Uniform Closing Dataset (UCD) Specification Issued by Fannie Mae and Freddie Mac Appendix C: Sample Closing Disclosures with Reference Numbers

Transcription

1 Uniform Closing Dataset (UCD) Specification Issued by Fannie Mae and Freddie Mac Appendix C: Sample Closing Disclosures with Numbers Document Version 1.5 June 06, 2017 In support of the Integrated Mortgage Closing Disclosure under the Real Estate Settlement Procedures Act (Regulation X) And the Truth In Lending Act (Regulation Z) Issued by the CONSUMER FINANCIAL PROTECTION BUREAU Published in the Federal Register on December 31, 2013 Published in the Federal Register on December 31, 2013 And all subsequent amendments: 80 FR 8767 (Feb. 19, 2015) 80 FR (July 24, 2015) 80 FR (December 24, 2015) This document relates to the Uniform Mortgage Data Program, an effort undertaken jointly by Freddie Mac and Fannie Mae at the direction of their regulator, the Federal Housing Finance Agency Freddie Mac and Fannie Mae. All Rights Reserved. MISMO is a registered trademark of the Mortgage Industry Standards Maintena nce Organization.

2 Revision Log Date Version # Descriptions June 06, Updated the following calculations: 9.1.1, , 18.2, 18.3 and March 29, Combined Purchase and Non-Seller forms into one document and integrated End Notes November 17, Added numbering for 15.8 and End Notes updated cross references for and February 24, Corrected statements in and Corrected label in 20.1 Removed Loan Acceptance statement in 22.1 July 15, Added XPaths to End Notes for form values that have multiple MISMO mappings. March 11, Initial version with Numbers Introduction Page 2 of 22 Document version 1.5

3 I. Introduction A. Background To support the UCD, the GSEs have published sample numbered Closing Disclosure forms with red Form Field IDs superimposed by each field. The Form Field IDs link Closing Disclosure fields to representations of the MISMO v3.3.0 data mapped to them. These numbered forms are a composite of CFPB examples shown in the Integrated Mortgage Disclosures regulation, but were created solely by the GSEs to assist in understanding the UCD and are not form samples promulgated by the CFPB. The following table shows where to find the Form Field IDs in the various UCD documents posted on each GSE s Web site: UCD Document Location of UCD Form Field ID Appendix A/B: Closing Disclosure Mapping to the Fifth Column from left (Column E) MISMO v3.3.0 Model Appendix E: UCD Implementation Guide Used in all tables and figures referencing Closing Disclosure fields Appendix F: UCD Sample Use Cases Used in all tables referencing Closing Disclosure fields Appendix H/I: UCD Delivery Specification Fourth Column from left (Column D) B. Text Color Legend 1. Black: Text that appears on Exhibit H-25(A) is shown in black font. 2. Red: Form reference numbers. 3. Blue: Used if the inclusion of a particular data section, block, or detail depends on the type of loan product (e.g., YES and NO or Sections 19.0-Adjustable Payment (AP) Table and 20.0-Adjustable Interest Rate (AIR) Table). 4. Green italics: Clarifies the type of data that must be provided (e.g., $ and % ) or when data must be provided (e.g., or and (Complete if yes) ). All non-black text should be used for reference only and is not to be considered part of the regulatory requirements. C. Form Number Format The reference numbers increase chronologically by logical form section, generally moving from left to right and then down the form. The numbers have the following format, where n is a sequential number: 1. n.0 - Identifies a form section. These are the highest level numbers on the form. For transactions with sellers, there can be up to 24 form sections, depending on the loan product ( ). 2. n.m Identifies a block of data (m) within a form section (n). For example, in Section 1.0, there are 7 blocks of data ( ). 3. n.m.o Identifies additional details (o) about a block of data (m) within a form section (n). For example, in Section 4.1, up to three additional sets of details can be provided about 4.1-Loan Amount: the loan amount in dollars, an indicator of whether the loan amount can increase, and if the loan amount can increase details about how that could occur. D. Identical Values Required in More than one Form Location 1. When an identical value appears in more than one location on the Closing Disclosure, it generally is mapped using the same data points and XPaths and appears only once in the XML file. However, with Numbers Introduction Page 3 of 22 Document version 1.5

