YUCCA BANK · 2017. 4. 18. · LOAN OFFICER Joe Smith CREDITOR Yucca Bank LOAN ID # 1330172608 PHONE 555-123-4444 NMLS ID 989897 EMAIL [email protected] NMLS ID 767698 Additional

Loan Terms Can this amount increase after closing?

Loan Amount $162,000 NO

Interest Rate 3.5% for 3 years YES • Adjusts every 3 years starting in year 4• Can go as high as 6% in year 7• See AIR table on page 2 for details

Monthly Principal & InterestSee Projected Payments Below for Your Total Monthly Payment

$727.46

YES • Adjusts every 3 years starting in year 4• Can go as high as $947 in year 7

Does the loan have these features?

Prepayment Penalty NO

Balloon Payment NO

APPLICANTS James White and Jane Johnson PROPERTY 456 Avenue A, Anytown, NM 12345

LOAN TERM 30 years PURPOSE PurchasePRODUCT 3/3 Adjustable RateLOAN TYPE Conventional FHA VA _____________

DATE ISSUED 10/17/2011 LOAN ID # 1330172608

YUCCA BANK4321 Random Boulevard • Somecity, NM 54321

Closing Costs

Estimated Cash to Close $15,039 Includes $6,080 in estimated settlement costs. See details on page 2.

Loan Estimate

Your interest rate, points, and lender credits can change unless you lock the interest rate. All other estimated closing costs expire on 10/31/2011 at 3:00 p.m. MDT.

Visit www.consumerfinance.gov/futureurl for general information and tools.

x

Projected Payments

Payment Calculation Years 1-3 Years 4-6 Years 7-9 Years 10-30

Principal & Interest $727.46 $707 min $904 max

$707 min $947 max

$707 min $947 max

Mortgage Insurance + 82 + 82 + 82 —

Estimated Taxes & InsuranceAmount Can Increase Over Time

+ 0 + 0 + 0 + 0

Estimated Total Monthly Payment $809 $789–$986 $789–$1,029 $707–$947

Escrow Information forEstimated Taxes & Insurance $212 a month

Escrow. Your monthly payment includes your taxes and insurance. No escrow. You must pay your taxes and insurance separately from your loan payments.

x

Calculating Settlement Costs

A. Origination Charges $1,305

.25 Points % $405Processing Fee $100Underwriting Fee $600Verification Fee $200

B. Services You Cannot Shop For $475

Credit Report Fee $5Appraisal Fee $425Tax Status Research Fee $30Flood Determination Fee $15

C. Services You Can Shop For $4,300

Survey Fee $75Pest Inspection Fee $125Settlement Agent Fee $473Title – Search $800Title – Examination $1,377Title – Lender’s Policy $500Title – Owner’s Policy (optional) $950

Calculation

A + B + C $6,080

Lender Credits – $0

Estimated Settlement Costs $6,080

PAGE 2 • LOAN ID # 1330172608

Calculating Cash to Close

D. Taxes and Other Government Fees $85

Transfer Taxes $0Recording Fees $85Other Taxes and Government Fees $0

E. Prepaids $874

Property Taxes ( 0 months) $0Homeowner’s Insurance Premium ( 6 months) $638Mortgage Insurance Premium ( 0 months) $0Prepaid Interest ($15.75 per day for 15 days @ 3.50%) $236

F. Initial Escrow Payment at Closing $0

Taxes & Assessments $0 per month for 0 mo. $0Homeowner’s Insurance $0 per month for 0 mo. $0Mortgage Insurance $0 per month for 0 mo. $0Flood Insurance $0 per month for 0 mo. $0HOA/Condo/Co-op $0 per month for 0 mo. $0

Limits on Increases: Generally, charges in A and Transfer Taxes in D cannot increase, and the total of the charges in B, C, and Recording Fees in D cannot increase by more than 10%. We will notify you if a change causes an increase above these limits.

Calculation

Estimated Settlement Costs (A + B + C – Lender Credits) $6,080

D + E + F $959

Down Payment/Funds from Borrower $18,000

Deposit – $10,000

Cash to Borrower – $0

Seller Credits – $0

Other Credits and Adjustments – $0

Closing Costs to be Financed – $0

Estimated Cash to Close $15,039

Adjustable Interest Rate (AIR) Table

Index + Margin MTA + 3%Initial Interest Rate 3.5%Minimum/Maximum Interest Rate 3.25% / 6%Limits on Interest Rate Changes First Change 2% Subsequent Changes 2%Change Frequency First Change Beginning of 37th month Subsequent Changes Every 36th month after first change

LOAN OFFICER Joe Smith CREDITOR Yucca Bank LOAN ID # 1330172608PHONE 555-123-4444 NMLS ID 989897EMAIL [email protected] ID 767698

Additional Information About This Loan

Comparisons Use these measures to compare this loan with other loans.

In 5 Years$54,153 Total you will have paid in principal, interest, mortgage

insurance, and fees.

