Disclosure FAQs

If you have any additional questions about your disclosures, don’t hesitate to reach out to us:

Each borrower on the loan will receive a separate e-mail with a personalized link. If you have a co-borrower, they will need to sign the initial disclosures as well. Please have them look for their personalized e-mail to log-in and sign.

The initial disclosures are non-binding, so you can go ahead and sign them as-is. Please make note of any incorrect information and e-mail the changes needed to the Mortgage Analyst working on your file. They will make the changes for your final loan application.

We typically only list the accounts you will be using for your funds to close and any accounts needed to satisfy the reserve requirements. We only give the underwriter the documents needed to qualify you for the loan. We omit superfluous accounts so we don’t open the door for unnecessary documentation requests from the underwriter.

As mentioned above, we don’t always include all of your asset accounts on the loan application. Additionally, Fannie Mae requires that we only use 60% of the account balance for any retirement accounts being used to satisfy reserve requirements.

The balances on the loan application are imported directly from your credit report. Credit companies are often 30-60 days behind in reporting information to the credit bureaus which is why the balances and monthly payments may not appear accurate. You can rest assured, however, that the numbers reporting have no negative impact on your ability to qualify for the loan.

“1975” is our system default. This year will be updated as soon as we receive the preliminary title report and your file goes through underwriting.

If you are purchasing the home with an FHA or VA loan, you are required to have an impound account. You are not required to have an impound account if you are purchasing with a Conventional loan so long as you are put a minimum of 10.01% down. Please let the Mortgage Analyst working on your file know if you prefer not to have an impound account.

It is JVM’s policy to send our borrowers a copy of the appraisal report upon receipt, so you can actually check either statement. You will receive a copy of your appraisal report either way.

You do not need to write in the name of your children. If you are legally married or in a Registered Domestic Partnership, please write in the name of your spouse unless your spouse will not be on title to the home. Please note, if your spouse will not be on title, they will need to sign an Interspousal Transfer Deed or “Quit-Claim Deed” relinquishing their rights to the property.

There is no charge to lock in your rate. You’ll notice that “N/A” is written in for the fee amount.

You may notice that the Earnest Money Deposit (EMD) amount does not match what you deposited exactly. This is because we use what is listed on page 1 of your purchase agreement. You’ll see this updated on the next round of disclosures.

Our initial disclosures are generated prior to receiving the formal terms for your transaction. To be conservative, we always show 100% of the transfer tax as a buyer-paid item with a seller credit to offset the sum estimated to be the seller-paid portion.

We receive updated fees from escrow confirming any seller-paid fees prior to sending your updated disclosures later in the process (this form is called your Closing Disclosure). With this updated Closing Disclosure we are no longer showing these line items as buyer-paid items with a credit to offset, they are shown directly as a seller paid obligation, thus the seller credit drops off.