The closing disclosure form is an important document that, when completed correctly, provides a record of the sale and transfer of the home. This blog post will walk you through what information needs to be included on this form, as well as how it should look. The Closing Disclosure Form has been updated by the Consumer Financial Protection Bureau (CFPB). The new changes include: 1) exclusionary language for pre-existing conditions; 2) clarification regarding credit scores; 3) elimination of seller concessions expense reporting requirement; 4) correction in calculations for points paid at settlement; 5) clarification that sellers are not responsible for any unearned portion of buyers' mortgage loans until the property is transferred to them.
In the listing, there's some information about the closing disclosure form. Prior to complete the form, it is usually definitely worth examining a little more about it.
| Question | Answer |
|---|---|
| Form Name | Closing Disclosure Form |
| Form Length | 5 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min 15 sec |
| Other names | blank closing disclosure form, blank fillable closing disclosure form in excel, closing disclosure form pdf, closing disclosure fillable pdf |
Closing Disclosure
This form is a statement of inal loan terms and closing costs. Compare this document with your Loan Estimate.
Closing Information |
Transaction Information |
Loan Information |
Date Issued |
4/15/2013 |
Borrower |
Michael Jones and Mary Stone |
Loan Term |
Closing Date |
4/15/2013 |
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123 Anywhere Street |
Purpose |
Disbursement Date |
4/15/2013 |
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Anytown, ST 12345 |
Product |
Settlement Agent |
Epsilon Title Co. |
Seller |
Steve Cole and Amy Doe |
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File # |
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321 Somewhere Drive |
Loan Type |
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Property |
456 Somewhere Ave |
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Anytown, ST 12345 |
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Anytown, ST 12345 |
Lender |
Ficus Bank |
Loan ID # |
Sale Price |
$180,000 |
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MIC # |
30years Purchase Fixed Rate
x Conventional 
FHA 
VA 
_____________
123456789
000654321
Loan Terms |
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Can this amount increase after closing? |
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Loan Amount |
$162,000 |
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NO |
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Interest Rate |
3.875% |
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NO |
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Monthly Principal & Interest |
$761.78 |
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NO |
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See Projected Payments below for your |
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Estimated Total Monthly Payment |
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Does the loan have these features? |
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Prepayment Penalty |
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YES |
• As high as $3,240 if you pay of the loan during the |
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irst 2 years |
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Balloon Payment |
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NO |
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Projected Payments |
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Payment Calculation |
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Years |
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Years |
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Principal & Interest |
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$761.78 |
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$761.78 |
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Mortgage Insurance |
+ |
82.35 |
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+ |
— |
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Estimated Escrow |
+ |
206.13 |
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+ |
206.13 |
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Amount can increase over time |
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Estimated Total |
$1,050.26 |
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$967.91 |
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Monthly Payment |
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This estimate includes |
In escrow? |
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Estimated Taxes, Insurance |
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x Property Taxes |
YES |
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& Assessments |
$356.13 |
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x Homeowner’s Insurance |
YES |
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Amount can increase over time |
a month |
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x Other: Homeowner’s Association Dues |
NO |
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See page 4 for details |
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See Escrow Account on page 4 for details. You must pay for other property |
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costs separately. |
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Costs at Closing |
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Closing Costs |
$9,712.10 |
Includes $4,694.05 in Loan Costs + $5,018.05 in Other Costs – $0 |
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in Lender Credits. See page 2 for details. |
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Cash to Close |
$14,147.26 |
Includes Closing Costs. See Calculating Cash to Close on page 3 for details. |
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CLOSING DISCLOSURE |
PAGE 1 OF 5 • LOAN ID # 123456789 |
Closing Cost Details
Loan Costs
A. Origination Charges
010.25 % of Loan Amount (Points)
02Application Fee
03Underwriting Fee
B. Services Borrower Did Not Shop For
01 |
Appraisal Fee |
to John Smith Appraisers Inc. |
02 |
Credit Report Fee |
to Information Inc. |
03 |
Flood Determination Fee |