4 there are instances where an identical value is mapped using different XPaths (e.g., using documentspecific containers vs. containers such as FEE, LOAN_DETAIL, etc.). The Table in the Endnotes at the back of this document highlights identical values that have multiple mappings. 2. In the case of the Summaries of Transactions table (Sections ), there are several values from the BORROWER s TRANSACTION side that by Regulation should equal the corresponding values on the SELLER s TRANSACTION side. These values are mapped separately and sent twice in the XML file because they are structured to be associated with specific table headings. These are noted in the Table. E. Calculated Values Throughout the form, the reported values for two or more data points may be operated on mathematically to yield the value for yet another data point for example, subtotals are combined to equal totals. Although these values are functionally equivalent, they are usually sent as unique data points in the transmitted XML file. A different type of situation involves positive and negative numbers. For example, a value may be reported in one section of the form as a positive number, and later be subtracted from another value in a different section of the form. In this case, the value is treated as a positive number being operated on by the calculation on the form. F. Indicating Zeroes or Blanks As a general rule, when a given entry is not applicable for the Closing Disclosure, the amount field is to be left blank. Only those cases where a zero should be entered are noted on this form. with Numbers Introduction Page 4 of 22 Document version 1.5

5 III. Purchase Transaction (Closing Disclosure Model Form) In order to provide a Closing Disclosure Example with any and all possible data on it for mapping purposes (a completely unrealistic situation), the sample Purchase Transaction is an amalgamation of several sample forms provided in the Integrated Mortgage Closing Disclosure Regulation: Page 1: Based on Exhibit H-25(A) Mortgage Loan Transaction Closing Disclosure Model Form 1 (p ). The following segments of other example forms were integrated into this numbered example: Data for text responses to the first three YES answers in the Loan Terms table from Exhibit H-24(F) Mortgage Loan Transaction Loan Estimate Negative Amortization Sample (p ), Data for the fourth YES answer from Exhibit H-24(B) Mortgage Loan Transaction Loan Estimate Fixed Rate Sample (p ), and Data for the fifth YES answer from Exhibit H-24(E) Mortgage Loan Transaction Loan Estimate Balloon Payment Sample (p ). Page 2: Exhibit H-25(A) Mortgage Loan Transaction Closing Disclosure Model Form (p ) Page 3: Exhibit H-25(A) Mortgage Loan Transaction Closing Disclosure Model Form (p ) Page 4: Exhibit H-25(A) Mortgage Loan Transaction Closing Disclosure Model Form (p ) Data for text responses to the first YES answer in the Adjustable Payment (AP) Table was taken from Exhibit H-24(C) Mortgage Loan Transaction Loan Estimate Interest Only Adjustable Rate Loan Sample Data for the text response to the second through fourth YES answers in the AP table was taken from p since no actual sample text existed. Page 5: Exhibit H-25(A) Mortgage Loan Transaction Closing Disclosure Model Form (p ) 1 Federal Register, Vol. 78, No. 251, December 31, Part II Bureau of Consumer Financial Protection. 12 CFR Parts 1024 and 1026 Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z). with Numbers Purchase Transaction Page 5 of 22 Document version 1.5

6 0.1 Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. 1.0 Closing Information 2.0 Transaction Information 3.0 Loan Information 1.1 Date Issued 2.1 Borrower 3.1 Loan Term 1.2 Closing Date 3.2 Purpose 1.3 Disbursement Date 3.3 Product 1.4 Settlement Agent 2.2 Seller 1.5 File # 3.4 Loan Type Conventional FHA 1.6 Property VA 2.3 Lender 3.5 Loan ID #. 1.7 Sale Price 3.6 MIC # Loan Terms 4.0 Can this amount increase after closing? (Complete if yes) 4.1 Loan Amount NO/YES Can go as high as $. Can increase until year _#_. 4.2 Interest Rate NO/YES Adjusts every _#_ years starting in year _#_. Can go as high as % in year _#. See AIR Table on page 4 for details. 4.3 Period Principal & Interest See Projected Payments below for your Estimated Total Monthly Payment NO/YES Adjusts every _#_ years starting in year #. Can go as high as _$_ in year _#. Includes only interest and no principal until year _#_. See AP Table on page 4 for details. Does the loan have these features? (Complete if yes) 4.4 Prepayment Penalty NO/YES As high as $ if you pay off the loan within the first # years. 4.5 Balloon Payment NO/YES You will have to pay $ at the end of year #. Projected Payments 5.0 n = period number 5.1 Payment Calculation Years 1 n Years n n Years n - n Years n - n 5.2 Principal & Interest $ min $ max Only Interest $ min $ max $ min $ max 5.3 Mortgage Insurance Estimated Escrow Amount can increase over time 5.5 Estimated Total Period Payment 5.6 Estimated Taxes, Insurance & Assessments Amount can increase over time See page 4 for details $ min $ max $ min $ max $ period $ min $ max $ min $ max This estimate includes Property Taxes Homeowners Insurance Other: and additional costs $ min $ max In escrow? NO/YES NO/YES NO/YES See Escrow Account on page 4 for details. You must pay for other property costs separately. Costs at Closing Closing Costs $ Includes $ in Loan Costs $ in Other Costs $ in Lender Credits. See page 2 for details. 6.2 Cash to Close $ Includes Closing Costs. See Calculating Cash to Close on page 3 for details. CLOSING DISCLOSURE PAGE 1 OF 5 LOAN ID # Appendix C: Closing Disclosure Form with Numbers Purchase Transaction Page 6 of 22 Document version 1.5

