ALTA Statement (Final Settlement Statement):

During the settlement portion of a real estate transaction, the ALTA settlement statement lists all of the fees that the borrower, buyer, or seller will be required to pay. It includes information such as loan amounts, taxes, and other pertinent details.​

HUD-1 Statement/Settlement Statement"

HUD-1s are generated at the close of escrow and include details of all costs and expenses related to the transaction. This includes the settlement charges to the borrower, the amount of the loan to be paid off, the gross amount due from the borrower, and the principal due.

Notice of Right to Cancel:

Federal law provides that some — but not all — mortgages include a right of rescission, which permits the lender to ask the borrower to review the terms of the transaction and decide whether to proceed or not. The rescission period starts the first business day following the date of signing and ends at midnight on the third business day. Sundays and federal holidays do not count toward the rescission period.

Deed of Trust or Mortgage:

A deed of trust or mortgage involves three parties: a lender, a borrower, and a third-party trustee. The lender gives the borrower money to buy the home in exchange for a promissory note while the trustee holds the legal title to the property until the loan is paid off. Deeds of trust are recorded as a public record with the county clerk, just like mortgages, but not all states use them simultaneously.

Promissory Note or Real Estate "Note":

The Note or Promissory Note is the document generated and signed at closing. The borrower promises to repay the loan. It shows the lender’s name, loan amount, interest rate as well as monthly payment amount, first and last payment due dates, and, in some, the borrower’s right to prepay.

​Closing Disclosure:

This is the most critical document included in the package. It is a multiple-page form that describes, in detail, the essential aspects of a mortgage loan, including purchase price, loan fees, interest rate, estimated real estate taxes and insurance, closing costs, and other expenses. You must review it carefully. The lender is required to give the borrowers the Closing Disclosure at least three business days before the closing date. This three-day window allows the borrowers to compare the final terms and costs to those estimated in the Loan Estimate that they previously received from the lender. The three days also give borrowers time to ask their lender any questions before going to the closing table.

Initial Escrow Disclosure:

This document shows that an escrow account is created to set money aside each month to pay expenses like property taxes and homeowner's insurance.

Truth in Lending Disclosure:

A statement provides information about the costs and fees associated with the loan.

First Payment Letter:

This is a statement provided by the lender at closing and notes the amount of your monthly mortgage payment, when the payment is due, and where to send the payment. It also shows the monthly principal and interest payment due on the loan and the tax and insurance escrow amount.​

Uniform Residential Application Form:

Another name for this form is “The Fannie Mae Form 1003”. This is used by lenders to determine your creditworthiness for a home loan. It is a form that the borrower initially fills out when applying for the loan. However, this form needs to be signed again at the closing to confirm the accuracy of the information provided.

APR & Finance Charge Summary:

It is important to understand the difference between the APR and Interest Rate, every day; I sit with borrowers who get confused between the two. Now, here is the difference: Interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage. APR is the annual cost of a loan to a borrower, including other charges, and is also expressed as a percentage.​

Borrower(s) Acknowledgement of Receipt of Disclosures:

This document says that you acknowledge receiving applicable disclosures. The borrower must acknowledge receipt of the Closing Disclosure at least three days before the closing date. That gives the borrower time to review the terms of your mortgage before closing. If changes to the Closing Disclosure are requested, a new one must be issued, and another three-day review period will begin.

Attorney Representation Notice/Non-representation Notice:

This document explains that the attorney who drew the documents does not work for you; he or she works for the lender.

Borrower Affidavit:

Borrower attestation and certification that all the information he/she provided is true and accurate to the best of his/her knowledge and belief.

Borrower's Closing Affidavit:

In this document, the borrower attests that no action or change in facts has taken place that would affect the title to property or creditworthiness e.g. bankruptcy, divorce, incurring significant debt after applying for the loan, etc.

Certification and Authorization to Release Information:

This describes when the lender may have to release information about you, the borrower, in addition to certifying that all the information provided during the application process is true and complete. The information on the form refers to the purpose of the loan, the amount and source of the down payment, employment and income information, and assets and liabilities information.

In addition to certifying that no misrepresentations have been made, the borrower also authorizes the release of credit and employment information. As part of the application and approval process, the lender may verify the information contained in the application and other documents before the loan is closed.

Error & Omissions Compliance Agreement (Limited Power of Attorney):

This document authorizes the lender to make corrections to clerical errors. It also states that the borrower will work with the lender to provide any additional information requested to complete the loan package. The type of clerical errors that are typically corrected would include misspelled names, typos, dates, and other clerical mistakes that don't affect the conditions of the loan in any way.

Name Affidavit or Signature/Name Affidavit:

Name Affidavit is a document in which a person certifies all the names that have been used by the person on official documents. The signature next to each name means that the person can use any of the names associated with his signature.

Notice of Assign, Sale, or Transfer of Servicing Rights:

The borrower understands that this loan may be sold or assigned to a loan servicer.

Notice of no Oral Agreements:

This says that there are no oral agreements between parties that are not documented in the loan documents and that the written loan agreement represents the final agreement.

Collateral Protection Insurance Notice:

States that the property must be insured throughout the loan course.

Form T 4506 - Request for Transcript of Tax Return:

You agree that the lender may collect a copy of your tax return from the IRS. This is the borrower’s consent that the lender may collect a copy of his/her tax return from the IRS. A lender may request this to verify the borrower’s income documentation that has been provided as part of the loan application.

Patriot Act Form:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies every customer. When applying for a loan, applicants will be asked for their name, address, date of birth, and other information that will allow lenders to identify them. Applicants will also be asked to show their driver's license or other identifying documents.

Title documents:

Below are documents that may be called “title documents:

Marital Status Affidavit:

This document requests that you swear to information about your marital history. An affidavit that is used to confirm the marital status and history of an individual in connection with a real property purchase and sale transaction in Texas. This Standard Document has integrated notes with important explanations and drafting tips.

Survey Affidavit -T-47:

The purpose of this affidavit is to affirm the existing survey, so borrowers or sellers should use the date of the most recent survey. Borrowers will list changes to the property that have occurred since that date or put “None” if there have been no changes.

Affidavit as to Debts and Liens:

This document makes statements about liens, unpaid claims or taxes, etc that a borrower may have on the property that relates to the loan.

Homestead Affidavit:

In this form, the borrower swears before a notary that he or she is the owner of the property and states that the subject property is his/her primary home.

Deed Of Trust Vs. Mortgage:

Many homeowners confuse the terms “mortgage” and “deed of trust.” Though mortgages and deeds of trust both serve the same purpose, a big difference is that a mortgage involves only two parties: the borrower and the lender, whereas a deed of trust has a borrower, a lender, and a “trustee.” The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower. In most cases, the trustee is an escrow If you don’t repay your loan, the escrow company’s attorney must begin the foreclosure process. Foreclosure length and expense: If you have a mortgage loan, it means that your lender will need to seek a judicial foreclosure to take back your property. This means that mortgages take much more time and money to foreclose on. Therefore, many mortgage lenders will use a deed of trust instead of a mortgage if your state allows it, and nonjudicial foreclosures in which the lender will spend less time and money reclaiming your property. A deed of trust or A mortgage is a contract that places a lien on your property.