to Info Co. |
04 |
Flood Monitoring Fee |
to Info Co. |
05 |
Tax Monitoring Fee |
to Info Co. |
06 |
Tax Status Research Fee |
to Info Co. |
07 |
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08 |
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09 |
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10 |
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C. Services Borrower Did Shop For |
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01 |
Pest Inspection Fee |
to Pests Co. |
02 |
Survey Fee |
to Surveys Co. |
03 |
Title – Insurance Binder |
to Epsilon Title Co. |
04 |
Title – Lender’s Title Insurance |
to Epsilon Title Co. |
05 |
Title – Settlement Agent Fee |
to Epsilon Title Co. |
06 |
Title – Title Search |
to Epsilon Title Co. |
07 |
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08 |
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D. TOTAL LOAN COSTS
Loan Costs Subtotals (A + B + C)
At Closing Before Closing
$1,802.00
$405.00
$300.00
$1,097.00
$236.55
$29.80
$20.00
$31.75
$75.00
$80.00
$2,655.50
$120.50
$85.00
$650.00
$500.00
$500.00
$800.00
$4,694.05
$4,664.25 |
$29.80 |
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Paid by |
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At Closing Before Closing |
Others |
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$405.00
Other Costs
E. Taxes and Other Government Fees |
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$85.00 |
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01 |
Recording Fees |
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Deed: $40.00 |
Mortgage: $45.00 |
$85.00 |
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02 |
Transfer Tax |
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to Any State |
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$950.00 |
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F. Prepaids |
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$2,120.80 |
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01 |
Homeowner’s Insurance Premium ( 12 mo.) to Insurance Co. |
$1,209.96 |
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02 |
Mortgage Insurance Premium ( |
mo.) |
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03 |
Prepaid Interest ( $17.44 per day from 4/15/13 to 5/1/13 ) |
$279.04 |
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04 |
Property Taxes ( 6 mo.) to Any County USA |
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$631.80 |
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05 |
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G. Initial Escrow Payment at Closing |
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$412.25 |
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01 |
Homeowner’s Insurance $100.83 |
per month for 2 mo. |
$201.66 |
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02 |
Mortgage Insurance |
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per month for |
mo. |
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03 |
Property Taxes |
$105.30 |
per month for 2 mo. |
$210.60 |
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04 |
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05 |
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06 |
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07 |
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08 |
Aggregate Adjustment |
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– 0.01 |
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H. Other |
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$2,400.00 |
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01 HOA Capital Contribution |
to HOA Acre Inc. |
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$500.00 |
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02 HOA Processing Fee |
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to HOA Acre Inc. |
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$150.00 |
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03 Home Inspection Fee |
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to Engineers Inc. |
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$750.00 |
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$750.00 |
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04 Home Warranty Fee |
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to XYZ Warranty Inc. |
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$450.00 |
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05 Real Estate Commission |
to Alpha Real Estate Broker |
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$5,700.00 |
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06 Real Estate Commission |
to Omega Real Estate Broker |
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$5,700.00 |
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07 Title – Owner’s Title Insurance (optional) to Epsilon Title Co. |
$1,000.00 |
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08 |
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I. TOTAL OTHER COSTS |
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$5,018.05 |
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Other Costs Subtotals (E + F + G + H) |
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$5,018.05 |
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J. TOTAL CLOSING COSTS
$9,712.10
Closing Costs Subtotals (D + I) |
$9,682.30 |
$29.80 |
$12,800.00 |
$750.00 |
$405.00 |
Lender Credits |
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CLOSING DISCLOSURE |
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PAGE 2 OF 5 • LOAN ID # 123456789 |
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Calculating Cash to Close |
Use this table to see what has changed from your Loan Estimate. |
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Loan Estimate |
Final |
Total Closing Costs (J) |
$8,054.00 |
$9,712.10 |
Closing Costs Paid Before Closing |
$0 |
– $29.80 |
Closing Costs Financed |
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(Paid from your Loan Amount) |
$0 |
$0 |
Down Payment/Funds from Borrower |
$18,000.00 |
$18,000.00 |
Deposit |
– $10,000.00 |
– $10,000.00 |
Funds for Borrower |
$0 |
$0 |
Seller Credits |
$0 |
– $2,500.00 |
Adjustments and Other Credits |
$0 |
– $1,035.04 |
Cash to Close |
$16,054.00 |
$14,147.26 |
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Did this change?