$16,950 Principal you will have paid off.

Annual Percentage Rate (APR) 3.69% This is not your interest rate. This rate expresses your costs over the loan term.

Total Interest Percentage (TIP) 57.5% This rate is the total amount of interest that you will pay over the loan term as a percentage of your loan amount.

Lender Cost of Funds (LCF) 1.04% The rate the lender pays to borrow money to lend you.

Verify Receipt

You do not have to accept this loan because you received this disclosure, signed a loan application, or sign below.

Applicant Signature Date

Co-Applicant Signature Date

Other Considerations

Late Payment If your payment is more than 15 days late, we will charge a late fee of 5% of the monthly principal and interest payment.

Servicing We intend to service your loan. You will make your payments to us. We intend to transfer servicing of your loan.

Assumption If you sell or transfer your house to another person, we will allow, under certain conditions, this person to assume this loan on the original terms. will not allow this person to assume this loan on the original terms.

Appraisals We will promptly give you a copy of any written property appraisals or valuations you pay for, even if the loan does not close.

Refinance We do not guarantee that you will be able to refinance your loan to lower your interest rate and payments in the future.

x

x



Interest Rate 2.875% for 5 years YES • Adjusts every year starting in year 6• Can go as high as 8% in year 9• See AIR table on page 4

Monthly Principal & InterestSee Projected Payments Below for Your Total Monthly Payment

$502.03

YES • Adjusts every year starting in year 6• Can go as high as $822 in year 9



Balloon Payment NO

TRANSACTION INFORMATIONBorrower James White and Jane Johnson 456 Avenue Anywhere Anytown, IA 12345

Seller John Wilson 123 Somewhere Dr. Anytown, IA 12345

LOAN INFORMATIONLender Ironwood Bank 9876 Random Blvd, Ste 504 Somecity, IA 54321 Loan Type Conventional FHA

VA _____________Loan Term 30 years Purpose PurchaseProduct 5/1 Adjustable RateFile No. 2222222222Loan No. 2222222222MIC No. 2222222222

SETTLEMENT INFORMATIONDate 11/9/2011Agent Martha JonesLocation ABC Settlement 54321 Random Blvd, Ste 405 Somecity, IA 54321Property 1234 Anywhere Street Somecity, IA 54321

Closing Costs

Cash to Close $17,371.44 $4,842.00 in Settlement Fees. See Closing Cost Summary on page 5.

SETTLEMENT DISCLOSURE FORM PAGE 1 OF 6

Projected Payments

Payment Calculation Years 1-5 Year 6 Year 7 Years 8-30


$597 min $748 max

$597 min $822 max

Mortgage Insurance + 61.51 + 62 + — —

Estimated Taxes & InsuranceAmount Can Increase Over Time

+ 430.30 + 430 + 430 + 430

Estimated Total Monthly Payment $993.84 $1,089–$1,175 $1,027–$1,178 $1,027–$1,252

Escrow Information for Taxes & Insurance $430.30 a month


x

x

This form is a statement of final loan terms and actual settlement costs.Settlement Disclosure Form

