This document certifies all of the information you provided on your loan application is true and complete and allows the lender to verify information contained to the loan.
Borrower’s Certification Authorization
This states that if there are any typographical or clerical errors on the closing documents, you would agree to sign any documents that had to be corrected.
Errors & Omissions (E&O) and Compliance Agreement
This form authorizes the lender to obtain transcripts of your tax returns.
Form 4506-T Request for Transcript of Tax Return
This statement itemizes all closing costs and shows the debits and credits of the closing as well as any costs paid outside of closing.
Alta/Settlement Statement
This form verifies your identity. I’m going to make sure your name reads the same as your state or federal issued ID reads.”
The types of ID that are acceptable are listed on the page.
Identification Verification Form or Patriot Act Form
This is a one-year snapshot of how your escrow account is built and the estimated payments from it
Initial Escrow Account Disclosure Statement
This document states that homeowner’s insurance is required during the term of the loan.
Hazard Insurance Requirements
A is an agreement between you (the borrower) and a mortgage lender to buy or refinance a home without having all the cash up front. This agreement gives lenders the legal rights to repossess a property if you fail to meet the terms of your mortgage, most commonly by not repaying the money you’ve borrowed plus interest.
Mortgage
A is a document used in real estate transactions. It represents an agreement between the borrower and a lender to have the property held in trust by a neutral and independent third party until the loan is paid off. Deeds of trust are used as an alternative to a mortgage.
Deed of Trust
is a written promise to pay a sum of money at a stated interest rate during a specified term.
Promissory note
This is your notice of your right to cancel the transaction within a specified time frame. Your right to rescind goes until ____ at midnight
Notice of Right to Cancel
states you are above the age of 18, married, there is no unpaid construction or opportunity for someone to open a lien on the property…” (you need to explain what is in the owner’s affidavit because they can differ, usually they have super bold headings to help you and often include the same things
Owner’s affidavit
requires you to pay any fees or assessments that may be levied by a Homeowners Association (HOA) to prevent any liens by the association.
Planned Unit Development (PUD) Rider
states you are not occupying the home as your primary residence.
Second Home rider
states the property is a multi-unit property. This rider also can allow the lender to collect the rent on the property if you were to default on the loan.
Family rider
States the property is a manufactured home
Manufactured Home rider
States this loan is an adjustable rate mortgage loan
Arm rider
Discloses the fact that the lender has the right to sell, transfer or assign the servicing rights to the loan
Servicing disclosure statement
The lender will have you sign to certify the information you gave was true, and is still true today.
Uniform residential loan application / 1003
This is a breakdown of your principal, interest, real estate taxes and homeowner’s insurance which total your monthly payment here.
Payment letter