YES • See Total Loan Costs (D) and Total Other Costs (I)
YES • You paid these Closing Costs before closing
NO
NO
NO
NO
YES • See Seller Credits in Section L
YES • See details in Sections K and L
Summaries of Transactions |
Use this table to see a summary of your transaction. |
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BORROWER’S TRANSACTION
K. Due from Borrower at Closing |
$189,762.30 |
01 Sale Price of Property |
$180,000.00 |
02Sale Price of Any Personal Property Included in Sale
03 |
Closing Costs Paid at Closing (J) |
$9,682.30 |
04 |
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Adjustments
05
06
07
Adjustments for Items Paid by Seller in Advance
08 |
City/Town Taxes |
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to |
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09 |
County Taxes |
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to |
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10 |
Assessments |
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to |
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11 |
HOA Dues |
4/15/13 |
to 4/30/13 |
$80.00 |
12 |
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13 |
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14 |
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15 |
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L. Paid Already by or on Behalf of Borrower at Closing |
$175,615.04 |
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01 |
Deposit |
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$10,000.00 |
02 |
Loan Amount |
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$162,000.00 |
03Existing Loan(s) Assumed or Taken Subject to
05 |
Seller Credit |
$2,500.00 |
Other Credits |
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06 |
Rebate from Epsilon Title Co. |
$750.00 |
07 |
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Adjustments
08
09
10
11
Adjustments for Items Unpaid by Seller
12 |
City/Town Taxes 1/1/13 |
to 4/14/13 |
$365.04 |
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13 |
County Taxes |
to |
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14 |
Assessments |
to |
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15 |
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16 |
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17 |
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CALCULATION |
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Total Due from Borrower at Closing (K) |
$189,762.30 |
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Total Paid Already by or on Behalf of Borrower at Closing (L) |
– $175,615.04 |
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SELLER’S TRANSACTION
M. Due to Seller at Closing |
$180,080.00 |
01 Sale Price of Property |
$180,000.00 |
02Sale Price of Any Personal Property Included in Sale
Adjustments for Items Paid by Seller in Advance
09 |
City/Town Taxes |
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to |
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10 |
County Taxes |
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to |
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11 |
Assessments |
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to |
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12 |
HOA Dues |
4/15/13 |
to 4/30/13 |
$80.00 |
13 |
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14 |
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15 |
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16 |
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N. Due from Seller at Closing |
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$115,665.04 |
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01 |
Excess Deposit |
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02 |
Closing Costs Paid at Closing (J) |
$12,800.00 |
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03Existing Loan(s) Assumed or Taken Subject to
04 Payof of First Mortgage Loan |
$100,000.00 |
05Payof of Second Mortgage Loan
08 |
Seller Credit |
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$2,500.00 |
09 |
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10 |
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11 |
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12 |
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13 |
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Adjustments for Items Unpaid by Seller |
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14 |
City/Town Taxes 1/1/13 |
to 4/14/13 |
$365.04 |
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15 |
County Taxes |
to |
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16 |
Assessments |
to |
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17 |
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18 |
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19 |
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CALCULATION |
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Total Due to Seller at Closing (M) |
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$180,080.00 |
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Total Due from Seller at Closing (N) |
– $115,665.04 |
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Cash to Close
x
From To Borrower |
$14,147.26 |
Cash From x |
To Seller |
$64,414.96 |
CLOSING DISCLOSURE |
PAGE 3 OF 5 • LOAN ID # 123456789 |
Additional Information About This Loan
Loan Disclosures
Assumption
If you sell or transfer this property to another person, your lender
will allow, under certain conditions, this person to assume this loan on the original terms.
xwill not allow assumption of this loan on the original terms.
Demand Feature
Your loan
has a demand feature, which permits your lender to require early repayment of the loan. You should review your note for details.
xdoes not have a demand feature.
Late Payment
If your payment is more than 15 days late, your lender will charge a late fee of 5% of the monthly principal and interest payment.
Negative Amortization (Increase in Loan Amount) Under your loan terms, you
are scheduled to make monthly payments that do not pay all of the interest due that month. As a result, your loan amount will increase (negatively amortize), and your loan amount will likely become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property.
may have monthly payments that do not pay all of the interest due that month. If you do, your loan amount will increase (negatively amortize), and, as a result, your loan amount may become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property.
xdo not have a negative amortization feature.
Partial Payments
Your lender
xmay accept payments that are less than the full amount due (partial payments) and apply them to your loan.
may hold them in a separate account until you pay the rest of the payment, and then apply the full payment to your loan.
does not accept any partial payments.
If this loan is sold, your new lender may have a diferent policy.
Security Interest
You are granting a security interest in
456 Somewhere Ave., Anytown, ST 12345
You may lose this property if you do not make your payments or satisfy other obligations for this loan.
Escrow Account
FOR NOW, your loan
xwill have an escrow account (also called an “impound” or “trust” account) to pay the property costs listed below. Without an escrow account, you would pay them directly, possibly in one or two large payments a year. Your lender may be liable for penalties and interest for failing to make a payment.
