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ClosingDisclosure_CDF_Example

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FEBRUARY 7, 2014TILA RESPA IntegratedDisclosureH-25(B) Mortgage Loan Transaction Closing Disclosure – Fixed RateLoan SampleThis is a sample of a completed Closing Disclosure for the fixed rate loan illustrated by form H-24(B). The purpose, product, sale price, loan amount, loan term, and interest rate have not changed from the estimates provided on the Loan Estimate. The creditor requires an escrow account and that the consumer pay for private mortgage insurance for the transaction.Closing DisclosureThis form is a statement  of final loan terms and closing costs. Compare this document with your Loan Estimate.Closing InformationTransaction InformationLoan Information Date Issued 4/15/2013 Borrower Michael Jones and Mary Stone Loan Term 30 years Closing Date 4/15/2013 123 Anywhere Street Purpose Purchase Disbursement Date 4/15/2013 Anytown, ST 12345 Product Fixed Rate Settlement Agent File # Epsilon Title Co. 12-3456 Seller Steve Cole and Amy Doe 321 Somewhere Drive Loan Type x Conventional FHA Property 456 Somewhere Ave Anytown, ST 12345 VA   Anytown, ST 12345 Lender Ficus Bank Loan ID # 123456789 Sale Price $180,000 MIC # 000654321 Loan Terms Can this amount increase after closing? Loan Amount $162,000NO Interest Rate 3.875%   NO Monthly Principal & Interest See Projected Payments below for your Estimated Total Monthly Payment $761.78  NO Prepayment Penalty Does the loan have these features? YES • As high as $3,240 if you pay off the loan during the first 2 years Balloon Payment NO Projected Payments Payment Calculation Years 1-7 Years 8-30 Principal & Interest Mortgage Insurance Estimated Escrow Amount can increase over time $761.78 +    82.35 +  206.13 $761.78 +  — + 206.13 Estimated Total Monthly Payment $1,050.26 $967.91 Estimated Taxes, Insurance & Assessments Amount can increase over time See page  4 for details This estimate includes                  In escrow? x Property Taxes                            YES $356.13x Homeowner’s Insurance              YES a month          x Other: Homeowner’s Association Dues   NO See Escrow Account on page 4 for details. You must pay for other property costs separately. Costs at ClosingClosing Costs                  $9,712.10  Includes $4,694.05 in Loan Costs + $5,018.05 in Other Costs – $0 in Lender Credits. See page  2 for details.Cash to Close                  $14,147.26 Includes Closing Costs. See Calculating Cash to Close on page 3 for details.Closing Cost DetailsBorrower-Paid                 Seller-Paid           Paid byLoan CostsAt Closing
Before ClosingAt Closing
Before ClosingOthersA. Origination Charges                                                                                      $1,802.0001  0.25 % of Loan Amount (Points)                                                               $405.0002 Application  Fee                                                                                        $300.0003 Underwriting  Fee                                                                                  $1,097.000405060708B. Services Borrower Did Not Shop For                                                             $236.5501 Appraisal Fee                  to John Smith Appraisers Inc.                                            $405.0002 Credit Report Fee              to Information Inc.                                                         $29.8003 Flood Determination  Fee to Info Co.                                              $20.0004 Flood Monitoring Fee     to Info Co.                                              $31.7505 Tax Monitoring Fee         to Info Co.                                              $75.0006 Tax Status Research Fee   to Info Co.                                              $80.0007080910C. Services Borrower Did Shop For                                                                   $2,655.5001 Pest Inspection  Fee          to Pests Co.                                          $120.5002 Survey Fee                       to Surveys Co.                                          $85.0003 Title – Insurance Binder   to Epsilon Title Co.                                $650.0004 Title – Lender’s Title Insuranceto Epsilon Title Co.                                $500.0005 Title – Settlement Agent Fee     to Epsilon Title Co.                                $500.0006 Title – Title Search             to Epsilon Title Co.                                $800.000708D. TOTAL LOAN COSTS (Borrower-Paid)                                                             $4,694.05Loan Costs Subtotals (A + B + C)                                                                  $4,664.25 $29.80Other Costs E. Taxes and Other Government Fees $85.00 01 Recording Fees               Deed: $40.00 Mortgage: $45.00 $85.00 02 Transfer Tax                     to Any State $950.00 F. Prepaids $2,120.80 01 Homeowner’s Insurance Premium ( 12 mo.) to Insurance Co. $1,209.96 02 Mortgage Insurance Premium (mo.) 03 Prepaid Interest ( $17.44 per day from 4/15/13 to 5/1/13 ) $279.04 04 Property Taxes ( 6 mo.) to Any County USA $631.80 05 G. Initial Escrow Payment at Closing $412.25 01 Homeowner’s Insurance $100.83 per month for 2 mo. $201.66 02 Mortgage Insurance      per month for
