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Ficus Bank Closing Disclosure April 2013

Date

Apr 2013

AI summary

Records Michael Jones and Mary Stone’s purchase of 456 Somewhere Ave from Steve Cole and Amy Doe for $180,000, with Ficus Bank financing. The 30-year conventional fixed-rate loan is $162,000 at 3.875%, with $9,712.10 in closing costs and $14,147.26 cash to close; final closing costs increased from the $8,054.00 Loan Estimate.

Naturalization

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This form is a statement of final loan terms and closing costs. Compare this
document with your Loan Estimate.

Closing Disclosure
Closing Information
Date Issued
Closing Date
Disbursement Date
Settlement Agent
File #
Property
Sale Price

Transaction Information

4/15/2013
4/15/2013
4/15/2013
Epsilon Title Co.
12-3456
456 Somewhere Ave
Anytown, ST 12345
$180,000

Borrower

Seller

Lender

Loan Information

Michael Jones and Mary Stone
123 Anywhere Street
Anytown, ST 12345
Steve Cole and Amy Doe
321 Somewhere Drive
Anytown, ST 12345
Ficus Bank

Loan Term
Purpose
Product

30 years
Purchase
Fixed Rate

Loan Type

x Conventional

FHA
VA
_____________
123456789
000654321

Loan ID #
MIC #

Can this amount increase after closing?

Loan Terms
Loan Amount

$162,000

Interest Rate

3.875%

Monthly Principal & Interest

$761.78

See Projected Payments below for your
Estimated Total Monthly Payment

Does the loan have these features?
Prepayment Penalty

YES

Balloon Payment

• As high as $3,240 if you pay off the loan during the
first 2 years

Projected Payments
Payment Calculation

Years 1-7

Years 8-30

Principal & Interest

$761.78

Mortgage Insurance

82.35

—

Estimated Escrow

206.13

Amount can increase over time

Estimated Total
Monthly Payment
Estimated Taxes, Insurance
& Assessments
Amount can increase over time
See page 4 for details

$1,050.26

$356.13
a month

This estimate includes
x Property Taxes
x Homeowner’s Insurance
x Other: Homeowner’s Association Dues

$967.91
In escrow?
YES
YES
NO

See Escrow Account on page 4 for details. You must pay for other property
costs separately.

Costs at Closing

$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 Costs

CLOSING DISCLOSURE

PAGE 1 OF 5 • LOAN ID # 123456789

Closing Cost Details
Loan Costs
A. Origination Charges
01 0.25 % of Loan Amount (Points)
02 Application Fee
03 Underwriting Fee
04
05
06
07
08
B. Services Borrower Did Not Shop For
01 Appraisal Fee
to John Smith Appraisers Inc.
02 Credit Report Fee
to Information Inc.
03 Flood Determination Fee
to Info Co.
04 Flood Monitoring Fee
to Info Co.
05 Tax Monitoring Fee
to Info Co.
06 Tax Status Research Fee
to Info Co.
07
08
09
10
C. Services Borrower Did Shop For
01 Pest Inspection Fee
to Pests Co.
02 Survey Fee
to Surveys Co.
03 Title – Insurance Binder
to Epsilon Title Co.
04 Title – Lender’s Title Insurance
to Epsilon Title Co.
05 Title – Settlement Agent Fee
to Epsilon Title Co.
06 Title – Title Search
to Epsilon Title Co.
07
08
D. TOTAL LOAN COSTS (Borrower-Paid)
Loan Costs Subtotals (A + B + C)

Borrower-Paid
At Closing Before Closing

Seller-Paid
At Closing Before Closing

Paid by
Others

$1,802.00
$405.00
$300.00
$1,097.00

$236.55
$405.00
$29.80
$20.00
$31.75
$75.00
$80.00

$2,655.50
$120.50
$85.00
$650.00
$500.00
$500.00
$800.00

$4,694.05
$4,664.25

$29.80

Other Costs
$85.00
$85.00
$950.00
$2,120.80
$1,209.96
$279.04
$631.80
$412.25
$201.66
$210.60

