Terms in this set (137)
A: Sundays and the legal public holidays. [CORRECT] Explain: The term "business day" has a different meaning for purposes of providing the Closing Disclosure than it does for purposes of providing the Loan Estimate. For purposes of providing the Closing Disclosure, the term business day means all calendar days except Sundays and the legal public holidays, such as New Year's Day, the Birthday of Martin Luther King, Jr., Washington's Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.
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This section is divided into two columns. The left column summarizes the borrower's transaction and includes:
- Due from the borrower at closing - This includes the sale price of the property and any adjustments for items paid by the seller in advance.
- Paid already by or on behalf of borrower at closing - This includes deposit, loan amount, loan assumptions, seller credits, other credits, and adjustments for items unpaid by the seller.
The calculation at the bottom of the left column subtracts the totals already paid by the borrower from the total due from the borrower and results in the Cash to Close due from the borrower at closing. This total is the same figure that appears on the bottom of page 1 under the heading "Costs at Closing - Cash to Close."
The right column of page 3 summarizes the seller's transaction and includes:
- Due to seller at closing - This includes the sale price of the property and any adjustments for items paid by the seller in advance.
- Due from seller at closing - This section includes closing costs the seller will pay, payoff of any first or second mortgages, seller credit, and adjustments for items unpaid by the seller.
The calculation at the bottom of the right column subtracts the total due from the seller from the total due to the seller and results in the Cash to Seller, which is the amount the seller will receive from the borrower at closing.