Master the Closing Disclosure as a Loan Processor & MLO

Examine closing disclosure example #2 for a 30-year conventional purchase, detailing loan terms, loan amount, interest rate, principal and interest, mortgage insurance, escrow estimates, and cash to close.

Explain page two of the closing disclosure by outlining loan costs, origination charges, other costs, and taxes to calculate total closing costs for the borrower.

Explore how 15, 20, and 30 year amortizations affect payments in a conventional refinance, including a 30-year closing disclosure example with a 2.99% rate, loan amount, and closing costs.

Review page two of the closing disclosure to identify closing costs, lender credit, and whether charges are paid by the borrower or paid by others through the interest rate.

Examine this fourth closing disclosure where a savvy borrower refinances to a 30-year fixed conventional loan, pays off credit card debt, and receives $105,309.78 cash at closing.

Explore page two of the closing disclosure to see the borrower’s total loan costs, including origination charges, appraisal and other fees, taxes, and prepaid items for a 30-year cash-out refinance.

See payoffs and payments on page three of the closing disclosure, including consumer credit paid off to lower monthly payments, and note the borrower's receipt of $105,309.78 and closing costs.

Analyze example five of a closing disclosure for a 30-year fixed cash-out refinance on a conventional loan, detailing the appraised value, loan amount, rate, and debt-to-income considerations.

Explore closing costs on a 30-year fixed refi page 2, detailing origination charges, points, title and settlement fees, prepaids, escrows, and lender's coverage.

Analyze page three of the closing disclosure, showing the mortgage payoff, credit card payoffs to reduce DTI, and the cash to close change from the initial loan estimate.

Explore closing disclosure example #6 for a 15-year conventional refinance, detailing loan amount, appraised value, ltv under 80%, and a 2.75% interest rate with 1,176 monthly payment.

Analyze a closing disclosure for a 15-year conventional refi with zero points and no underwriting or processing fees, detailing origination charges and fees paid by borrower and by the lender.

Review page three of closing disclosure for the mortgage payoff of $169,267.23, note cash-out refinances carry higher rates, and observe the shift from $703 due to $110.12 received at closing.

This closing disclosure example shows a 15-year conventional refinance with a first and second mortgage at 2.99%, with LTV under 80%, no mortgage insurance, P&I 1,255.99, and closing costs 7,953.88.

Learn to read page two of the closing disclosure for a 15-year conventional refi, identify discount points, broker compensation, and title and escrow costs to calculate total closing costs.

Review page three of the closing disclosure for a 15-year conventional refi, totaling first and second mortgages to be paid off at closing, and explain rate impact of declining funds.

Show how a gift of equity covers the down payment on a 30-year conventional purchase loan (250k sales price, 169k loan) with no mortgage interest due to ltv under 80%.

Analyze page 2 of the closing disclosure to identify how loan points, fees, and lender credits set the total closing costs for a 30-year purchase with gift of equity.

Explore how a gift of equity affects cash to close on a 30-year purchase, including seller credits, adjustments, and the final closing disclosure’s borrower costs.

An FHA 30-year refinance demonstrates a fixed rate with 3.375% and breaks down P&I, mortgage insurance, and escrow, while teaching loan processors to correct closing-disclosure errors like payoff amounts.

Analyze page two of the closing disclosure for a 30-year FHA refi, showing closing costs, zero loan points due to a lender credit, and itemized fees like title and recording.

Identify and correct errors in the closing disclosure payoff, including mortgage insurance premium refund and 12 months homeowners insurance, by coordinating with the lender and providing a payoff copy.

closing disclosure example 10 for a 30-year va refinance shows a $547k fixed-rate loan with a $690k appraisal, 2.25% rate, $2,090.89 P&I, escrowed taxes and insurance, and $24,964.97 closing costs.

Analyze page two of the closing disclosure for a 30-year VA refi cash-out, detailing origination charges, discount points, fees, escrow items, and total closing costs.

Review page three of the closing disclosure, showing the payoff of the first mortgage and total closing costs, then compute the cash to close for a VA refi cash out.

Identify and correct common closing disclosure mistakes, including cash to close, misquoted rates, duplicate or missing fees, wrong loan amounts, and discrepancies with closing date, escrow, or taxes, before closing.

Master the closing disclosure as a loan processor and MLO, gaining essential skills to review this crucial document. Recognize its importance in the loan process and advance your mortgage career.