– 0.01
$2,400.00
$500.00
$150.00
$750.00

$750.00
$450.00
$5,700.00
$5,700.00

$1,000.00
$5,018.05
$5,018.05

E. Taxes and Other Government Fees
01 Recording Fees
Deed: $40.00
Mortgage: $45.00
02 Transfer Tax
to Any State
F. Prepaids
01 Homeowner’s Insurance Premium ( 12 mo.) to Insurance Co.
02 Mortgage Insurance Premium ( mo.)
03 Prepaid Interest ( $17.44 per day from 4/15/13 to 5/1/13 )
04 Property Taxes ( 6 mo.) to Any County USA
05
G. Initial Escrow Payment at Closing
01 Homeowner’s Insurance $100.83 per month for 2 mo.
02 Mortgage Insurance
per month for mo.
03 Property Taxes
$105.30 per month for 2 mo.
04
05
06
07
08 Aggregate Adjustment
H. Other
01 HOA Capital Contribution
to HOA Acre Inc.
02 HOA Processing Fee
to HOA Acre Inc.
03 Home Inspection Fee
to Engineers Inc.
04 Home Warranty Fee
to XYZ Warranty Inc.
05 Real Estate Commission
to Alpha Real Estate Broker
06 Real Estate Commission
to Omega Real Estate Broker
07 Title – Owner’s Title Insurance (optional) to Epsilon Title Co.
08
I. TOTAL OTHER COSTS (Borrower-Paid)
Other Costs Subtotals (E + F + G + H)
J. TOTAL CLOSING COSTS (Borrower-Paid)
Closing Costs Subtotals (D + I)
Lender Credits
CLOSING DISCLOSURE

$9,712.10
$9,682.30

$29.80

$12,800.00

$750.00

$405.00

PAGE 2 OF 5 • LOAN ID # 123456789

Calculating Cash to Close

Use this table to see what has changed from your Loan Estimate.
Loan Estimate

Final

Did this change?

$8,054.00

$9,712.10

YES

• See Total Loan Costs (D) and Total Other Costs (I)

Closing Costs Paid Before Closing

– $29.80

YES

• You paid these Closing Costs before closing

Closing Costs Financed
(Paid from your Loan Amount)

$18,000.00

– $10,000.00

Total Closing Costs (J)

Down Payment/Funds from Borrower
Deposit
Funds for Borrower

Seller Credits

– $2,500.00

YES

• See Seller Credits in Section L

– $1,035.04

YES

• See details in Sections K and L

$16,054.00

$14,147.26

Adjustments and Other Credits
Cash to Close

Summaries of Transactions

Use this table to see a summary of your transaction.

BORROWER’S TRANSACTION

SELLER’S TRANSACTION

K. Due from Borrower at Closing

$189,762.30

M. Due to Seller at Closing

$180,080.00

01 Sale Price of Property
02 Sale Price of Any Personal Property Included in Sale
03 Closing Costs Paid at Closing (J)
04
Adjustments
05
06
07
Adjustments for Items Paid by Seller in Advance
08
City/Town Taxes
to
09
County Taxes
to
10
Assessments
to
11
HOA Dues
4/15/13 to 4/30/13
12
13
14
15

$180,000.00

01 Sale Price of Property
02 Sale Price of Any Personal Property Included in Sale
03
04
05
06
07
08
Adjustments for Items Paid by Seller in Advance
09 City/Town Taxes
to
10 County Taxes
to
11 Assessments
to
12 HOA Dues
4/15/13 to 4/30/13
13
14
15
16

$180,000.00

L. Paid Already by or on Behalf of Borrower at Closing
01 Deposit
02 Loan Amount
03 Existing Loan(s) Assumed or Taken Subject to
04
05 Seller Credit
Other Credits
06 Rebate from Epsilon Title Co.
07
Adjustments
08
09
10
11
Adjustments for Items Unpaid by Seller
12
City/Town Taxes 1/1/13 to 4/14/13
13
County Taxes
to
14
Assessments
to
15
16
17

$175,615.04
$10,000.00
$162,000.00

N. Due from Seller at Closing
01 Excess Deposit
02 Closing Costs Paid at Closing (J)
03 Existing Loan(s) Assumed or Taken Subject to
04 Payoff of First Mortgage Loan
05 Payoff of Second Mortgage Loan
06
07
08 Seller Credit
09
10
11
12
13
Adjustments for Items Unpaid by Seller
14
City/Town Taxes 1/1/13 to 4/14/13
15
County Taxes
to
16
Assessments
to
17
18
19

