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Page 5.
On the fifth page under the heading “Loan Calculations” the consumer will find
the:
•
Total of payments over the life of the loan
•
Finance charge
•
Amount financed
•
Annual Percentage Rate (APR)
•
Total interest percentage information
Under “Other Disclosures” the consumer will find information about the:
•
Appraisal (if applicable)
•
Contract details
•
Liability after foreclosure
•
Refinance information
•
Tax deductions
At the bottom of the page is the Contact Information and Signature lines. If signature lines are included, the following disclosure is
used: “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” indicating a signature is intended only as a receipt of the form.
All of these forms, dates, rules, and laws can seem like a lot to take in. The good news is that we’ve done our homework and are
here to help you understand what you need to know before you close.
THE NEW CLOSING DISCLOSURE EXPLAINED
Timing References by Day
Note:
•
If a federal holiday falls
within the Delivery and/
or Waiting Periods, add an
additional business day.
•
The three-day period is
measured by days, not
hours. Thus, disclosure
must be delivered three
days before closing, and not
72 hours prior to closing.
•
Disclosures may also be
delivered electronically to
start the Delivery Period
and may be signed in
compliance with E-Sign
requirements.




