What Is A Loan Disclosure Statement
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The Servicing Disclosure Statement must be sent by the lender, table funding mortgage broker, or dealer that anticipates a first lien dealer loan. As a best practice, you must always deliver the disclosure to the loan applicants as part of your 3-day disclosure packet.
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If you’re self-employed, a few months’ worth of bank account statements documenting your income and a couple years’ worth of 1099s are likely to be enough. Your bank account number and routing number.
Servicing Disclosure Statement – Mortgages Analyzed – The Servicing Disclosure Statement must be sent by the lender, table funding mortgage broker, or dealer that anticipates a first lien dealer loan. As a best practice, you must always deliver the disclosure to the loan applicants as part of your 3-day disclosure packet.
California Requirement. A California Mortgage loan disclosure statement includes all the elements of a good faith estimate or HUD-1 Settlement Statement, but goes into more detail. It gives the name of the borrower and lender and a description of the property and the name of the real estate broker. It also provides general information about the loan.
Loan Disclosure Statements Federal law requires that an applicant for a mortgage loan be provided with a good faith estimate, commonly referred to as a HUD-1. mortgage loan good-faith estimates disclose to prospective borrowers relevant information about their hoped-for loans.
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A closing disclosure is a five-page form your lender provides to you three days before your closing. It outlines the final terms and costs of your mortgage, and it’s one of the most important pieces of paperwork you’ll receive, so check it over carefully.
Closing Disclosure – The HUD-1 statement has been replaced with the closing disclosure. The new closing disclosure is more complete with the costs and fees clearly stated. The closing disclosure will also be more accurate. TRID has provides on how much certain items actual cost at close can vary from the estimate cost in the closing disclosure.
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