100 Total Amount Due from Borrower

101 Contract sales price $135,000.00

102 Personal property

103 Total Closing Costs charged to borrower (line 1400) $8,410.28

104

105

Adjustment for items paid by seller in advance

106 City/town taxes to

107 County taxes to

108 Assessments to

109

110

111

112

120 Total Amount Due from Borrower $143,410.28

200 Amount Paid by or on Behalf of Borrower

201 Deposit or earnest money $4,000.00

202 Principal amount of new loan(s) $121,000.00

203 Existing loan(s) assumed or taken subject to

204

205

206

207

208

209

Adjustments for items unpaid by seller


211 County taxes 7/1/11 to 11/9/11 $1,038.84

212 Assessments to

213

214

215

216

217

218

219

220 Total Paid by/for Borrower $126,038.84

300 Cash at Settlement from/to Borrower

301 Total amount due from borrower (line 120) $143,410.28

302 Total paid by/for borrower (line 220) ($126,038.84)

303 Cash to Close From To Borrower $17,371.44

400 Total Amount Due to Seller



403

404

405



407 County taxes to

408 Assessments to

409

410

411

412

420 Total Amount Due to Seller $135,000.00

500 Reductions in Amount Due to Seller

501 Excess deposit (see instructions)

502 Total Closing Costs to seller (line 1400) $9,241.00


504 Payo� of �rst mortgage loan

505 Payo� of second mortgage loan 506

507

508

509



511 County taxes 7/1/11 to 11/9/11 $1,038.84

512 Assessments to

513

514

515

516

517

518

519

520 Total Reduction in Amount Due Seller $10,279.84

600 Cash at Settlement to/from Seller

601 Total amount due to seller (line 420) $135,000.00

602 Total reduction in amount due seller (line 520) ($10,279.84)

603 Cash To From Seller $124,720.16

Summary of Borrower’s Transaction Summary of Seller’s Transaction


LOAN OFFICER Joe SmithNMLS ID 767698

LOAN NO. 2222222222CREDITOR Ironwood BankNMLS ID 989897

EMAIL [email protected] 555-123-4444

x x

Closing Costs


700 Total Real Estate Broker Fees $8,750.00 Paid From Borrower’s Funds at Settlement

Paid From Seller’s Funds at Settlement

Paid Outside of ClosingSee details on page 4

Division of commission (line 700) as follows:701 $4,375.00 to Reliable Realty Co.702 $4,375.00 to Realty Pros LLC703 Commission paid at settlement $8,750.00704 800 Origination Charges801 1% Points $1,210.00802 Underwriting Fee $800.00803 Processing Fee $200.00804 Veri�cation Fee $300.00805 Broker Fee to Friendly Mortgage Broker Inc. $2,420.00900 Services in Connection with Your Loan901 Credit Report Fee to Creditco $12.00902 Tax Status Research Fee to Collateral Research Inc. $55.00903 Flood Determination Fee to Collateral Research Inc. $25.00904 Tax Monitoring Fee to Monitoring Services Inc. $35.00905 Flood Monitoring Fee to Monitoring Services Inc. $40.00906 Appraisal Fee to Local Appraisal Co. $675.00907 Document Preparation Fee to Collateral Research Inc. $125.00908 Survey Fee to Surveyors Inc. $105.00909 Pest Inspection Fee to Home Pest Co. $200.00910 Borrower’s Attorney to Tyler & Brady LLP $400.001000 Title Charges1001 Settlement or closing fee to ABC Settlement Co. $350.001002 Abstract or title search to Regional Title Co. $275.001003 Title examination to Regional Title Co. $200.001004 Title insurance binder to 1005 Document preparation to 1006 Notary fees to 1007 Attorney’s fees to 1008 Title insurance to Treasurer State of Iowa $110.001009 Lender’s coverage $121,0001010 Owner’s coverage $135,000101110121100 Taxes and Other Government Fees1101 Recording Fees: Deed $27.00 Mortgage $92.00 $119.001102 City/county tax/stamps: Deed $ Mortgage $1103 State tax/stamps: Deed $ Mortgage $1104 Transfer Taxes $216.001105 1200 Prepaids1201 Property Taxes ( 0 months)1202 Homeowner’s Insurance Premium ( 12 months) to XYZ Ins. Co. $596.001203 Mortgage Insurance Premium ( 0 months) to1204 Flood Insurance Premium ( 12 months) to Natl. Flood Co. $1,695.001205 Daily Interest Charges from 11/9 to 11/30 @ $9.66 per day $202.861300 Initial Escrow Payment1301 Homeowner’s Insurance $49.67 per month for 3 mo. $149.011302 Mortgage Insurance $ per month for 0 mo.1303 Property Taxes $239.38 per month for 7 mo. $1,675.661304 Flood Insurance $141.25 per month for 3 mo. $423.751305 130613071308 Aggregate Adjustment ($606.00)1400 Total Closing Costs (enter on lines 103 and 502) $8,410.28 $9,241.00 $3,107.00

Lines These Charges Cannot Increase Loan Estimate Final

800s Origination Charges $2,510.00 $2,510.00

1104 Transfer Taxes

Lines These Combined Charges Cannot Increase by More Than 10% Loan Estimate Final

901 Credit Report Fee $12.00 $12.00

902 Tax Status Research Fee $55.00 $55.00

903 Flood Determination Fee $25.00 $25.00

904 Tax Monitoring Fee $35.00 $35.00

905 Flood Monitoring Fee $40.00 $40.00

906 Appraisal Fee $675.00 $675.00

907 Document Preparation $125.00 $125.00

1001 Settlement or Closing fee $300.00 $350.00

1003 Title Examination $103.50 $200.00

1008 Lender’s Title Insurance $110.00 $110.00

1101 Recording Fees $114.00 $119.00

TOTAL $1,594.50 $1,746.00

Increase Between Loan Estimate and Final Closing Costs9.5%

$0 over limit


Limits on Increases

Paid Outside of ClosingLines Charge Recipient Amount Paid By Paid To When

901 Credit Report Fee Creditco $12.00 Borrower Provider Before

906 Appraisal Fee Local Appraisal Co. $675.00 Borrower A�liate Before

805 Broker Fee Friendly Mortgage Broker, Inc. $2,420.00 Lender Broker Closing

Use this information to compare your Loan Estimate with your �nal Closing Costs.


Index + Margin LIBOR + 4%Initial Interest Rate 2.875%Minimum/Maximum Interest Rate 4.5% / 8%Limits on Interest Rate Changes First Change 3% Subsequent Changes 1%Change Frequency First Change Beginning of 61st month Subsequent Changes Every 12th month after �rst change

AssumptionIf you sell or transfer your home to another person:

We will allow, under certain conditions, this person to assume this loan on the original terms.

We will not allow assumption of this loan.

