The Sellers. The Buyers. Seller s Broker. Buyers Broker. Buyer s Lender. Buyer s Loan
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- Edwina Ray
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1 The information in this case study is used to complete the typical Loan Estimate and Closing Disclosure forms for the purchase of a residential property financed with an 80/20 conventional, fixed-rate, 30-year loan. The Sellers Fred and Jan Spring own a single-family detached home in the Hillside Ranch subdivision located at 1652 Hill Street, Any City, Apple County, California Since it is part of a planned community with common areas, the Springs currently pay $200 monthly as homeowners association dues. The current loan balance on the property is $150,000. Seller s Broker Pat Green is a sales associate (BRE# 0xx05678) working for Tom Baker who is the broker-owner of Sunshine Real Estate (BRE# ). Sunshine Real Estate is located at 1234 Mountain Road, Any City, CA The phone number is and the is baker@sunshinere.xyz. Since the Springs need to move as soon as possible, they decide to give the broker, Tom Baker, a 3- month listing on their home for $180,000 with a 6% commission. The Buyers The Winters liked the Spring s home, so on May 15, 2015, they put in an offer at $180,000 along with a $5,000 earnest money deposit. The buyers would like escrow to close in forty-five (45) days, or on June 30, If the offer is accepted, they will increase the deposit to $9,000 when escrow is opened. Prior to close, the balance of the deposit, $27,000, will be deposited into escrow for a total down payment of $36,000. The Winters are preapproved for a conventional 80%, fully amortized, 30-year loan, with a fixed interest rate not to exceed 3.875%. Buyers Broker The Winters have buyer s representation with salesperson Linda Rose (BRE# 00xx1234) who works for Lisa Summers, broker of First Real Estate (BRE# ). The brokerage office is located at 1234 First Street, Any City, California, The phone number is and is lisa@firstrealestate.xyz. Buyer s Lender The Winters will use ABC Loans to finance the 1652 Hill Street purchase. ABC Loans is located at 1234 Bank Street in Any City, California The Winters are working with Michael Smith (NMLS xx200xx), a mortgage loan originator at ABC Loans (NMLS 100xx). His contact number is and his is msmith@abcloans.com. Buyer s Loan The Winters will get a conventional 80%, fully amortizing, 30-year loan, with a fixed interest rate not to exceed 3.875%. Based on a loan amount of $144,000, Michael estimates that their monthly principal and interest payment will be $ The total monthly payment will be $1,127.14: $ (principal and interest), $ (property taxes), $ (insurance), and $ (association dues). Using an amortization table, Michael calculated that the Winters will have paid $45, in 5 years, which includes loan costs. The amount of principal paid off after 5 years would be $14, Page 1 of 5
2 The annual percentage rate (APR) is 4.15% and the total interest percentage (TIP) would equal to 69.2%. Michael will use these figures to help complete the Loan Estimate. The loan will be identified as # Settlement (Escrow) Agent The settlement agent handling the transaction is Any City Title Company located at 1234 Settlement Street in Any City, California The contact at Any City Title Company is Mary Johnson who can be reached via phone at and at Completing the Loan Estimate Use the following estimated costs to complete the Loan Estimate form. Michael Smith of ABC Loans issued the Loan Estimate on May 20, Estimated Costs - Sellers These are the seller s approximate costs for the sale of his property. In addition to information from the Case Study, please use the following amounts when completing the Loan Estimate form. Transfer Tax: $ Home Warranty Fee: $450 Natural Hazard Disc. Report: $125 Commission: $10,800 ($180,000 x 6%) Roof Certification: $250 Title: Owner s Title Insurance Policy $750 (This charge is actually shown as a Seller Credit under Section L of the Borrower s Transaction and a corresponding entry in Section N under the Seller s Transaction.) Estimated Costs - Buyers These are the buyers approximate costs for the purchase of the property. In addition to information from the Case Study, please use the following amounts when completing the Loan Estimate form. A. Origination Charges: $1, % of $144,000 Loan Amount - $360 Application Fee - $300 Underwriting Fee - $1,090 B. Services the Buyers Cannot Shop For: $560 Appraisal Fee - $400 Credit Report Fee - $30 Flood Determination Fee - $20 Page 2 of 5
