CD Page 1
The loan amount and interest rate will calculate this figure located in the loan terms
What is the monthly principal and interest?
This cost will be listed on CD page 2 in the "paid before closing" column, so long as they do not have a waiver for this report.
True or False: The borrower can compare their Loan Estimate figures to the current CD figures on this page
True. The top of this page includes the Loan Estimate figures from the last LE sent to the current figures for the borrower.
A value listed in the Key Values section of a loan
LTV/Rate/Pricing/DTI/HTI
The number of months we collect as a cushion for escrows.
True or False: The property address under closing information should always match the address listed for the borrower under transaction information
False. These will only match for primary properties. Investments and second homes will be different.
These are the two sections that make up this page
What is loan costs and other costs?
This line item needs to be checked to ensure it is within compliance on a purchase
What are seller/realtor credits?
The section where we note any comments after a call to a borrower
What is the communications log?
The two fees we check for that need to be collected as a prepaid if they are due (assuming no flood insurance is needed)
Property taxes and homeowner's insurance can be escrowed. One of the two other fees that can sometimes be seen in the projected payments section that are never escrowed
What is mortgage insurance and/or HOA dues?
This fee is always a standard $14 for every loan
What is Flood Certification?
Fees in this section are credits to the borrower for something that is due but the seller has yet to pay
What are adjustments for items unpaid by seller?
The section that shows when a CD and LE was sent and received by a borrower
What is the timeline?
This is the name for the prepaid interest when a loan closes in one month and funds in another
What is interest credit?
These are the three parts that make up closing costs
Loan Costs, Others Costs and Lender Credits (if applicable)
If title fees are in this section it means that the borrower is using their own title company
What is C. Services Borrower Did Shop For?
The main difference between a Purchase CD and Refinance CD
Purchase CD has prorations Refinance CD has a payoff
The word we search in Tasks to find a VOE
What is verify?
The percent we collect as an overage for a prepaid that is coming due but we do not have the renewal bill out yet
What is 15 percent?
What is the reason cash to close and closing costs may differ?
Cash to close is what the borrower brings to closing. Closing costs are the costs associated with closing the loan
What can we tell about a loan if there is a deed and mortgage recording fee in Section E. Taxes and Other Government Fees?
This loan has both a DOT/Mortgage along with an additional deed to be recorded with the county (the borrower is changing the vesting in some way).
What do you know about a loan that has $550 in the Closing Costs Paid Before Closing column at the bottom of the page?
The appraisal that is paid before closing cost $550
We can view how much we make on the loan in the Facts tab in TinMan. The word we would search in order to find this information
What is revenue?
True or false: There are cases where we will collect property taxes and homeowners insurance in both sections F & G?
True. If a borrower is escrowing and they have upcoming payments due, then we will collect in both prepaids and escrows.