Demand Feature Your loan has a demand feature, which permits the lender to demand early repayment of the loan. If this loan has a demand feature, you should review your note for details.

Your loan does not have a demand feature.

Escrow Account InformationFor now, your loan

will have an escrow account to pay your home-related costs, such as property taxes and homeowner’s insurance. We estimate that these costs will total $5,163.60 for the �rst year of your loan. Without an escrow account, you would pay these potentially large costs directly in semi-annual or annual payments. At closing, you will make an initial deposit of $1,642.42 into your escrow account. After that, your regular mortgage payments will include an additional $430.30 that will go into your escrow account. We will take money from your account to pay these home-related costs as needed.

will not have an escrow account. The fee for not having an escrow account is $______. In addition to your mortgage loan payment, you are personally responsible for directly paying your home-related costs, such as property taxes and homeowner’s insurance. We estimate that these costs will total $______ for the �rst year of your loan. You must pay these costs in potentially large semi-annual or annual payments.

In the future, If you have an escrow account, or if one is added later, the amount of your escrow payment may change. In addition, you may be permitted to cancel your escrow account, but if you do so, you will be responsible for directly paying these home-related costs unless you create a new escrow account.

If you do not have an escrow account and fail to pay your property taxes, your state or local government may (1) impose �nes and penalties

or (2) place a tax lien on your home. In addition, if you fail to pay any of your home-related costs, we may • addtheamountstoyourloanbalance,• addanescrowaccounttoyourloan,or• requireyoutopayforinsuranceonyourhomethatwebuyonyour

behalf, which likely would be more expensive and provide fewer bene�ts than what you could obtain on your own.

Late PaymentIf your payment is more than 15 days late, we will charge a late fee of 5% of the monthly principal and interest payment.

Negative AmortizationUnder your loan terms, you

are scheduled to make monthly payments that are less than 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 your home.

have the option of making monthly payments that are less than the interest due that month. If you do, your loan amount will increase (negatively amortize), and, as a result, your loan amount may be-come larger than your original loan amount. Increases in your loan amount lower the equity you have in your home.

do not have a negative amortization feature.

Partial Payment Policy We will accept partial payments. We will apply partial payments:

We will not accept partial payments.

Security InterestYou are granting us a security interest in 1234 Anywhere St., Somecity, IA 54321. You may lose your home if you do not make your payments or satisfy other obligations for this loan.

x

x

x


Loan Disclosures

Loan Calculations

Calculations

Total of Payments. The amount you have paid after you have made all 360 payments as scheduled. $370,204.01Finance Charge. The dollar amount the credit will cost you. $97,118.87Amount Financed. The amount of credit provided to you or on your behalf. $118,177.14Annual Percentage Rate (APR). This is not your interest rate. This rate expresses your costs over the loan term. 4.44%Total Interest Percentage (TIP). This rate is the total amount of interest that you will pay over the loan term as a percentage of your loan amount. 74.3%Lender Cost of Funds (LCF). The cost of the funds used to make this loan. This is not a cost to you. 1.04%

Closing Costs Summary

Total Settlement Fees(See total of Sections 800, 900, and 1000 on page 3.) $4,842.00

Settlement Fees Financed in the Loan Amount $0Settlement Fees Paid in Cash $4,842.00

Total of Other Costs in Connection with the Loan $3,216.44

Originator Fees Summary

Total Fees Paid to Originator $2,420.00Fees Paid by Borrower(s) to Originator $0Fees Paid by Lender to Originator $2,420.00

x

x

Confirm ReceiptBy signing below, you are only con�rming that you have received this form. You do not have to accept this loan because you have signed or received this form or applied for this loan.

Applicant Signature/Date Co-Applicant Signature/Date

Other Disclosures

Appraisal CopyIf you paid for a written appraisal or valuation of the property, we are 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:

Joe Smith

Ironwood Bank

555-123-4444

Contract DetailsSee your note and security instrument for information about •whathappensifyoufailtomakeyourpayments,•otherwaysyoucandefaultontheloan,•situationsinwhichwecanrequireearlyrepaymentoftheloan,and•therulesformakingpaymentsbeforetheyaredue.

Liability after ForeclosureIn the state where your home is located, if your lender forecloses on your home and the foreclosure does not cover the amount of principal remaining on this loan:

You will not be personally liable for the unpaid principal. If you re�nance or take on any additional debt on your home, you may lose this protection (if any) and be personally liable for debt remaining after the foreclosure. You may want to consult an attorney for more information.

You will be personally liable for the unpaid principal.

RefinanceWe do not guarantee that you will be able to re�nance your loan to lower your interest rate and payments.