7 Closing Cost Details Loan Costs 7.0 Borrower-Paid Seller-Paid Paid by At Closing Before Closing At Closing Before Closing Others 7.1 A. Origination Charges $ n.nn % 7.2.of Loan Amount (Points) $ $ $ $ $ $ $ $ $ $ B. Services Borrower Did Not Shop For $ $ $ $ $ $ C. Services Borrower Did Shop For $ $ $ $ $ $ D. TOTAL LOAN COSTS (Borrower-Paid) $ 7.9 Loan Costs Subtotals (A + B + C) $ $ Other Costs E. Taxes and Other Government Fees $ Recording Fees 8.2 Deed: $ 8.2 Mortgage: $ $ $ $ $ $ Transfer taxes to Jurisdiction $ $ $ $ $ 8.4 F. Prepaids $ Homeowner s Insurance Premium (# mo.) to $ $ $ $ $ Mortgage Insurance Premium (# mo.) to $ $ $ $ $ Prepaid Interest ($ per day from to ) ±$ ±$ ±$ ±$ ±$ Property Taxes (# mo.) to $ $ $ $ $ $ $ $ $ $ 8.10 G. Initial Escrow Payment at Closing $ Homeowner s Insurance ($ per month for # mo.) $ $ $ Mortgage Insurance ($ per month for # mo.) $ $ $ Property Taxes ($ per month for # mo.) $ $ $ $ $ $ Aggregate Adjustment (-$) 8.16 H. Other $ $ $ $ $ $ I. TOTAL OTHER COSTS (Borrower-Paid) $ 8.19 Other Costs Subtotals (E + F + G + H) $ $ 9.1 J. TOTAL CLOSING COSTS (Borrower-Paid) $ 9.2 Closing Costs Subtotals (D + I) $ $ $ $ $ 9.3 Lender Credits $ tolerance cure amount $ CLOSING DISCLOSURE PAGE 2 OF 5 LOAN ID # Appendix C: Closing Disclosure Form with Numbers Purchase Transaction Page 7 of 22 Document version 1.5

8 Calculating Cash to Close 10.0 Use this table to see what has changed from your Loan Estimate. Loan Estimate Final Did this change? If YES: 10.1 Total Closing Costs (J) $ $ NO/YES See Total Loan Costs (D) and Total Other Costs (I) Increase exceeds legal limits by $. See Lender Credits on p.2 for credit of excess amount 10.2 Closing Costs Paid Before Closing $ $ NO/YES You paid these Closing Costs before closing Closing Costs Financed (Paid from your Loan Amount) $ or $ or NO/YES You included these closing costs in the loan amount, which increased the loan amount Down Payment $ $ or NO/YES You increased this payment. See details in Section K. OR You increased this payment. See details in Section L Deposit $ $ NO/YES You increased OR decreased this payment. See details in Section L Funds for Borrower $ $ or NO/YES Your available funds from the loan amount have increased OR decreased Seller Credits $ $ NO/YES The amount the seller will pay for the loan costs has increased OR decreased. See details in Section L Adjustments and Other Credits $ $ or NO/YES See details in Section L Cash to Close $ $ Summaries of Transactions BORROWER S TRANSACTION ( ) Use this table to see a summary of your transaction SELLER S TRANSACTION 11.0 K. Due from Borrower at Closing $ 14.0 M. Due to Seller at Closing $ Sale Price of Property $ Sale Price of Property $ Sale Price of Any Personal Property Included in Sale $ Sale Price of Any Personal Property Included in Sale $ Closing Costs Paid at Closing (J) $ $ $ 04 $ 11.5 Adjustments $ 05 $ 05 $ 06 $ 06 $ 07 $ 07 $ 08 $ Adjustments for Items Paid by Seller in Advance Adjustments for Items Paid by Seller in Advance City/Town Taxes to $ City/Town Taxes to $ County Taxes to $ County Taxes to $ Assessments to $ Assessments to $ Additional Items to $ Additional Items to $ 12 $ 13 $ 13 $ 14. $ 14 $ 15 $ 12.0 L. Paid Already by or on Behalf of Borrower at Closing $ 15.0 N. Due from Seller at Closing $ Deposit $ Excess Deposit $ Loan Amount $ Closing Costs Paid at Closing (J) $ Existing Loan(s) Assumed or Taken Subject to $ Existing Loan(s) Assumed or Taken Subject to $ $ Payoff of First Mortgage Loan $ Seller Credit $ Payoff of Second Mortgage Loan $ 12.6 Other Credits $ $ 06 $ 07 $ 07 $ Seller Credit $ 12.7 Adjustments $ $ $ 09 $ 11 $ Adjustments for Items Unpaid by Seller Adjustments for Items Unpaid by Seller City/Town Taxes to $ City/Town Taxes to $ County Taxes to $ County Taxes to $ Assessments to $ Assessments to $ Additional Items to $ Additional Items to $ 16 $ 18 $ 17 $ 19 $ 13.0 CALCULATION 16.0 CALCULATION 13.1 Total Due from Borrower at Closing (K) $ 16.1 Total Due to Seller at Closing (M) $ 13.2 Total Paid Already by or on be half of Borrower at Closing (L) $ 16.2 Total Due from Seller at Closing (N) $ 13.3 Cash to Close From (if +) To (if -) Borrower ±$ 16.3 Cash to Close From (if +) To (if -) Seller ±$ CLOSING DISCLOSURE PAGE 3 OF 5 LOAN ID # Appendix C: Closing Disclosure Form with Numbers Purchase Transaction Page 8 of 22 Document version 1.5

