The creditor discloses in the Other Disclosures table:
§ A statement related to the consumer’s rights in relation to any Appraisal
conducted for the property,
§ A statement informing the consumer of consequences of nonpayment, what constitutes default, when a creditor can accelerate maturity, and prepayment rebates and penalties pursuant to Contract Details,
§ A statement of whether State law provides for continued consumer responsibility for any Liability after Foreclosure,
§ A statement concerning the consumer’s ability to Refinance the loan, and
§ A statement concerning the extent that interest on the loan can be included as a
Tax Deduction by the consumer. (§ 1026.38(p))
FIGURE 51: OTHER DISCLOSURES TABLE OF THE CLOSING DISCLOSURE
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
?
AppraisalIf 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
Appraisal
A statement concerning the Appraisal must be provided for:
§ Higher-priced Mortgage Loans, and
§ Loans covered by the Equal Credit Opportunity Act. (§ 1026.37(m)(1)) For these transactions, the creditor must provide the following statement:
“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 below.”
3�6�3
Contact Information
In the Contact Information table, disclose the following information for the Lender, the Mortgage Broker, the consumer’s Real Estate Brokerage, the seller’s Real
Estate Brokerage, and the Settlement Agent in a columnar format:
§ Name,
§ Address,
§ The NMLS or State license ID, as applicable,
FIGURE 52: ESCROW ACCOUNT TABLE OF THE CLOSING DISCLOSURE
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
?
AppraisalIf 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
?
A Higher-priced Mortgage Loan is defined at 12 CFR 1026.35.
Coverage of the Equal Credit Opportunity Act is discussed in Regulation B, 12 CFR Part 1002, Supplement I – Official Interpretations, Comment 1(a)-1.
§ The Contact name of an individual (and the NMLS or State license ID),
§ Email, and
§ Phone number. (§ 1026.38(r))
Unused columns may be removed and columns may be added for additional parties. For example:
§ If there are two real estate brokers representing the seller, a column may be added to identify that party and a column for a party not involved in the transaction may be deleted. (Comment 38(r)-1)