Real estate settlement procedures act (RESPA)
Closing Disclosure includes
-Includes detailed information about the terms of the loan. -identifies the total settlement charges, which include but are not limited to real estate broker fees, reserves deposited with the lender, and title charges. -Has a place to compare the loan estimates with the actual closing charges. -Includes a section for both the Bauer and the seller where adjustments can be taken into account for items unpaid by the seller. -Summary of both the borrowers and sellers transactions and the total amount due to or from both parties
RESPA and federally related lending transactions
-New first mortgage loans -Refinance loans -Second mortgages -Home equity loans -Lines of credit
Closing Disclosure Terms
-documents, signed and agreed to closing that reconciles what the final financial obligations are for both the buyer and seller.
Loan estimate includes
-whether or not the lender intends to transfer service of your loan. -An estimate of the amount of cash to bring to close. -Displays the total interest, insurance, and loan cost. You will have paid off in five years.
Balance of the loan buyers obtaining, or assuming
Buyer credit
Earnest money deposit that is already paid
Buyer credit
The purchase price of the property
Buyer debit
according to RESPA what must the lender give to the borrower in the days immediately prior to settlement?
Closing Disclosure
When the buyer and seller both have cost to pay, which form shows who pays what
Closing statement
The amount that appears as a sum in the parties favor either and already paid, a reimbursed, or promised amount
Credit
The amount a party has to pay
Debit
What's the term for a charge that either party has to pay at closing?
Debit
Loan Estimate
List the charges the buyers likely to pay a settlement
RESPA
Real Estate Settlement Procedures Act ensures that buyers in a residential real estate transaction, financed by federally related mortgage loan are provided with the documentation they need to have full visibility to all settlement costs.
The buyers share of any prorated items that the seller has prepaid
Seller credit
What can listing agents prepare for their clients to give them unofficial estimates of all closing costs?
Seller net sheet
which of the following is provided at the time of a buyers offer and shows what the sellers proceeds will be if the seller accepts the offer
Seller net sheet
Closing Disclosure
Used prior to closing to provide an itemization of all the actual cost/charges imposed by the lender on the borrower and seller
according to RESPA what must the lender give to the borrower at EZ time of loan application, or within three days following application?
loan estimate
Purchase price
seller credit
The payoff of the seller's current mortgage loan or other lien
seller debit