9 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. will 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. does not have a demand feature Late Payment If your payment is more than _# days late, your lender will charge a late fee of $ OR % of the late payment amount 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. do not have a negative amortization feature Partial Payments Your lender may 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 different policy Security Interest You are granting a security interest in 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 18.1 will 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 Property Costs over Year 1 Non-Escrowed Property Costs over Year 1 Initial Escrow Payment Monthly Escrow Payment 18.2 $ Estimated total amount over year 1 for your escrowed property costs: Descriptive name for each charge 18.3 $ Estimated total amount over year 1 for your non-escrowed property costs: Descriptive name for each charge You may have other property costs $ A cushion for the escrow account you pay at closing. See Section G on page $ The amount included in your total monthly payment. 18.1, cont d will not have an escrow account because you declined it your lender does not offer 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 Property Costs over Year 1 Escrow Waiver Fee 18.7 $ In the future, 18.6 $ Estimated total amount over year 1. You must pay these costs directly, possibly in one or two large payments a year. Your property costs may change and, as a result, your escrow payment 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 fines 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 benefits than what you could buy on your own. Adjustable Payment (AP) Table 19.0 if yes: Interest Only Payments? 19.1 NO/YES For your first # payments. Optional Payments? 19.2 NO/YES For your first # payments. Step Payments? 19.3 NO/YES For your first # payments. Seasonal Payments? 19.5 Period Principal and Interest Payments First Change / Amount Subsequent Changes Maximum Payment 19.4 NO/YES From mo. to mo. each year $ Min - $ Max at # payment Every # years $ starting at # payment. Adjustable Interest Rate (AIR) Table 20.0 Index + Margin (or) 20.1 Index Name + % Interest Rate Adjustments (Step rate) # of Adjustments Initial Interest Rate 20.2 % Minimum/Maximum Interest Rate Change Frequency First Change Subsequent Change Limits on Interest Rate Changes 20.4 Beginning of # month 20.3 % Min / % Max 20.5 Every # month after first change First Change 20.6 % Subsequent Change 20.7 % CLOSING DISCLOSURE PAGE 4 OF 5 LOAN ID # Appendix C: Closing Disclosure Form with Numbers Purchase Transaction Page 9 of 22 Document version 1.5

10 Loan Calculations 21.0 Total of Payments. Total you will have paid after you make all payments of principal, interest, mortgage insurance, and loan costs, as scheduled $ Finance Charge. The dollar amount the loan will cost you $ Other Disclosures 22.0 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. Amount Financed. The loan amount available after paying your upfront finance charge. Annual Percentage Rate (APR). Your costs over the loan term expressed as a rate. This is not your interest rate $ 21.4 % 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. Total Interest Percentage (TIP). The total amount of interest that you will pay over the loan term as a percentage of you loan amount. Questions? If you have questions about the 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 % 22.1 Liability after Foreclosure If your lender forecloses on this property and the foreclosure does not cover the amount of unpaid balance on this loan, state law may protect you from liability for the unpaid balance. If you refinance 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. Refinance Refinancing the loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance 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 23.0 Lender Mortgage Broker Real Estate Broker (B) Real Estate Broker (S) Name Address NMLS ID State Code + License ID Contact Contact NMLS ID Contact State Code + License ID Phone Settlement Agent Confirm Receipt 24.0 By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form Applicant Signatu re 24.2 Date 24.1 Co-Applicant Signatu re 24.2 Date CLOSING DISCLOSURE PAGE 5 OF 5 LOAN ID # Appendix C: Closing Disclosure Form with Numbers Purchase Transaction Page 10 of 22 Document version 1.5