Tax DeductionsIf you borrow more than your home is worth, the interest on the loan amount above the home’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 and costs on this form, contact your lender. To get more information or make a complaint, contact the Consumer Financial Protection Bureau at www.consumer�nance.gov.


x



Interest Rate 2.875% for 5 years YES Adjusts every year starting in year 6

Can go as high as 8% in year 9

See AIR table on page 4

Monthly Principal & Interest

See Projected Paym ents Below for Your Total M onthly Paym ent

$502.03 YES Adjusts every year starting in year 6

Can go as high as $822 in year 9



Balloon Payment NO

TRANSACTION INFORMATION

Borrower James White and Jane Johnson

456 Avenue Anywhere

Anytown, IA 12345

Seller John Wilson

123 Somewhere Dr.

Anytown, IA 12345

LOAN INFORMATION

Lender Hornbeam Bank

9876 Random Blvd, Ste 504

Somecity, IA 54321

Loan Type Conventional FHA

VA _____________

Loan Term 30 years

Purpose Purchase

Product 5/1 Adjustable Rate

File No. 1111111111

Loan No. 1111111111

MIC No. 1111111111

SETTLEMENT INFORMATION

Date 11/9/2011

Agent Martha Jones

Location ABC Settlement

54321 Random Blvd, Ste 405

Somecity, IA 54321

Property 1234 Anywhere Street

Somecity, IA 54321

Closing Costs

Cash to Close $17,371.44 $4,842.00 in Settlement Fees. See Closing Cost Summary on page 5.


Projected Payments

Payment Calculation Years 1-5 Year 6 Year 7 Years 8-30


$597 min $748 max

$597 min $822 max

Mortgage Insurance + 61.51 + 62 + — —

Estimated Taxes & InsuranceAm ount Can Increase Over Tim e

+ 430.30 + 430 + 430 + 430

Estimated Total Monthly Payment $993.84 $1,089–$1,175 $1,027–$1,178 $1,027–$1,252

Escrow Information for Taxes & Insurance $430.30 a month


x

x

This form is a statem ent of nal loan term s and actual settlem ent costs.Settlement Disclosure Form

mhovan

Text Box

This form is a statement of final loan terms and actual settlement costs.

100 Total Amount Due from Borrower



103 Total Closing Costs charged to borrower (line 1400) $8,410.28

104

105



107 County taxes to

108 Assessments to

109

110

111

112

120 Total Amount Due from Borrower $143,410.28

200 Amount Paid by or on Behalf of Borrower

201 Deposit or earnest money $4,000.00

202 Principal amount of new loan(s) $121,000.00


204

205

206

207

208

209



211 County taxes 7/1/11 to 11/9/11 $1,038.84

212 Assessments to

213

214

215

216

217

218

219

220 Total Paid by/for Borrower $126,038.84

300 Cash at Settlement from/to Borrower

301 Total amount due from borrower (line 120) $143,410.28

302 Total paid by/for borrower (line 220) ($126,038.84)

303 Cash to Close From To Borrower $17,371.44

400 Total Amount Due to Seller



403

404

405



407 County taxes to

408 Assessments to

409

410

411

412

420 Total Amount Due to Seller $135,000.00

500 Reductions in Amount Due to Seller

501 Excess deposit (see instructions)

502 Total Closing Costs to seller (line 1400) $9,241.00


504 Payoff of first mortgage loan

505 Payoff of second mortgage loan

506

507

508

509



511 County taxes 7/1/11 to 11/9/11 $1,038.84

512 Assessments to

513

514

515

516

517

518

519

520 Total Reduction in Amount Due Seller $10,279.84

600 Cash at Settlement to/from Seller

601 Total amount due to seller (line 420) $135,000.00

602 Total reduction in amount due seller (line 520) ($10,279.84)

603 Cash To From Seller $124,720.16

Summary of Borrower’s Transaction Summary of Seller’s Transaction


LOAN OFFICER Joe Smith

NMLS ID 767698

LOAN NO. 1111111111

CREDITOR Hornbeam Bank

NMLS ID 989897

EMAIL [email protected]

PHONE 555-123-4444

x x

Closing Costs700 Total Real Estate Broker Fees $8,750.00 Paid at Settlement Paid Outside of Closing

Division of commission (line 700) as follows: From Borrower’s Funds

From Seller’s Funds Amount Paid by Paid to When

701 $4,375.00 to Reliable Realty Co.

