LOAN SIGNING DOCUMENTS ACTUAL QUESTIONS

LOAN SIGNING DOCUMENTS (ACTUAL / ) QUESTIONS

AND VERIFIED ANSWERS. CORRECTLY 100%

Flood Hazard Notice This indicates whether or not the property is in an area designated as a flood zone area.

Form 4506-T Request for Transcript of Tax Return This form authorizes the lender to obtain transcripts of tax returns.

GFE/ Good Faith Estimate Replaced by the Loan Estimate for most loans applied for begging October 3, 2015. The Good Faith Estimate is an estimate of all closing fees including fees including pre-paid and escrow items as well as lender charges.

HUD settlement statement (HUD-1) The HUD/Settlement itemizes all closing costs; on pages 1 and

• items that appear on this statement include real estate

commissions, loan fees, points, payoffs, and escrow amounts.Page 3 of the Settlement Statement is a comparison of the 1 / 2

fees disclosed on the Good Faith Estimate (GFE) to the actual costs as listed on the HUD/Settlement Statment.The bottom portion of page 3 shows the loans terms. The loan amount , rate, term, principal and interest payment, as well as total payment, are at the bottom. (If the borrower has questions related these amounts, direct the borrower to the lender.)

Identification Verification Form This form verifies identity of the borrower and should read exaclty as their state or federal issued ID reads.

Impound Account Letter This is the form authorizing the lender to collect real estate taxes and homeowner's insurance to be paid out of the borrower's escrow account when they are due and payable.

Initial Escrow Disclosure Statement This is one- year snapshot of the borrower's escrow account.

Insurance Requirements This document states that homeowners insurance is required during the term of the loan.

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