Loans, Debt & Credit - View Single Post - What California Statement to Borrower and why

03-09-2008, 07:59 PM

This is a required disclosure according to the lender that you closed with and was in the package to meet disclosure requirements as the lender understood the regulations to be for the State of California.

This is standard practice, they do not represent the payments as an estimate at the final stage of closing...they represent this as a final document, the payment streams are not always accurate, however they are the best representation that they can provide given existing models that the computer uses to determine the payment stream over the life of the loan. The disclosure is supposed to meet certain standards and fall within the tolerances of these standards....

The fact that the payments are exactly as you are paying is due to the fact that what ever the lender used at closing to compute this document was very accurate. It requires you signature because all disclosures require your signature at closing, this is standard practice.

The final documents never say estimated it is understood that they are as exact as they can be within again the allowable tolerances for the standards required by the regulating authority. The only documents that state they are estimates are those at the time you do the loan application, but closing they are all final documents.

03-09-2008, 07:59 PM	#4 (permalink)
Mary Salzer Guest Posts: n/a	Re: What California Statement to Borrower and why This is a required disclosure according to the lender that you closed with and was in the package to meet disclosure requirements as the lender understood the regulations to be for the State of California. This is standard practice, they do not represent the payments as an estimate at the final stage of closing...they represent this as a final document, the payment streams are not always accurate, however they are the best representation that they can provide given existing models that the computer uses to determine the payment stream over the life of the loan. The disclosure is supposed to meet certain standards and fall within the tolerances of these standards.... The fact that the payments are exactly as you are paying is due to the fact that what ever the lender used at closing to compute this document was very accurate. It requires you signature because all disclosures require your signature at closing, this is standard practice. The final documents never say estimated it is understood that they are as exact as they can be within again the allowable tolerances for the standards required by the regulating authority. The only documents that state they are estimates are those at the time you do the loan application, but closing they are all final documents.