702 $4,375.00 to Realty Pros LLC

703 Commission paid at settlement $8,750.00

704

800 Origination Charges

801 1% Points $1,210.00

802 Underwriting Fee $800.00

803 Processing Fee $200.00

804 Verification Fee $300.00

805 Broker Fee to Friendly Mortgage Broker Inc. $2,420.00 Lender Broker Closing

900 Services in Connection with Your Loan

901 Credit Report Fee to Creditco $12.00 Borrower Provider Before

902 Tax Status Research Fee to Collateral Research Inc. $55.00

903 Flood Determination Fee to Collateral Research Inc. $25.00

904 Tax Monitoring Fee to Monitoring Services Inc. $35.00

905 Flood Monitoring Fee to Monitoring Services Inc. $40.00

906 Appraisal Fee to Local Appraisal Co. $675.00 Borrower Affiliate Before

907 Document Preparation Fee to Collateral Research Inc. $125.00

908 Survey Fee to Surveyors Inc. $105.00

909 Pest Inspection Fee to Home Pest Co. $200.00

910 Borrower’s Attorney to Tyler & Brady LLP $400.00

1000 Title Charges

1001 Settlement or closing fee to ABC Settlement Co. $350.00

1002 Abstract or title search to Regional Title Co. $275.00

1003 Title examination to Regional Title Co. $200.00

1004 Title insurance binder to

1005 Document preparation to

1006 Notary fees to

1007 Attorney’s fees to

1008 Title insurance to Treasurer State of Iowa $110.00

1009 Lender’s coverage $121,000

1010 Owner’s coverage $135,000

1011

1012

1100 Taxes and Other Government Fees

1101 Recording Fees: Deed $27.00 Mortgage $92.00 $119.00

1102 City/county tax/stamps: Deed $ Mortgage $

1103 State tax/stamps: Deed $ Mortgage $

1104 Transfer Taxes $216.00

1105

1200 Prepaids

1201 Property Taxes ( 0 months)

1202 Homeowner’s Insurance Premium ( 12 months) to XYZ Ins. Co. $596.00

1203 Mortgage Insurance Premium ( 0 months) to

1204 Flood Insurance Premium ( 12 months) to Natl. Flood Co. $1,695.00

1205 Daily Interest Charges from 11/9 to 11/30 @ $9.66 per day $202.86

1300 Initial Escrow Payment

1301 Homeowner’s Insurance $49.67 per month for 3 mo. $149.01

1302 Mortgage Insurance $ per month for 0 mo.

1303 Property Taxes $239.38 per month for 7 mo. $1,675.66

1304 Flood Insurance $141.25 per month for 3 mo. $423.75

1305

1306

1307

1308 Aggregate Adjustment ($606.00)

1400 Total Closing Costs (enter on lines 103 and 502) $8,410.28 $9,241.00 $3,107.00


Lines These Charges Cannot Increase Loan Estimate Final

800s Origination Charges $2,510.00 $2,510.00

1104 Transfer Taxes

Lines These Combined Charges Cannot Increase by More Than 10% Loan Estimate Final

901 Credit Report Fee $12.00 $12.00

902 Tax Status Research Fee $55.00 $55.00

903 Flood Determination Fee $25.00 $25.00

904 Tax Monitoring Fee $35.00 $35.00

905 Flood Monitoring Fee $40.00 $40.00

906 Appraisal Fee $675.00 $675.00

907 Document Preparation $125.00 $125.00

1001 Settlement or Closing fee $300.00 $350.00

1003 Title Examination $103.50 $200.00

1008 Lender’s Title Insurance $110.00 $110.00

1101 Recording Fees $114.00 $119.00

TOTAL $1,594.50 $1,746.00

Increase Between Loan Estimate and Final Closing Costs9.5%

$0 over limit


Limits on Increases Use this information to compare your Loan Estimate with your final Closing Costs.


Index + Margin LIBOR + 4%

Initial Interest Rate 2.875%

Minimum/Maximum Interest Rate 4.5% / 8%

Limits on Interest Rate Changes

First Change 3%

Subsequent Changes 1%

Change Frequency

First Change Beginning of 61st month

Subsequent Changes Every 12th month after first change

AssumptionIf you sell or transfer your home to another person:We will will not allow, under certain conditions, this person to assume this loan on the original terms.

Demand Feature Your loan does does not have a demand feature, which permits the lender to demand early repayment of the loan. If this loan has a demand feature, you should review your note for details.

Escrow Account InformationYour loan will have an escrow account to pay your home-related costs, such as property taxes and homeowner’s insurance. We estimate that these costs will total $5,163.60 for the first year of your loan. Without an escrow account, you would pay these potentially large costs directly in semi-annual or annual payments.

For now, at closing, you will make an initial deposit of $1,642.42 into your escrow account. After that, your regular mortgage payments will include an additional $430.30 that will go into your escrow account. We will take money from your account to pay these home-related costs as needed.

In the future, the amount of this escrow payment may change. In addition, you may be permitted to cancel your escrow account, but if you do so, you will be responsible for directly paying these home-related costs unless you create a new escrow account.

Late PaymentIf your payment is more than 15 days late, we will charge a late fee of 5% of the monthly principal and interest payment.

Partial Payment PolicyWe will will not accept partial payments. We will apply partial payments:

Security InterestYou are granting us a security interest in 1234 Anywhere St., Somecity, IA 54321. You may lose your home if you do not make your payments on

time or satisfy other obligations for this loan.

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Confirm Receipt

By signing below, 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 or applied for this loan.

Applicant Signature/Date Co-Applicant Signature/Date

Loan Disclosures

Appraisal CopyIf you paid for a written appraisal or valuation of the property, we are 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:

Joe Smith

Hornbeam Bank

555-123-4444

Contract DetailsSee your note and security instrument for information about

repayment of the loan, and

are due.

