Sections A-I: Lender’s name and address, Settlement Agent info, Buyer’s loan type, settlement date and property address.
Section L: Settlement Charges
Section 800: Items payable in connection with the new loan.
Line 801: Loan origination fee
Line 802: Loan Discount
Line 803: Appraisal fee
Line 804: Credit Report fee
Line 808: Tax service fee
Line 809: Document preparation fee
Line 810: Flood certification fee
Line 811: Processing fee
Line 812: Yield spread premium
Section 900: Items required by lender to be paid in advance.
Line 902: Mortgage insurance premiums due at settlement
Line 903: Hazard insurance premiums paid at settlement for immediate insurance on the property.
Lines 904, 905: Miscellaneous items possibly collected by the lender, such as flood insurance, mortgage life insurance, credit life insurance and disability insurance premiums.
Section 1000: Reserves deposited with lender, itemization of funds collected from the borrower by the lender for costs like those in Section 900. But lines 1001-1007 are used to start the borrower’s escrow account, from which the lender will pay the following year’s premiums.
Line 1008: Escrow adjustment to make sure the lender is not collecting more escrow funds than are allowed.
To Be Continued…..