11 IV. Non-Seller Transaction (Closing Disclosure Alternate Form) In order to provide a Closing Disclosure Example with any and all possible data on it for mapping purposes (a completely unrealistic situation), the sample Non-Seller Transaction is an amalgamation of several sample forms provided in the Integrated Mortgage Closing Disclosure Regulation: Page 1: Page 2: Page 3: Based on Exhibit H-25(E) Mortgage Loan Transaction Closing Disclosure Refinance Transaction Sample 2 (p ). In order to provide a Closing Disclosure Example with any and all possible data on it for mapping purposes (a completely unrealistic situation) the following segments of other example forms were integrated into this numbered example: Data for text responses to the first three YES answers in the Loan Terms table from Exhibit H-24(F) Mortgage Loan Transaction Loan Estimate Negative Amortization Sample (p ), Data for the fourth YES answer from Exhibit H-24(B) Mortgage Loan Transaction Loan Estimate Fixed Rate Sample (p ), and Data for the fifth YES answer from Exhibit H-24(E) Mortgage Loan Transaction Loan Estimate Balloon Payment Sample (p ). Exhibit H-25(E) Mortgage Loan Transaction Closing Disclosure Refinance Transaction Sample (p ) Exhibit H-25(E) Mortgage Loan Transaction Closing Disclosure Refinance Transaction Sample (p ) Page 4: Exhibit H-25(A) Mortgage Loan Transaction Closing Disclosure Model Form (p ) Data for text responses to the first YES answer in the Adjustable Payment (AP) Table was taken from Exhibit H-24(C) Mortgage Loan Transaction Loan Estimate Interest Only Adjustable Rate Loan Sample Data for the text response to the second through fourth YES answers in the AP table was taken from p since no actual sample text existed. Page 5: Exhibit H-25(E) Mortgage Loan Transaction Closing Disclosure Refinance Transaction Sample (p ) 2 Federal Register, Vol. 78, No. 251, December 31, Part II Bureau of Consumer Financial Protection. 12 CFR Parts 1024 and 1026 Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z). with Numbers Non-Seller Transaction Page 11 of 22 Document version 1.5

12 0.1 Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. 1.0 Closing Information 2.0 Transaction Information 3.0 Loan Information 1.1 Date Issued 2.1 Borrower 3.1 Loan Term 1.2 Closing Date 3.2 Purpose 1.3 Disbursement Date 3.3 Product 1.4 Settlement Agent 2.2 Seller 1.5 File # 3.4 Loan Type Conventional FHA 1.6 Property VA 2.3 Lender 3.5 Loan ID #. 1.7 Appraised Prop. Value or Estimated Prop. Value 3.6 MIC # Loan Terms 4.0 Can this amount increase after closing? (Complete if yes) 4.1 Loan Amount NO/YES Can go as high as $. Can increase until year _#_. 4.2 Interest Rate NO/YES Adjusts every _#_ years starting in year _#_. Can go as high as % in year _#. See AIR Table on page 4 for details. 4.3 Period Principal & Interest See Projected Payments below for your Estimated Total Monthly Payment NO/YES Adjusts every _#_ years starting in year _#_. Can go as high as _$_ in year _#. Includes only interest and no principal until year _#_. See AP Table on page 4 for details. Does the loan have these features? (Complete if yes) 4.4 Prepayment Penalty NO/YES As high as $ if you pay off the loan within the first # years. 4.5 Balloon Payment NO/YES You will have to pay $ at the end of year #. Projected Payments 5.0 n = period number 5.1 Payment Calculation Years 1 n Years n n Years n - n Years n - n 5.2 Principal & Interest $ min $ max Only Interest $ min $ max $ min $ max $ min $ max 5.3 Mortgage Insurance Estimated Escrow Amount can increase over time 5.5 Estimated Total Period Payment 5.6 Estimated Taxes, Insurance & Assessments Amount can increase over time See page 4 for details $ min $ max $ a period $ min $ max $ min $ max This estimate includes Property Taxes Homeowners Insurance Other: and additional costs $ min $ max In escrow? NO/YES NO/YES NO/YES See Escrow Account on page 4 for details. You must pay for other property costs separately. Costs at Closing Closing Costs $ Includes $ in Loan Costs $ in Other Costs $ in Lender Credits. See page 2 for details. 6.2 Cash to Close $ Includes Closing Costs. See Calculating Cash to Close on page 3 for details From To Borrower CLOSING DISCLOSURE PAGE 1 OF 5 LOAN ID # with Numbers Non-Seller Transaction Page 12 of 22 Document version 1.5