 mo. 03 Property Taxes   $105.30 per month for 2 mo. $210.60 04 05 06 07 08 Aggregate Adjustment – 0.01 H. Other $2,400.00 01 HOA Capital Contribution      to HOA Acre Inc. $500.00 02 HOA Processing Fee        to HOA Acre Inc. $150.00 03 Home Inspection Fee      to Engineers Inc. $750.00 $750.00 04 Home Warranty Fee         to XYZ Warranty Inc. $450.00 05 Real Estate Commission   to Alpha Real Estate Broker $5,700.00 06 Real Estate Commission   to Omega Real Estate Broker $5,700.00 07 Title – Owner’s Title Insurance (optional) 
to Epsilon Title Co. $1,000.00 08 I. TOTAL OTHER COSTS (Borrower-Paid) $5,018.05 Other Costs Subtotals (E + F + G + H) $5,018.05 J. TOTAL  CLOSING  COSTS (Borrower-Paid) $9,712.10 Closing Costs Subtotals (D + I) $9,682.30 $29.80 $12,800.00 $750.00 $405.00 Lender Credits Calculating Cash to CloseUse this table to see what has changed from your Loan Estimate. Loan Estimate Final Did this change? Total Closing Costs (J) $8,054.00 $9,712.10 YES 
• See Total Loan Costs (D) and Total Other Costs (I ) Closing Costs Paid Before Closing $0 – $29.80 YES  
• You paid these Closing Costs before closing Closing Costs Financed (Paid from your Loan Amount) $0 $0 NO Down Payment/Funds from Borrower $18,000.00 $18,000.00 NO Deposit – $10,000.00 – $10,000.00 NO Funds for Borrower $0 $0 NO Seller Credits $0 – $2,500.00 YES  
• See Seller Credits in Section L Adjustments and Other Credits $0 – $1,035.04 YES 
• See details in Sections K and L Cash to Close $16,054.00 $14,147.26 Summaries of TransactionsBORROWER’S TRANSACTIONUse this table to see a summary of your transaction.SELLER’S TRANSACTIONK. Due from Borrower at Closing                              $189,762.3001 Sale Price of Property                                           $180,000.0002 Sale Price of Any Personal Property Included in Sale03 Closing Costs Paid at Closing (J)                              $9,682.3004Adjustments050607Adjustments for Items Paid by Seller in Advance08 City/Town Taxes    to09 County Taxes         to10 Assessments     to11 HOA Dues    4/15/13  to  4/30/13                      $80.0012131415L. Paid Already by or on Behalf of Borrower at Closing   $175,615.0401 Deposit                                                                $10,000.0002 Loan Amount                                                     $162,000.0003 Existing Loan(s) Assumed or Taken Subject to0405 Seller Credit                                                            $2,500.00Other Credits06 Rebate from Epsilon Title Co.                                      $750.0007Adjustments08091011Adjustments for Items Unpaid by Seller12 City/Town Taxes  1/1/13  to 4/14/13                    $365.0413 County Taxes        to14 Assessments     to151617CALCULATIONTotal Due from Borrower at Closing (K)                        $189,762.30Total Paid Already by or on Behalf of Borrower at Closing (L)  – $175,615.04Cash to Close
x From To Borrower           $14,147.26M. Due to Seller at Closing                                     $180,080.0001 Sale Price of Property                                           $180,000.0002 Sale Price of Any Personal Property Included in Sale030405060708Adjustments for Items Paid by Seller in Advance09 
City/Town Taxes     to10 
County Taxes           to11 
Assessments       to12 
HOA Dues    4/15/13   to  4/30/13                     $80.0013141516N. Due from Seller at Closing                                   $115,665.0401 Excess Deposit02 Closing Costs Paid at Closing (J)                             $12,800.0003 Existing Loan(s) Assumed or Taken Subject to04 Payoff of First Mortgage Loan                              $100,000.0005 Payoff of Second Mortgage Loan060708 Seller Credit                                                            $2,500.000910111213Adjustments for Items Unpaid by Seller14City/Town Taxes 1/1/13
