Bold code in the Mortgage Financing Agreement

Aug 6th, 2022
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How to bold code in the Mortgage Financing Agreement

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Hey! how you doing Emmett Dempsey mortgage broker and owner of treasure coast mortgage here in Port Saint Lucie, florida and welcome to another video! Todays video is going to be about the closing disclosure or the settlement statement or the cd as its called uh this is a twin to loan estimate video here that i just redid so go ahead and check that out if you havent already uh the closing disclosure um is great because youre at the end of the loan process youre almost done its awesome so you guys are almost done hoorah and now youre about ready to close so what we do with the closing disclosure im going to go over the uh the details here in a minute uh about what the cd is and and what some changes some differences that youll see in the cd versus the loan estimate but uh effectively the le and cd are kind of twins uh they kind of go together a lot of estimate shows heres what i estimated they would be the closing disclosure is basically what they a

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If a home loan is denied after closing on a home purchase, then buyer would typically lose their deposit and the purchase agreement would become void. The seller would then put the home back on the market.
Companies that hold a state license or state registration through NMLS are required to complete a Mortgage Call Report (MCR). The MCR contains two components; the Residential Mortgage Loan Activity Report (RMLA) and the Financial Condition (FC).
Another way to protect your earnest money is to include a financing contingency in your real estate contract. Basically this means that the purchase of this property depends on your getting a loan first. If a loan cant be secured, then you wont buy the houseand can take back your earnest money.
Other: Q: Does the MIC number on page 1 of the Closing Disclosure include the FHA case number information? A: Yes, the MIC number is for any mortgage insurance policy required by the lender.
A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).
If the buyer fails to get approval for a mortgage, the buyer can terminate the contract and remain entitled to their earnest money deposit, basically holding the bank responsible for the failed process.
You could still be eligible for a mortgage even if you were denied. But youll need to explore other loan programs that may be a better fit for you financially. Inquire with the loan officer to learn more about alternative mortgages, such as FHA loans or USDA loans, that may be available to you.
After the offer is accepted, the buyer proceeds to apply for a mortgage. If the buyer fails to secure financing within the defined contingency perioddue to low credit score, changes in employment status, or other reasonsthey can cancel the contract without penalty, and their earnest money deposit is returned.

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