Closing Disclosure Approval

-It is the responsibility of each Home Loan Professional to approve their CD statements.  The Home Loan Professional knows the deals better than any other party involved in the transaction.  Therefore it is imperative that the Home Loan Professional correct the CD at the closing table (or before).  Cranbrook Loans Processing does everything in its power to make sure everything is correct but many times there are things that are missed.  It is the responsibility of the Home Loan Professional to correct these issues.  But, as processors it is our responsibility o correct any mistakes that may be missed my the HLP.  Therefore, please use the checklist below on each and every file as a checklist BEFORE sending the CD Review to the HLP.

PROCEDURE:

• Total Origination Fee – Includes YSP, Underwriting fee for the lender, and any other fee charged by Cranbrook
• Lender Paid Premium  – make sure that the Lender Paid Compensation (Otherwise called Rebate, Deferred Premium, Back End Commission Etc.) that you are earning is on the CD. (make sure that it says to Cranbrook Loans and not to lender, when it says to lender that means you are paying points to the lender and it costs you to do this unless you are charging origination/discount points to pay for the points you are being charged)
• Verify Borrower Paid YSP as a credit to customer and Origination fee equals the total comp expected.
• Discount – The max is 1% and can only be charged if the YSP is <.125%.
• Adjusted Origination Fee – Includes Lender UW fee and any other fee charged by Cranbrook including processing
  • Processing Fee – make sure that the processing fee is included in the adjusted origination fee for. (if it is not on the CD, it is deducted from gross, so if you are paying all or a portion of closing costs provide your client with a broker credit. Unless noted and approved otherwise.)
• Appraisal Fee – make sure that the appraisal fees are collected for on the CD.
• MUST Have Credit report fee of 2.00 POCL to Equifax on all CDS
• Note any other fees
• Minimum Gross Requirements $1,500.00 unless approved by management
• Closing Fees (Verify client has not been overcharged) – Pull out 151 Title fee sheet or PRECD and verify all fees are accurate within a small tolerance. – See Title Fee Graph below
• Title Insurance 
• Other charges to the borrower
• Also Verify all required mortgage payoffs and debt payoffs are on CD. – Pull out payoff and final approval and verify these are correct.
• Confirm details of any and all addendums to the purchase agreement if applicable.
• Confirm if there is a lender fee buyout and make sure its correct on CD.
• Verify EMD from PA is correct.
• Verify Appraisal and other Fees to be charged are correct.
• Verify Seller or Lender Contributions.