Closing Basics
Disclosure required to be delivered to borrower within 3 business days of application
What is a Loan Estimate?
Inspection of home to determine value
What is an Appraisal?
Dialog that houses the insurance and taxes information for the subject property
What is Escrow Information Dialog
Section that has 10% tolerance limitations
What is Section B, Borrower did shop for?
Money held in an account by the lender to pay annual insurance and taxes.
What is an escrow account?
The CD delivery method with the longest timing requirement
What is Mail Delivery?
Provides coverage on a property in the event of loss or damage
What is the Property Insurance?
Permanent record of vital information regarding the loan.
What is Remarks?
Section that lists fees the Borrower Did Shop For
What is Section C?
Location of the Closing Manual
What is MortgageNet?
An extraordinary event beyond the control of any interested party or other unexpected event specific to the consumer or transaction
What is Change of Circumstance?
Binding agreement between a buyer and seller that outlines details of a home sale transaction.
What is a purchase agreement?
Tab that houses a complete overview of the loan and includes a button that opens the Other Credits screen.
What is Product Info?
Section for borrower specific fees paid by the seller
What is Section H?
Licensed professionals that represent the property seller and/or buyer
What are Realtors?
The option to cancel an owner occupied refinance transaction after closing
What is Right of Rescission?
List of services that is required at the time the LE is provided, informing the borrower of services they may shop for
What is the Written List of Providers?
Dialog where Final Closing Disclosure Package is generated
What is Document Manager?
Page listing contact information for the lender, mortgage broker, real estate broker and settlement agent
What is Page 5?
Loans that can be ordered through our internal loan payoff request system
What are USBHM First Mortgage Loans
TRID stands for...
What is TILA RESPA Integrated Disclosure?
Two sections of the Schedule B in the title commitment
What are Requirements and Exceptions?
3 sections in NetOxygen required to complete Credits, Payoffs and Fees.
What is Product Info (Other Credits), Closing Details (Closing Worksheet) and Fee Explorer?
Section A - Origination Charges fee tolerance %
What is 0%?
What is the Closing Protection Letter?