13 Closing Cost Details Loan Costs 7.0 Borrower-Paid At Closing Before Closing Paid by Others 7.1 A. Origination Charges $ n.nn % 7.2 of Loan Amount (Points) $ $ $ $ $ $ B. Services Borrower Did Not Shop For $ $ $ $ C. Services Borrower Did Shop For $ $ $ $ D. TOTAL LOAN COSTS (Borrower-Paid) $ 7.9 Loan Costs Subtotals (A + B + C) $ $ Other Costs E. Taxes and Other Government Fees $ Recording Fees 8.2 Deed: $ 8.2 Mortgage: $ $ $ $ Transfer taxes to Jurisdiction $ $ $ 8.4 F. Prepaids $ Homeowner s Insurance Premium (# mo.) to $ $ $ Mortgage Insurance Premium (# mo.) to $ $ $ Prepaid Interest ($ per day from to ) ±$ ±$ ±$ Property Taxes (# mo.) to $ $ $ $ $ $ 8.10 G. Initial Escrow Payment at Closing $ Homeowner s Insurance ($ per month for # mo.) $ $ Mortgage Insurance ($ per month for # mo.) $ $ Property Taxes ($ per month for # mo.) $ $ $ $ Aggregate Adjustment (-$) 8.16 H. Other $ $ $ $ I. TOTAL OTHER COSTS (Borrower-Paid) $ 8.19 Other Costs Subtotals (E + F + G + H) $ $ 9.1 J. TOTAL CLOSING COSTS (Borrower-Paid) $ 9.2 Closing Costs Subtotals (D + I)* $ $ $ 9.3 Lender Credits $ tolerance cure amount 9.3.2* -$ CLOSING DISCLOSURE PAGE 2 OF 5 LOAN ID # with Numbers Non-Seller Transaction Page 13 of 22 Document version 1.5

14 Payoffs and Payments TO 25.0 Use this table to see a summary of your payoffs and payments to others from your loan amount. AMOUNT Payee and description of payment or payoff $ K. TOTAL PAYOFFS AND PAYMENTS $ Calculating Cash to Close 10.0 (Alternative) Use this table to see what has changed from your Loan Estimate. Loan Estimate Final Did this change? If YES: Loan Amount $ $ NO/YES Total Closing Costs (J) $ $ NO/YES See Total Loan Costs (D) and Total Other Costs (I) Increase exceeds legal limits by $. See Lender Credits on p. 2 for credit of excess amount 10.2 Closing Costs Paid Before Closing $ $ NO/YES You paid these Closing Costs before closing Total Payoffs and Payments (K) $ $ or NO/YES See details in Section L Cash to Close $ From To Borrower $ From To Borrower 10.3 Closing Costs Financed (Paid from your Loan Amount) $ CLOSING DISCLOSURE PAGE 3 OF 5 LOAN ID # with Numbers Non-Seller Transaction Page 14 of 22 Document version 1.5

15 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. will 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. does not have a demand feature Late Payment If your payment is more than _# days late, your lender will charge a late fee of $ OR % of the late payment amount 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. do not have a negative amortization feature Partial Payments Your lender may 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 different policy Security Interest You are granting a security interest in 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 18.1 will 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 Property Costs over Year 1 Non-Escrowed Property Costs over Year 1 Initial Escrow Payment Monthly Escrow Payment 18.2 $ Estimated total amount over year 1 for your escrowed property costs: Descriptive name for each charge 18.3 $ Estimated total amount over year 1 for your non-escrowed property costs: Descriptive name for each charge You may have other property costs $ A cushion for the escrow account you pay at closing. See Section G on page $ The amount included in your total monthly payment. 18.1, cont d will not have an escrow account because you declined it your lender does not offer 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 Property Costs over Year 1 Escrow Waiver Fee 18.7 $ In the future, 18.6 $ Estimated total amount over year 1. You must pay these costs directly, possibly in one or two large payments a year. Your property costs may change and, as a result, your escrow payment 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 fines 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 benefits than what you could buy on your own. Adjustable Payment (AP) Table 19.0 if yes: Interest Only Payments? 19.1 NO/YES For your first # payments. Optional Payments? 19.2 NO/YES For your first # payments. Step Payments? 19.3 NO/YES For your first # payments. Seasonal Payments? 19.4 NO/YES From mo. to mo. each year Period Principal and Interest Payments First Change / Amount 19.6 $ Min - $ Max at # payment. Subsequent Changes 19.7 Every # years. Maximum Payment 19.8 $ starting at # payment. Adjustable Interest Rate (AIR) Table 20.0 Index + Margin (or) 20.1 Index Name + % Interest Rate Adjustments (Step rate) # of Adjustments Initial Interest Rate 20.2 % Minimum/Maximum Interest Rate 20.3 % Min / % Max Change Frequency First Change Subsequent Change Limits on Interest Rate Changes 20.4 Beginning of # month 20.5 Every # month after first change First Change 20.6 % Subsequent Change 20.7 % CLOSING DISCLOSURE PAGE 4 OF 5 LOAN ID # with Numbers Non-Seller Transaction Page 15 of 22 Document version 1.5

