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POINTS AND FEES WORKSHEET For Section 32 Loan Test Prepared by: Agent Broker Phone Email DATE:, 20. Prepared by. Loan Application No. . POINTS AND FEES COMPILATION: Points and fees are considered
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How to fill out points and fees worksheet
How to fill out points and fees worksheet:
01
Start by gathering all the necessary information and documents, such as the loan application, mortgage loan estimate, and any other relevant paperwork.
02
Review the instructions provided on the points and fees worksheet carefully. Familiarize yourself with the different sections and requirements.
03
Begin filling out the worksheet by entering the loan terms, including the loan amount, interest rate, and loan term. Make sure to input the accurate information to ensure the accuracy of the final calculations.
04
Move on to the points section of the worksheet. If there are any discount points or origination fees associated with the loan, enter those values accordingly.
05
Proceed to the fees section and list all the fees paid by the borrower. This may include appraisal fees, credit report fees, title search fees, and more. Be thorough in documenting all relevant fees.
06
Calculate and enter the total loan amount by adding the loan amount to any points or origination fees.
07
Calculate the points and fees by summing up all the fees listed in the worksheet, including both lender-paid and borrower-paid fees. This total amount helps determine whether the loan is considered a Qualified Mortgage.
08
Double-check your entries for accuracy and completeness before finalizing the worksheet.
09
Finally, ensure that you sign and date the worksheet, as required.
Who needs points and fees worksheet:
01
Mortgage lenders and brokers: Points and fees worksheets are commonly used by mortgage lenders and brokers to comply with the Consumer Financial Protection Bureau's (CFPB) regulations. It helps them determine if a mortgage loan meets the criteria for a Qualified Mortgage and if the points and fees charged to the borrower are within the legal limits.
02
Borrowers: Although borrowers may not directly fill out the points and fees worksheet, it is essential for them to understand its purpose. It allows borrowers to be informed about the costs associated with their loan and provides an overview of the fees they will be responsible for paying. Additionally, knowing the points and fees can help borrowers compare loan offers from different lenders and make more informed decisions.
Please note that specific regulations and requirements may vary depending on the jurisdiction and the type of loan. It is always advisable to consult with a professional or seek legal advice to ensure compliance with all applicable rules and regulations.
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What is points and fees worksheet?
Points and fees worksheet is a document used to calculate and disclose the costs and fees associated with a mortgage loan.
Who is required to file points and fees worksheet?
Lenders are typically required to file the points and fees worksheet.
How to fill out points and fees worksheet?
The points and fees worksheet can be filled out by inputting the relevant financial information related to the mortgage loan.
What is the purpose of points and fees worksheet?
The purpose of the points and fees worksheet is to provide transparency to borrowers regarding the costs and fees associated with their mortgage loan.
What information must be reported on points and fees worksheet?
The points and fees worksheet must report details such as origination charges, discount points, lender credits, and other fees.
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