Liability after ForeclosureIn the state where your home is located, if your lender forecloses on your home and the fore-closure does not cover the amount of principal remaining on this loan:

You will will not be personally liable for the unpaid principal. If you refinance or take on any additional debt on your home, you may lose this protection (if any) and be personally liable for debt remaining after the foreclosure. You may want to consult an attorney for more information.

RefinanceWe do not guarantee that you will be able to refinance your loan to lower your interest rate and payments.

Tax DeductionsIf you borrow more than your home is worth, the interest on the loan amount above the home’s fair market value is not deductible from your federal income taxes. You should consult a tax advisor for more information.

Other DisclosuresLoan Calculations

Closing Costs SummaryThe total amount of Settlement Fees is $4,842.00. (See total of sections 800, 900, and 1000 on page 3.) Of this amount, $0 will be financed and $4,842.00 will be paid in cash. The total of other costs in connection with the loan are $3,216.44.

Lender Cost of Funds (LCF) The cost of funds used to make this loan is 1.04%. This is not a cost to you.

Originator Fees SummaryThe total amount of fees paid to the Originator is $2,420.00. Of this amount, $0 will be paid by the Borrower(s) and $2,420.00 will be paid by the Lender.

Total Interest Percentage (TIP) This rate of 74.3% is the total amount of interest that you will pay over the loan term as a percentage of your loan amount.

Total PaymentsIf the market rate did not change and you made all of your payments as scheduled, you would make 360 payments totaling $370,204.01 (including estimated escrow). Of this amount, $97,118.87 would go to interest and settlement charges. This amount and your amount financed of $118,177.14 are used to calculate your Annual Percentage Rate (APR) of 4.44%.

Questions

If you have questions about the loan terms and costs on this form, contact your lender. To get more information or make a complaint, contact the Consumer Financial Protection Bureau at www.consumerfinance.gov.

Garrett Chairs Hearing on Secondary Mortgage Market Reform

WASHINGTON, DC, November 3, 2011 -

Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and

Government-Sponsored Enterprises, delivered the following opening statement today at a hearing to

review legislation to reform the secondary mortgage market:

“Today, the Subcommittee is holding a legislative hearing on the Private Mortgage Market Investment

Act. The legislative text is a product of the many discussions we have had both formally, like the

subcommittee’s recent hearing in New York, and informally about the steps that need to be made to

bring private capital back to our nation’s secondary mortgage market.

“Currently, the federal government is guaranteeing or insuring over 90% of the U.S. mortgage market.

Everyone on both sides of the aisle and all market participants claim that they support efforts to bring

additional private capital back into the secondary mortgage market.

“There are two things that must be done to have private capital begin to reenter this space. First, we

must begin to roll back the government’s involvement in the housing market. The subcommittee has

already passed 14 bills this year with the intent of reducing the government’s footprint and setting the

course for the abolishment of Fannie and Freddie. This is a key and vital part of getting private capital

going again, because as long as the cheaper government option is available, that will be the chosen

route.

“Second, we must take actions to facilitate increased investor interest in the secondary mortgage

market. By facilitating continued standardization and uniformity within the market, increasing

transparency and disclosure, and providing legal certainty through a clear rule of law, there will be

robust investor participation in the housing market without exposing the American taxpayers to trillions

of dollars of additional risk.

“The legislation we are discussing today essentially sets up a new qualified securitization market. The

FHFA is tasked with establishing a number of categories of mortgages using traditional underwriting

standards that have different levels of credit risk associated with each category. Also, FHFA is

responsible for creating standardized securitization agreements for this market. These securitization

agreements will standardize the servicing arrangements of the loans, the process a loan will go through

to be modified, and the representation and warranties that provide investors the ability to put-back

non-qualifying loans.

“For securities that meet the specific underwriting guidelines for a category and contain the standard

agreements, those securities will be eligible for exemption from SEC registration. This standardization

and registration exemption will allow for a forward market in these ‘qualified securities’ and investors

with varying credit risk appetites will be able to buy the securities that meet their investment needs.

“The legislation also removes one of the biggest regulatory impediments to private capital re-emerging

by striking the risk-retention provision from the Dodd-Frank act. While I agree there are benefits to risk-

retention, the way it is currently being implemented will create a multitude of negative unintended

consequences.

“For starters, I am not sure what good the risk-retention rule will do if we exempt Fannie, Freddie,

Ginnie and loans with a minimum down payment of 5%. That sounds like almost every loan that will be

made. Also, Fannie and Freddie had risk-retention and we see where that got them. I believe that a

better form of risk-retention is an improved and standardized rep. and warrant system including a

structure that ensures investors’ claims will be honored.

“The legislation also provides a much-needed fix to the qualified mortgage definition created by Dodd-

Frank. We ensure that loans that meet the test laid out by the statute are able to qualify for a true safe

harbor instead of remaining subject to unnecessary and burdensome legal liability.

