Contract To Closing Flashcards
The form that explains to borrower the terms and costs of a financed transaction
Closing disclosure
The loan estimate form must be delivered by the lender to the borrower no later than third business day after receipt of what?
Borrower’s application
HUD limits the amount of most fee changes between the loan estimate and closing disclosure to:
10% over estimate
An appraiser must inspect what from AT LEAST the street:
Comparable sales
Based on Fannie May guidelines, who is responsible for the appraisal report?
The lender who orders it
What is the only fee that can be charges prior to a borrower receiving a loan estimate?
Credit report
A rejection of an original offer is known as what?
Counter offer
What is the form called that explains to a borrowers all of the estimated settlement costs they will pay when applying for a loan?
Loan estimate
What document is the sales associate allowed to provide the appraiser with?
The sales contract.
