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