3 Tax Status Research Fee - $110 C. Services the Buyers Can Shop For: $2, Pest Inspection Fee - $ Survey Fee - $85.00 Title Insurance Binder - $ Title Lender s Title Policy - $ Title Settlement Agent Fee - $400 Title Title Search - $800 D. Total Loan Costs = $4,880 (A+B+C) E. Taxes and Other Government Fees: $85.00 Recording fees and Other Taxes - $85.00 F. Prepaids: $1,500 Homeowner s Insurance Premium Prepay 6 months = $600 Mortgage Insurance Premiums = 0 Prepaid Interest = 0 Property Taxes 6 Months - $900 G. Initial Escrow Payment at Closing: $0 H. Other Costs: $1,300 HOA Processing fee - $150 Home Inspection Fee to be paid at closing - $400 Title Owner s Title Insurance Policy $750 (On the form, this charge shows as Borrower Paid, but there will be a Seller Credit to offset this charge, because the Seller is responsible.) I. Total Other Costs: $2,885 (E+F+G+H) J. Total Closing Costs: $7,765 (D+I) Estimated Cash to Close: $34,015 Completing the Closing Disclosure Actual Closing Costs These are the actual costs for the transaction. In addition to information from the Case Study, please use the following amounts when completing the Closing Disclosure form. Loan Costs Page 3 of 5
4 A. Origination Charges: $1, % of $144,000 Loan Amount - $360 Application Fee - $300 Underwriting Fee - $1,090 B. Services the Buyers Cannot Shop For: $140 Appraisal Fee - $400 (paid by others to Any City Appraisers) Credit Report Fee - $30 (borrower-paid before closing to Any City Information) Flood Determination Fee - $30 (borrower-paid at closing to Any City Information) Tax Status Research Fee - $80 (borrower-paid at closing to Any City Information) C. Services the Buyers Did Shop For: $2,555 Pest Inspection Fee - $120 (borrower-paid at closing to Any City Pest Control) Survey Fee - $85 (borrower-paid at closing to Any City Survey Company) Title Insurance Binder - $650 (borrower-paid at closing to Any City Title Company) Title Lender s Title Policy - $500 (borrower-paid at closing to Any City Title Company) Title - Settlement Agent Fee - $400 (borrower-paid at closing to Any City Title Company) Title Title Search - $800 (borrower-paid at closing to Any City Title Company) D. Total Loan Costs (Borrower-Paid) = $4,445 (A+B+C) Other Costs E. Taxes and Other Government Fees: $85 Recording fees and Other Taxes - $85 ($45 for the deed and $40 for the mortgage) Transfer Tax - $950 (paid by the seller at closing) F. Prepaids: $1,500 Homeowner s Insurance Premium Prepay 6 months = $600 Mortgage Insurance Premiums = 0 Prepaid Interest = 0 Property Taxes 6 Months $900 G. Initial Escrow Payment at Closing: $0 H Other Costs (Borrower Paid): $1,300 HOA Processing Fee $150 (borrower-paid at closing to Any City HOA) Home Inspection Fee $400 (borrower-paid at closing to Any City Inspections) Title Owner s Title Insurance Policy $750 (borrower-paid at closing, but credited by seller for this amount. On the form, this charge shows as Borrower Paid, but there will be a Seller Credit to Page 4 of 5
5 offset this charge, because the Seller is responsible.) (Seller Paid) Home Warranty Fee - $450 (seller-paid at closing to Any City Warranty) Natural Hazard Disc. Report $ (seller-paid at closing to Any City Disclosures) Commissions - $5,400 to the buyer s broker (First Real Estate) / $5,400 to the seller s broker (Sunshine Real Estate) Title Owner s Title Insurance Policy $750 (borrower-paid at closing, but credited by seller for this amount. On the form, this charge shows as Borrower Paid, but there will be a Seller Credit to offset this charge, because the Seller is responsible.) Roof Certification - $250 I. Total Other Costs (Borrower Paid) = $2,885 (E+F+G+H) J. Total Closing Costs (Borrower Paid) = $7,330 (D+I) Summaries of Transactions Cash to Close from/to Borrower = $33,550 Cash from/to Seller = $16,675 Loan Disclosures The lender for the Winters new loan will not allow an assumption of the loan based on the original terms. The loan itself does not have a demand or negative amortization feature. The lender may accept partial payments that are less than the full amount due and apply them to the loan. The Winters opted to not have an escrow account set up with the loan. Loan Calculations and Other Disclosures When putting the final numbers in the Closing Disclosure, Michael uses an amortization table to calculate the following: Total of payments = $248, Finance Charge = $104, Amount Financed = $144,000 Annual Percentage Rate (APR) = 4.13% Note: This number is different from the APR shown on the Loan Estimate because there were some differences between the estimated and actual closing costs. Total Interest Percentage (TIP) = 69.2% Other disclosures pertinent to the loan include liability after foreclosure. On this particular loan, state law may protect the borrower from liability for the unpaid balance. Page 5 of 5
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