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50

© 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