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© Ticor Title Company
Page 3.
The third page displays a Calculating Cash to Close table similar to the
table on Page 2 of the Loan Estimate. This table provides a comparison
to the charges disclosed on the Loan Estimate. The rest of the page
shows the summaries of the borrower and seller costs and credits, similar
to the current Page 1 of the HUD-1 Settlement Statement.
Page 4.
The fourth page contains disclosures about other terms of the loan,
including:
•
Whether the loan is assumable
•
If the loan has a demand feature
•
May impose a late payment fee and when it may be incurred
•
If the loan has a negative amortization feature
•
Whether the lender will accept partial payments
•
Informs the borrower the lender will have a security interest in
their property.
The page also includes a table describing what charges will be impounded
and how much will be collected each month. Finally, the page includes
adjustable payment and interest rate tables if they are applicable to the
loan.
THE NEW CLOSING DISCLOSURE EXPLAINED




