WHAT DOES A LENDER HAVE TO DISCLOSE TO YOU BY LAW?

Settlement statements, including the Summary of the Borrower's Transactions and the Summary of the Seller's Transactions, are part of HUD's efforts to help home buyers receive disclosures and stay informed throughout the transaction. The focus of the law is on closing costs and settlement procedures and thereby precluding kickbacks that could increase the cost of settlement services. It's a consumer protection law designed to help home buyers throughout the home buying process.



MORTGAGE Q&As

What is a Loan that Originated in a Portfolio?
What is the "Secondary Market"?
What Kind of Documents are Required for a Loan?
What is a Credit Check and Who Performs Them?
What Does a Lender Have to Disclose to You by Law?
What is PITI?
Why Do I Need Private Mortgage Insurance (PMI)?
Where Do I Get Private Mortgage Insurance (PMI)?
What is an Interest-Only Loan?
What are the Limits on FHA Loans?
What Is Seller Financing?
What are the Primary Institutions of Money and Mortgages?
What is the Advantage of Using a Broker for my Home Loan?

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Type of Loan

Mortgage Refinance
Home Equity Loan or Line
Debt Consolidation
New Home Loan

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