Home Mortgage Loan Documentation

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Summary: The Truth In Lending disclosure is a detailed description of the loan application. Learn how to obtain a mortgage in this free personal finance video from a loan officer and mortgage closing specialist.

Views: 468 | Tags: real, estate, bank, interest, loans, mortgages, loan, officer

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About the Expert

Sherry Berrier Sherry Berrier worked for major banks such as Bank of America for seven years as a loan officer specializing in mortgages. She has since opened her own mortg... read more

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Video Transcript

Home Mortgage Loan Documentation

Lenders must provide borrowers documentation by law, it's the Real Estate Settlement Procedures Act, disclosures associated with your loan. These disclosures are your Good Faith Estimate, your Truth In Lending, your Servicing Disclosure, and your Affiliated Business Disclosure Statement. The Good Faith Estimate is just an estimate of the closing costs associated with your loan. A Good Faith Estimate Disclosure can also be provided while you're shopping for your loan. The Truth In Lending is just a detailed description of the loan application that you're applying for. It includes an annual percentage rate, which is not your interest rate. The annual percentage rate takes into consideration any fees that are charged on the loan for the first year, along with the interest rate. The Servicing Disclosure is required by lenders to let the borrowers know if they are going to be servicing the loan after the loan closes. The Affiliated Businesses Disclosure Statement is required that lenders, if they're going to be sharing your information with any individual or any other company, they are required to disclose that upfront. These affiliated companies must be owned by the same parent company.