chesapeake St.
Ste 405
Anytown, MD 12345
3456 Oriole Ave.
Anytown, MD 12345
5432 Free State Blvd.
Ste 405
Somecity, MD 54321
NMLS ID 111111 222222
License ID
Contact Joe Smith JIM TAYLOR KELLY GREEN STEVE WALSH NANCY WILSON
Contact NMLS ID 487493 394784
Contact
License ID
Email JSMITH@
FICUSBANK.COM
JTAYLOR@
FRNDLYMTGBRKR.CO
KGREEN@
RREALTY.COM
SWALSH@
REALTYPROS.COM
NWILSON@
ABCSETTLEMENT.COM
Phone 111-222-3333 333-444-5555 444-555-6666 555-666-7777 666-777-8888
?
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
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.
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.
Tax Deductions
If you borrow more than this property is worth, the interest on the
loan amount above this property’s fair market value is not deductible
from your federal income taxes. You should consult a tax advisor for
more information.
Questions? If you have questions about the
loan terms or costs on this form, use the contact
information below. To get more information
or make a complaint, contact the Consumer
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-closing?

Contact Information
Other Disclosures
CLOSING DISCLOSURE PAGE 5 OF 5 • LOAN ID # 0000000000
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.
Loan Calculations
?
Lender Mortgage Broker Real Estate Broker (B) Real Estate Broker (S) Settlement Agent
Name Ficus Bank FRIENDLY MORTGAGE
BROKER INC.
RELIABLE REALTY CO. REALTY PROS ABC Settlement
Address 4321 Raven Blvd.
Somecity, MD 54321
1234 Terrapin Dr.
Somecity, MD 54321
1776 Chesapeake St.
Ste 405
Anytown, MD 12345
3456 Oriole Ave.
Anytown, MD 12345
5432 Free State Blvd.
Ste 405
Somecity, MD 54321
NMLS ID 111111 222222
License ID
Contact Joe Smith JIM TAYLOR KELLY GREEN STEVE WALSH NANCY WILSON
Contact NMLS ID 487493 394784
Contact
License ID
Email JSMITH@
FICUSBANK.COM
JTAYLOR@
FRNDLYMTGBRKR.CO
KGREEN@
RREALTY.COM
SWALSH@
REALTYPROS.COM
NWILSON@
ABCSETTLEMENT.COM
Phone 111-222-3333 333-444-5555 444-555-6666 555-666-7777 666-777-8888
?
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
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.
Tax Deductions
If you borrow more than this property is worth, the interest on the
loan amount above this property’s fair market value is not deductible
from your federal income taxes. You should consult a tax advisor for
more information.
Questions? If you have questions about the
loan terms or costs on this form, use the contact
information below. To get more information
or make a complaint, contact the Consumer
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-closing?

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