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THE CLOSING DISCLOSURE FORM CFPB 2015 Impact/SQL Version 10.3.0 build 247.NET Initial v10.3 IPT/UAT Release Date: 08/19/2015 10835 N. 25th Avenue, Suite 350 Phoenix, AZ 85029 602.866.8199 www.digisolaz.com

How to fill out the closing disclosure form

How to fill out the closing disclosure form:

1. Gather all necessary information: Before starting to fill out the closing disclosure form, gather all the required information such as the loan amount, interest rate, and other financial details related to the mortgage loan.
2. Identify the sections: The closing disclosure form consists of various sections, including the loan terms, projected payments, closing costs, and other details. Identify each section to ensure that you understand what information needs to be filled in each part.
3. Provide loan details: Start by providing the loan details in the designated section, including the loan amount, interest rate, loan term, and whether it's a fixed or adjustable-rate mortgage.
4. Fill in projected payments: In this section, outline the estimated monthly payments, including principal and interest, mortgage insurance, property taxes, and any other applicable fees. It's essential to calculate and include any escrow amounts if required.
5. Record closing costs: Fill in the closing costs section, which includes fees related to appraisals, inspections, title insurance, attorney fees, and other expenses incurred during the closing process. Include both lender and buyer/seller costs accordingly.
6. Review loan calculations: Double-check all loan calculations to ensure accuracy. Verify that the total closing costs, loan amount, and projected payments align with the terms agreed upon.
7. Provide additional information: The closing disclosure form may require additional information depending on the specific mortgage loan. Fill in any further details requested, such as prepayment penalties, late payment fees, or other relevant information.
8. Sign and date the form: Once you have filled out all the necessary sections of the closing disclosure form, sign and date the document to indicate your agreement and understanding of the information provided.
9. Distribute the form: Distribute copies of the closing disclosure form to all concerned parties, including the borrower, lender, and settlement agent. This ensures that everyone involved in the transaction has access to the details of the mortgage loan.
10. Retain a copy: Keep a copy of the completed closing disclosure form for your records. It serves as a reference and may be required for future reference or potential legal inquiries.

Who needs the closing disclosure form:

1. Borrowers: The closing disclosure form is primarily for borrowers who are obtaining a mortgage loan. It provides them with crucial information regarding the loan terms, projected payments, and closing costs. It is important for borrowers to review this form before the closing to ensure accuracy and understanding.
2. Lenders: Lenders need the closing disclosure form to comply with federal regulations, specifically the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). These regulations require lenders to provide borrowers with complete and accurate information about their mortgage loans.
3. Settlement agents: Settlement agents, such as closing attorneys or title companies, also require the closing disclosure form. It assists them in understanding the terms of the loan and ensures that the closing process is conducted correctly.
4. Regulatory bodies: Government agencies and regulatory bodies may also require the closing disclosure form for oversight and compliance purposes. They use this document to ensure that lenders and borrowers are adhering to the appropriate rules and regulations.

Note: The specifics of who needs the closing disclosure form may vary depending on the jurisdiction and specific circumstances of the mortgage loan transaction. It is always advisable to consult with legal professionals or mortgage experts to ensure compliance with applicable laws and regulations.

For pdfFiller’s FAQs

What is the closing disclosure form?

The closing disclosure form is a document that outlines all final loan terms, closing costs, and other details of a mortgage loan.

Who is required to file the closing disclosure form?

Lenders are required to provide the closing disclosure form to the borrower at least three days before the closing of the loan.

How to fill out the closing disclosure form?

The closing disclosure form should be filled out by the lender or settlement agent with accurate details of the loan terms and closing costs.

What is the purpose of the closing disclosure form?

The purpose of the closing disclosure form is to ensure transparency and to help borrowers understand the final terms and costs of their mortgage loan.

What information must be reported on the closing disclosure form?

The closing disclosure form must include details such as loan terms, interest rate, closing costs, and loan amount.

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