Mortgage Loan Disclosures

MORTGAGE LOAN DISCLOSURES

Lender and Loan Identification

Loan Number:

Application Date:

Borrower and Property

Loan Terms Summary

Loan Purpose: Purchase Refinance Construction Other:

Principal Loan Amount:

Interest Rate (Initial):   APR:

Loan Term: years   Payments:

First Payment Due:   Number of Payments:

Monthly Payment Estimate

Estimated Principal & Interest:

Estimated Taxes & Insurance (Escrow):

Monthly Mortgage Insurance (if any):

Estimated Total Monthly Payment:

Finance Charge and Amount Financed

Finance Charge (Estimated total cost of credit):

Amount Financed (Amount borrower will receive or on which finance charge is computed):

Total of Payments (Estimated total amount paid after scheduled payments):

Prepayment, Late Charges, Balloon

Prepayment Penalty: Yes No   If yes, description:

Late Charge:

Balloon Payment: Yes No   If yes, balloon amount:

Adjustable Rate Features (if applicable)

Fixed Rate Adjustable Rate (ARM)

If ARM, Index:   Margin:

Initial Rate Period:   Adjustment Frequency:

Rate Caps: Periodic Cap   Lifetime Cap

Payment Change Disclosure: The monthly payment may increase or decrease after an adjustment pursuant to the index, margin and caps set forth above. The borrower will receive a notice of any rate adjustment in accordance with the loan documents.

Estimated Closing Costs and Fees

Escrow Account (Impound)

Will lender require an escrow account for taxes and insurance? Yes No

Estimated Initial Escrow Payment at Closing:

Estimated Monthly Escrow Payment:

Servicing and Transfer of Ownership

Will this loan be serviced by the lender? Yes No

Lender may sell, assign or transfer servicing of this loan. If servicing is transferred, the new servicer will provide written notice specifying where to send payments and how escrow balances will be handled.

Important Legal Disclosures

Security: This loan is secured by the property identified above. Failure to make payments when due will result in late charges and may result in acceleration of the debt, foreclosure, sale of the secured property, and deficiency judgment where applicable.

Default and Remedies: Upon default, lender has the rights provided in the mortgage/security instrument, including but not limited to declaring the entire unpaid principal balance, accrued interest, and fees immediately due. Borrower may be responsible for costs of collection, including reasonable attorney's fees if provided by the loan documents.

Assumption: This loan may or may not be assumable by subsequent purchasers; terms for assumption, if permitted, will be governed by the note, mortgage, and lender policies.

Tax Implications: Interest paid may be tax deductible subject to applicable law. Borrower should consult a tax advisor regarding tax consequences of this transaction.

Accuracy of Estimates: Except where specifically stated as final, amounts set forth in this disclosure are estimates based on information available at the time of preparation. Actual amounts may change prior to closing; changes will be disclosed in the final settlement statement.

Borrower Acknowledgement

By checking the box below, the borrower acknowledges receipt of a copy of these disclosures and that the borrower has reviewed the disclosed terms.

Borrower acknowledges receipt of disclosures

Certifications

The lender certifies that the information in this disclosure is true and based on the best information available at the time of preparation. These disclosures are provided to assist the borrower in understanding the material terms and estimated costs associated with the extension of credit described herein. Final closing documents will control the legal obligations of the parties.

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