Easily Replace Calculations from the Settlement Statement

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How to Replace Calculations from the Settlement Statement

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Hi this is Joe from PrepAgent, today I want to talk to you about Debits and Credits. The real estate closing statement is a vital part of the home buying process. Every licensee should understand the basics, which is why you will see it on your real estate exam. Lets begin with some basic definitions. A debit is money you owe, and a credit is money coming to you. The debit section highlights items that are part of the total dollar amount owed at closing. This includes the amount due for closing and title costs, which are generally split between the buyer and the seller- who pays how much is generally negotiable. The good news for the buyer is that there are often credits on the closing statement that reduce the amount of the check they need to write for closing. For example, if a buyer has put down a good faith deposit to hold the house, they will be credited for this. The sellers debit section includes the cost of all the items they are responsible for covering. This includes things

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Why were the Tila respa integrated disclosures created?

The intent of the rule and new forms was to make closings more transparent for consumers. These changes arose out of the Dodd-Frank Act which followed the 2008 financial crisis, and the creation of the Consumer Protection Financial bureau and its Know Before You Owe initiative.

What replaces the HUD-1 Settlement Statement and the final TIL disclosure?

The Closing Disclosure combines and replaces the HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement. The form mirrors the information provided on the Loan Estimate.

How do you read a settlement statement for tax purposes?

0:36 7:31 How To Read A Settlement Statement From Your Real Estate Closing YouTube Start of suggested clip End of suggested clip This first page also includes your principal. And interest payment for your loan. Including anyMoreThis first page also includes your principal. And interest payment for your loan. Including any escrows. So youll see principal and interest underneath itll say estimated escrows.

What is a settlement statement for a mortgage?

A form required by federal law that provides disclosures to borrower(s) of the final loan terms and costs of the mortgage loan transaction.

What is the difference between a closing disclosure and a settlement statement?

While closing disclosures provide information about a borrowers loan, settlement statements do not include loan information. Settlement statements are used for commercial transactions and cash closings.

What forms does the CD replace?

The Closing Disclosure, or CD, replaced the HUD-1 beginning Oct. 3, 2015.

What previously used document do the closing disclosure replace?

The Closing Disclosure combines and replaces the HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement. The form mirrors the information provided on the Loan Estimate.

What does settlement statement mean in real estate?

The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance.

What is a closing disclosure document?

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).

What replaced the HUD settlement statement?

Now, for most kinds of mortgage loans, borrowers receive a form called the Closing Disclosure instead of a HUD-1 form. Either form must be reviewed by the borrower before the closing, in order to prevent errors or any unplanned expenses.

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