16 Loan Calculations 21.0 Total of Payments. Total you will have paid after you make all payments of principal, interest, mortgage insurance, and loan costs, as scheduled $ Finance Charge. The dollar amount the loan will cost you $ Other Disclosures 22.0 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. Amount Financed. The loan amount available after paying your upfront finance charge. Annual Percentage Rate (APR). Your costs over the loan term expressed as a rate. This is not your interest rate $ 21.4 % 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. Total Interest Percentage (TIP). The total amount of interest that you will pay over the loan term as a percentage of you loan amount. Questions? If you have questions about the 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 % 22.1 Liability after Foreclosure If your lender forecloses on this property and the foreclosure does not cover the amount of unpaid balance on this loan, state law may protect you from liability for the unpaid balance. If you refinance 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. Refinance Refinancing the loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance 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 23.0 Lender Mortgage Broker Name Address NMLS ID State Code + License ID Contact Contact NMLS ID Contact State Code + License ID Phone Settlement Agent Confirm Receipt 24.0 By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form Applicant Signatu re 24.2 Date 24.1 Co-Applicant Signatu re 24.2 Date CLOSING DISCLOSURE PAGE 5 OF 5 LOAN ID # with Numbers Non-Seller Transaction Page 16 of 22 Document version 1.5

17 IV. End Notes Table for Closing Disclosure Numbers The following table is a guide to help identify data values that are disclosed more than once within the Closing Disclosure. If a Closing Disclosure form field is represented more than one time on the form, it is listed in ascending order in the Form Field ID column. The equivalent Form Field ID(s) are presented in the columns in ascending order from left to right. In some cases, one UCD mapping provides the value for each form field; when the data is rendered into the form, the value then appears in multiple locations. However, in other cases, the value appearing in more than one place on the form is also mapped in more than one way. These cases are shown in the Identical Form Values with Multiple Mappings column. If a form field value is the result of a calculation using other fields on the form, the fields used to calculate the value are shown in the Calculation column. The s apply to all Closing Disclosure formats (Model, Alternate, Split-Borrower and Split-Seller) unless otherwise noted. Form Field ID Alternate Table for Closing Disclosure Numbers Calculation Identical Form Values with Multiple Mappings and mapped to...loans/loan/terms_of_loan mapped to (max) and mapped to LOANS/LOAN/PAYMENT/PAYMENT_RULE and mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/PROJEC TED_PAYMENTS/PROJECTED_PAYMENT mapped to...loans/loan/payment/payment_rule mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/PROJEC TED_PAYMENTS/PROJECTED_PAYMENT mapped to...loans/loan/payment/payment_rule mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/PROJEC TED_PAYMENTS/PROJECTED_PAYMENT and mapped to LOANS/LOAN/PAYMENT/PAYMENT_RULE and mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/PROJEC TED_PAYMENTS/PROJECTED_PAYMENT and mapped to LOANS/LOAN/PAYMENT/PAYMENT_RULE and mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/PROJEC TED_PAYMENTS/PROJECTED_PAYMENT mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/ESTIMA TED_PROPERTY_COST/ESTIMATED_PROPERTY_COST_ with Numbers Table Page 17 of 22 Document version 1.5

18 Form Field ID 1 Table for Closing Disclosure Numbers Calculation Identical Form Values with Multiple Mappings COMPONENTS/ESTIMATED_PROPERTY_COST_COMP ONENT mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_DETAIL mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/ESTIMA TED_PROPERTY_COST/ESTIMATED_PROPERTY_COST_ COMPONENTS/ESTIMATED_PROPERTY_COST_COMP ONENT mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_DETAIL and mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_SECTION_SUMMARIES/INTEGRAT ED_DISCLOSURE_SECTION_SUMMARY/INTEGRATED_ DISCLOSURE_SECTION_SUMMARY_DETAIL mapped to and mapped to...loans/loan/closing_information/closing_i NFORMATION_DETAIL mapped to Alternate mapped to...loans/loan/closing_information/closing_i NFORMATION_DETAIL mapped to or Sum of (8.5.2 through 8.9.2) + (8.5.3 through 8.9.3) Sum of ( through ) Sum of Sum of ( ) + (8.5.2 through 8.9.2) + ( through ) Sum of ( ) + (8.5.3 through 8.9.3) and mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_SECTION_SUMMARIES/INTEGRAT with Numbers Table Page 18 of 22 Document version 1.5