Escrow
Escrowed |
$2,473.56 |
Estimated total amount over year 1 for |
Property Costs |
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your escrowed property costs: |
over Year 1 |
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Homeowner’s Insurance |
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Property Taxes |
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$1,800.00 |
Estimated total amount over year 1 for |
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Property Costs |
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your |
over Year 1 |
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Homeowner’s Association Dues |
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You may have other property costs. |
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Initial Escrow |
$412.25 |
A cushion for the escrow account you |
Payment |
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pay at closing. See Section G on page 2. |
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Monthly Escrow |
$206.13 |
The amount included in your total |
Payment |
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monthly payment. |
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will not have an escrow account because 
you declined it 
your lender does not ofer one. You must directly pay your property costs, such as taxes and homeowner’s insurance. Contact your lender to ask if your loan can have an escrow account.
No Escrow
Estimated |
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Estimated total amount over year 1. You |
Property Costs |
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must pay these costs directly, possibly |
over Year 1 |
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in one or two large payments a year. |
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Escrow Waiver Fee |
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IN THE FUTURE,
Your property costs may change and, as a result, your escrow pay- ment may change. You may be able to cancel your escrow account, but if you do, you must pay your property costs directly. If you fail to pay your property taxes, your state or local government may (1) impose ines and penalties or (2) place a tax lien on this property. If you fail to pay any of your property costs, your lender may (1) add the amounts to your loan balance, (2) add an escrow account to your loan, or (3) require you to pay for property insurance that the lender buys on your behalf, which likely would cost more and provide fewer beneits than what you could buy on your own.
CLOSING DISCLOSURE |
PAGE 4 OF 5 • LOAN ID # 123456789 |
Loan Calculations
Total of Payments. Total you will have paid after |
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you make all payments of principal, interest, |
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mortgage insurance, and loan costs, as scheduled. |
$285,803.36 |
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Finance Charge. The dollar amount the loan will |
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cost you. |
$118,830.27 |
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Amount Financed. The loan amount available after |
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paying your upfront inance charge. |
$162,000.00 |
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Annual Percentage Rate (APR). Your costs over |
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the loan term expressed as a rate. This is not your |
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interest rate. |
4.174% |
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Total Interest Percentage (TIP). The total amount |
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of interest that you will pay over the loan term as a |
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percentage of your loan amount. |
69.46% |
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?loan terms or costs on this form, use the contact information below. To get more information or make a complaint, contact the Consumer
Financial Protection Bureau at
Other Disclosures
Appraisal
If the property was appraised for your loan, your lender is required to give you a copy at no additional cost at least 3 days before closing.
If you have not yet received it, please contact your lender at the information listed below.
Contract Details
See your note and security instrument for information about
•what happens if you fail to make your payments,
•what is a default on the loan,
•situations in which your lender can require early repayment of the loan, and
•the rules for making payments before they are due.
Liability after Foreclosure
If your lender forecloses on this property and the foreclosure does not cover the amount of unpaid balance on this loan,
xstate law may protect you from liability for the unpaid balance. If you reinance or take on any additional debt on this property, you may lose this protection and have to pay any debt remaining even after foreclosure. You may want to consult a lawyer for more information.
state law does not protect you from liability for the unpaid balance.
Reinance
Reinancing this loan will depend on your future inancial situation, the property value, and market conditions. You may not be able to reinance this loan.
Tax Deductions
If you borrow more than this property is worth, the interest on the loan amount above this property’s fair market value is not deductible from your federal income taxes. You should consult a tax advisor for more information.
Contact Information
Name
Lender
Ficus Bank
Mortgage Broker
Real Estate Broker
(B)
Omega Real Estate Broker Inc.
Real Estate Broker
(S)
Alpha Real Estate Broker Co.
Settlement Agent
Epsilon Title Co.
Address
4321 Random Blvd. Somecity, ST 12340
789 Local Lane Sometown, ST 12345
987 Suburb Ct. Someplace, ST 12340
123 Commerce Pl. Somecity, ST 12344
NMLS ID
ST License ID |
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Z765416 |
Z61456 |
Z61616 |
Contact |
Joe Smith |
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Samuel Green |
Joseph Cain |
Sarah Arnold |
Contact NMLS ID |
12345 |
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Contact |
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P16415 |
P51461 |
PT1234 |
ST License ID |
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joesmith@ |
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sam@omegare.biz |
joe@alphare.biz |
sarah@ |
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icusbank.com |
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epsilontitle.com |
Phone |
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Conirm Receipt
By signing, you are only conirming that you have received this form. You do not have to accept this loan because you have signed or received this form.
Applicant Signature |
Date |
Date |
CLOSING DISCLOSURE |
PAGE 5 OF 5 • LOAN ID # 123456789 |