 to 4/14/13                   $365.0415County Taxes         to16Assessments      to171819CALCULATIONTotal Due to Seller at Closing (M)                               $180,080.00Total Due from Seller at Closing (N)                        – $115,665.04Cash  From x To Seller                                  $64,414.96Additional Information About This LoanLoan DisclosuresAssumptionIf you sell or transfer this property to another person, your lender will allow, under certain conditions, this person to assume this loan on the original terms.x will not allow assumption of this loan on the original terms.Demand FeatureYour loanhas a demand feature, which permits your lender to require early repayment of the loan. You should review your note for details.Escrow AccountFor now, your loanx will have an escrow account (also called an “impound” or “trust” account) to pay the property costs listed below. Without an escrow account, you would pay them directly, possibly in one or two large payments a year. Your lender may be liable for penalties and interest for failing to make a payment.x does not have a demand feature.Late PaymentIf your payment is more than 15 days late, your lender will charge a late fee of 5% of the monthly principal and interest payment.Negative Amortization (Increase in Loan Amount) Under your loan terms, youare scheduled to make monthly payments that do not pay all of the interest due that month. As a result, your loan amount will increase (negatively amortize), and your loan amount will likely become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property.may have monthly payments that do not pay all of the interest due that month. If you do, your loan amount will increase (negatively amortize), and, as a result, your loan amount may become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property.x do not have a negative amortization  feature.Partial PaymentsYour lenderx may accept payments that are less than the full amount due(partial payments) and apply them to your loan.may hold them in a separate account until you pay the rest of the payment, and then apply the full payment to your loan.does not accept any partial payments.If this loan is sold, your new lender may have a different policy.Security InterestYou are granting a security interest in456 Somewhere Ave., Anytown, ST 12345You may lose this property if you do not make your payments or satisfy other obligations for this loan.will not have an escrow account because 
you declined it   your lender does not offer one. You must directly pay your property costs, such as taxes and homeowner’s insurance. Contact your lender to ask if your loan can have an escrow account. No Escrow Estimated Property Costs over Year 1 Estimated total amount over year 1. You must pay these costs directly, possibly in one or two large payments a year. Escrow Waiver Fee In the future,Your property costs may change and, as a result, your escrow pay- ment may change. You may be able to cancel your escrow account, but if you do, you must pay your property costs directly. If you fail to pay your property taxes, your state or local government may (1) impose fines and penalties or (2) place a tax lien on this property. If you fail to pay any of your property costs, your lender may (1) addthe amounts to your loan balance, (2) add an escrow account to your loan, or (3) require you to pay for property insurance that the lender buys on your behalf, which likely would cost more and provide fewer benefits than what you could buy on your own.Loan CalculationsOther DisclosuresAppraisalIf 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 DetailsSee 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 ForeclosureIf your lender forecloses on this property and the foreclosure does not cover the amount of unpaid balance on this loan,x state law may protect you from liability for the unpaid balance. If yourefinance 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.?Questions? If you have questions about theloan terms or costs on this form, use the contact information below. To get more informationor make a complaint, contact the Consumer Financial Protection Bureau at www.consumerfinance.gov/mortgage-closingRefinanceRefinancing 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 DeductionsIf 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.Contact Information Lender Mortgage Broker Real Estate Broker (B) Real Estate Broker (S) Settlement Agent Name Ficus Bank Omega Real Estate Broker Inc. Alpha Real Estate Broker Co. Epsilon Title Co. Address 4321 Random Blvd. Somecity, ST 12340 789 Local Lane Sometown, ST 12345 987 Suburb Ct. Someplace, ST 12340 123 Commerce Pl. Somecity, ST 12344 NMLS ID ST License ID Z765416 Z61456 Z61616 Contact Joe Smith Samuel Green Joseph Cain Sarah Arnold Contact NMLS ID 12345 Contact ST License ID P16415 P51461 PT1234 Email joesmith@ ficusbank.com sam@omegare.biz joe@alphare.biz sarah@ epsilontitle.com Phone 123-456-7890 123-555-1717 321-555-7171 987-555-4321 Confirm ReceiptBy 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