19 Form Field ID 1 Table for Closing Disclosure Numbers Calculation Identical Form Values with Multiple Mappings ED_DISCLOSURE_SECTION_SUMMARY/INTEGRATED_ DISCLOSURE_SECTION_SUMMARY_DETAIL mapped to...document_specific_data_sets/document_s PECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/CASH_ T mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_SECTION_SUMMARIES/INTEGRAT ED_DISCLOSURE_SECTION_SUMMARY/INTEGRATED_ DISCLOSURE_SUBSECTION_PAYMENTS/INTEGRATED_ DISCLOSURE_SUBSECTION_PAYMENT mapped to Sum of ( ) + ( ) + (8.5.4 through 8.9.4) + ( through ) Sum of ( ) + ( ) + (8.5.5 through 8.9.5) Sum of ( ) + ( ) + (8.5.6 through 8.9.6) + ( through ) and mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_SECTION_SUMMARIES/INTEGRAT ED_DISCLOSURE_SECTION_SUMMARY/INTEGRATED_ DISCLOSURE_SECTION_SUMMARY_DETAIL mapped to...document_specific_data_sets/document_s PECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/CASH_ T mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_SECTION_SUMMARIES/INTEGRAT ED_DISCLOSURE_SECTION_SUMMARY/INTEGRATED_ DISCLOSURE_SUBSECTION_PAYMENTS/INTEGRATED_ DISCLOSURE_SUBSECTION_PAYMENT mapped to mapped to mapped to...loans/loan/closing_information/closing_c OST_FUNDS/CLOSING_COST_FUND mapped to with Numbers Table Page 19 of 22 Document version 1.5

20 Form Field ID 1 Table for Closing Disclosure Numbers Calculation Identical Form Values with Multiple Mappings AND mapped to...loans/loan/closing_information/closing_a DJUSTMENT_ITEMS/CLOSING_ADJUSTMENT_ITEM/C LOSING_ADJUSTMENT_ITEM_DETAIL (Sum of through ) less (sum of through ) and mapped to..loans/loan/closing_information/closing_in FORMATION_DETAIL mapped to Alternate Alternate Alternate mapped to...loans/loan/closing_information/closing_i NFORMATION_DETAIL mapped to mapped to mapped to...loans/loan/terms_of_loan Alternate mapped to mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_SECTION_SUMMARIES/INTEGRAT ED_DISCLOSURE_SECTION_SUMMARY/INTEGRATED_ DISCLOSURE_SECTION_SUMMARY_DETAIL Sum of through minus Sum of through mapped to mapped to...loans/loan/closing_information/closing_c OST_FUNDS/CLOSING_COST_FUND mapped to AND mapped to...loans/loan/closing_information/closing_a DJUSTMENT_ITEMS/CLOSING_ADJUSTMENT_ITEM/C LOSING_ADJUSTMENT_ITEM_DETAIL with Numbers Table Page 20 of 22 Document version 1.5

21 Form Field ID 1 Table for Closing Disclosure Numbers Calculation less which is equal to less Identical Form Values with Multiple Mappings and mapped to...loans/loan/closing_information/closing_i NFORMATION_DETAIL mapped to Sum of through Sum of through mapped to AND mapped to...loans/loan/closing_information/closing_a DJUSTMENT_ITEMS/CLOSING_ADJUSTMENT_ITEM/C LOSING_ADJUSTMENT_ITEM_DETAIL less which is equal to less ($/mo.) x (11 or 12 mos.) for escrowed items mapped to... ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/ESTIMA TED_PROPERTY_COST/ESTIMATED_PROPERTY_COST_ COMPONENTS/ESTIMATED_PROPERTY_COST_COMP ONENT mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_DETAIL ($/mo.) less ($/mo.) x (11 or 12 mos.) for non-escrowed items Or less (-) mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/ESTIMA TED_PROPERTY_COST/ESTIMATED_PROPERTY_COST_ COMPONENTS/ESTIMATED_PROPERTY_COST_COMP ONENT mapped to ECIFIC_DATA_SET/INTEGRATED_DISCLOSURE/INTEGR ATED_DISCLOSURE_DETAIL ($/mo.) x (11 or 12 mos.) or with Numbers Table Page 21 of 22 Document version 1.5