Initial Disclosures Support Services

Flatworld Mortgage Solutions has wide experience in assisting lenders with preparing and understands CFPB Guidelines when it comes to disclosures. We review the initial disclosure docs within 72 hours of signing a loan application. Our processors scan through all the aspects of a loan estimate and other program-specific disclosures to ensure they are accurate and transparent and gives the purchaser a realistic look at the costs, loans, and payments per month,

  • Generate LE and send out initial disclosures
  • Prepare Closing Package
  • Send out Final Closing Disclosures
  • Review application / disclosures for accuracy and completeness

The initial disclosure docs spell out critical aspects of the mortgage to the borrower. Some important aspects that it throws light upon includes the purchase price, loan fees, interest rate, real estate taxes, closing costs and other expenses. It's important that you review it thoroughly to ensure it carries no incorrect information or typos. We scan through the disclosures to ensure the following are rightly represented:

  • Annual percentage rate (APR)
  • Amount financed
  • Monthly payment
  • Total of all payments
  • Finance charges
  • Late payment charges
  • Prepayment penalties
  • Insurance requirements
  • Assumability restrictions

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The TILA-RESPA Rule mandates the lender to provide 2 forms - the Loan Estimate, to make it easier for the consumer to compare mortgage loans before they make a choice and the Closing Disclosure to provide more information about the costs of taxes and insurance and how the interest rate and payments may change in the future. Our comprehensive back office support will help you ready these 2 forms in abeyance with the rules. Besides, we scan through the forms to ensure the following are rightly quoted:

  • Loan origination fees
  • Credit report fees
  • Appraisal fees
  • Loan points
  • Prorated interest
  • Homeowners and mortgage insurance premiums
  • Title search fees and title insurance premiums
  • Document preparation fees

Aside from these, we also review the Transfer of Servicing Disclosure Statement(which discloses whether the lender intends to service the loan or transfer it to another lender as well as provides information about complaint resolution) the Initial Escrow Accounts Disclosure (which details the charges anticipated to be paid from the escrow account during the first twelve months of the loan and any required cushion) and other disclosures that are needed as per local or state requirements or based on the type of loan product your customer needs.