“To bring private investment back to our mortgage market, it is essential that the rule of law is clear,

specific and upheld. Investors’ rights and contracts must be honored. By facilitating the adjudication of

disagreements between investors and issuers, clarifying the rules around the rights of 1st lien holders,

and preventing government-forced loan modifications that negatively impact investors, investors will

finally have the certainty they need to re-enter and invest in our nations’ housing market.

“In regards to additional transparency and disclosure, investors should be empowered and enabled to

do their own analysis of the assets underlying the securities they invest in. By disclosing more detailed

loan level data, while protecting borrowers’ privacy and by allowing more time for investors to study the

additional information, investors will be able to conduct more due diligence and lessen their reliance on

the rating agencies.

“Finally, I’d like to take brief moment to discuss the Director’s testimony regarding the ongoing work

FHFA is doing to address the outstanding issues from the financial crisis. Director DeMarco, let me say

directly to you, that I believe you are doing a very good job, especially considering the very difficult

circumstances of the situation. I would urge you to continue to resist calls from extreme elements

asking the American people to pay for people’s mortgages. You are the last line of defense protecting

taxpayers from billions and billions of additional losses and they are counting on you to remain

steadfast.”

CORKER INTRODUCES BILL TO RESPONSIBLY UNWIND FANNIE AND FREDDIE, END DEPENDENCE ON GOVERNMENT FOR HOUSING FINANCE

November 9 2011 -

WASHINGTON – U.S. Senator Bob Corker, R-Tenn., a member of the Banking, Housing and Urban Affairs

Committee, today introduced the Residential Mortgage Market Privatization and Standardization Act to responsibly

unwind government-sponsored enterprises Fannie Mae and Freddie Mac and end dependence on the government

for housing finance.

“We are no closer to transitioning Fannie Mae and Freddie Mac off government life support than the day the firms

were taken under direct government control in 2008. We’re introducing this bill to lay down a marker and get a

conversation going that Washington has put off for far too long. We must begin the process of responsibly unwinding

Fannie and Freddie,” Corker said. “This legislation gradually reduces the government’s footprint in housing finance,

brings added transparency to the mortgage market, and fixes many of the market’s infrastructure problems that have

come to light since the financial crisis of 2008. These are sensible steps that can earn back private capital and

ultimately get America’s housing market back to fundamentals and away from undo government involvement.”

The Mortgage Market Privatization and Standardization Act would gradually reduce the portfolio of mortgage-related

assets guaranteed by Fannie Mae and Freddie Mac and take steps to bring uniformity and transparency to the

housing market so that private capital can begin to replace the GSEs. Taken into government conservatorship at the

height of the 2008 financial crisis, Fannie Mae and Freddie Mac currently own or guarantee half of all mortgages in

the United States, worth $5 trillion, and back 90 percent of all new home loans. The two firms combined have already

cost taxpayers more than $150 billion.

The legislation contains the following elements:

Wind Down of Fannie Mae and Freddie Mac: Reduces each year the percentage of newly issued mortgage-backed

securities’ (MBS) principal that is guaranteed by Fannie Mae and Freddie Mac. The percentage guaranteed must be

reduced to zero within 10 years, at which point MBS will be wholly privatized.

Mortgage Market Transparency: Creates an industry-financed database that makes uniform performance and

origination data on mortgages available to the public through the Federal Housing Finance Agency.

Creation of a new TBA Market: Initiates a process for creating deliverability rules and technology necessary for the

“to-be-announced” (TBA) futures market with no government guarantee.

Monetization of Business Assets: Directs the sale of any technology, home price indices, and systems currently

owned by the GSEs to private investors.

Uniform Underwriting Standards: Replaces the Qualified Residential Mortgage and risk retention with a 5 percent

minimum down payment and full documentation requirement.

Residential Mortgage Market Uniformity: Creates a uniform pooling and servicing agreement (PSA) and a new

electronic registration system (MERS 2) where all loans are transferred under one system regulated by the FHFA and

instructs federal regulators to develop uniform practices and streamline mortgage regulations.

http://corker.senate.gov/public/index.cfm?p=News&ContentRecord_id=ae9ae669-7888-4327-9e4a-ffe73bf66421&ContentType_id=b94acc28-404a-4fc6-b143-a9e15bf92da4&Group_id=650e2033-9317-4405-a8df-47cdd1c9d515&MonthDisplay=11&YearDisplay=2011

http://corker.senate.gov/public/index.cfm?p=News&ContentRecord_id=ae9ae669-7888-4327-9e4a-ffe73bf66421&ContentType_id=b94acc28-404a-4fc6-b143-a9e15bf92da4&Group_id=650e2033-9317-4405-a8df-47cdd1c9d515&MonthDisplay=11&YearDisplay=2011

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YUCCA BANK · 2017. 4. 18. · LOAN OFFICER Joe Smith CREDITOR Yucca Bank LOAN ID # 1330172608 PHONE 555-123-4444 NMLS ID 989897 EMAIL [email protected] NMLS ID 767698 Additional