$115,665.04

$9,682.30

$80.00

$2,500.00
$750.00

$365.04

CALCULATION

Total Due from Borrower at Closing (K)
$189,762.30
Total Paid Already by or on Behalf of Borrower at Closing (L) – $175,615.04

Total Due to Seller at Closing (M)
Total Due from Seller at Closing (N)

Cash to Close x From

Cash

CLOSING DISCLOSURE

To Borrower

$14,147.26

From x To Seller

$80.00

$12,800.00
$100,000.00

$2,500.00

$365.04

$180,080.00
– $115,665.04

$64,414.96
PAGE 3 OF 5 • LOAN ID # 123456789

Additional Information About This Loan
Loan Disclosures
Assumption
If 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 Feature
Your loan
has a demand feature, which permits your lender to require early
repayment of the loan. You should review your note for details.
x does not have a demand feature.
Late Payment
If 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, you
are 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 Payments
Your lender
x 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 Interest
You are granting a security interest in
456 Somewhere Ave., Anytown, ST 12345

Escrow
Escrowed
Property Costs
over Year 1

$2,473.56

Estimated total amount over year 1 for
your escrowed property costs:
Homeowner’s Insurance
Property Taxes

Non-Escrowed
Property Costs
over Year 1

$1,800.00

Estimated total amount over year 1 for
your non-escrowed property costs:
Homeowner’s Association Dues

Initial Escrow
Payment

$412.25

A cushion for the escrow account you
pay at closing. See Section G on page 2.

Monthly Escrow
Payment

$206.13

The amount included in your total
monthly payment.

You may have other property costs.

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 payment 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) add
the 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.

You may lose this property if you do not make your payments or
satisfy other obligations for this loan.

Escrow Account
For now, your loan
x 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.

CLOSING DISCLOSURE

PAGE 4 OF 5 • LOAN ID # 1234567890

Loan Calculations

Other Disclosures

Total of Payments. Total you will have paid after
you make all payments of principal, interest,
mortgage insurance, and loan costs, as scheduled.

$285,803.36

Finance Charge. The dollar amount the loan will
cost you.

Appraisal
If 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.

$118,830.27

Amount Financed. The loan amount available after
paying your upfront finance charge.

$162,000.00

Annual Percentage Rate (APR). Your costs over
the loan term expressed as a rate. This is not your
interest rate.
Total Interest Percentage (TIP). The total amount
of interest that you will pay over the loan term as a
percentage of your loan amount.

4.174%

69.46%

Questions? If you have questions about the
loan terms or costs on this form, use the contact
information below. To get more information
or make a complaint, contact the Consumer
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-closing

Contract Details
See 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 Foreclosure
If 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 you
refinance 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.
Refinance
Refinancing 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 Deductions
If 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

FRIENDLY MORTGAGE
BROKER INC.

Omega Real Estate
Broker Inc.

Alpha Real Estate
Broker Co.

Epsilon Title Co.

Address

4321 Random Blvd.
Somecity, ST 12340

1234 Terrapin Dr.
Somecity, MD 54321

789 Local Lane
Sometown, ST 12345
45

987 Suburb Ct.
Someplace, ST 12340

123 Commerce Pl.
Somecity, ST 12344

Z765416

Z61456

Z61616

Samuel Green

Joseph Cain

Sarah Arnold

P16415

P51461

PT1234

222222

NMLS ID
ST License ID
Contact

Joe Smith

JIM TAYLOR

Contact NMLS ID

12345

394784

Contact
ST License ID
Email

joesmith@
ficusbank.com

JTAYLOR@
FRNDLYMTGBRKR.CM

sam@omegare.biz

joe@alphare.biz

sarah@
epsilontitle.com

Phone

123-456-7890

333-444-5555

123-555-1717

321-555-7171

987-555-4321

Confirm Receipt

By 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
CLOSING DISCLOSURE

Date

Co-Applicant Signature

Date
PAGE 5 OF 5 • LOAN ID # 123456789