Refinance Disclosure FAQs

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

The link I received only has a place for me to sign. Does my co-borrower also need to sign these forms?

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 “Uniform Residential Loan Application (URLA)” has some incorrect information – can you please correct it and re-send?

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.

You didn’t include all of my bank statements in the assets section of the “URLA”. Can you please add them?

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.

Why is the amount listed under retirement in the assets section of the “URLA” so much lower than the actual total balances of my accounts?

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 credit card and installment balances on the “URLA” are incorrect. Can you please fix them?

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.

The “URLA” says the property is built in 1975. This is incorrect.

“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.

The fees on the “Loan Estimate” are much higher than originally quoted. Can you please explain?

Due to current regulations we have to significantly over-disclose the closing costs on the initial disclosures. The Loan Estimate can be incredibly misleading because we are required to disclose all charges and fees associated with the transaction – even ones that are financed into the loan. Many of those fees will go away/go down. One fee in particular that we want to draw your attention to is the appraisal fee, as this sometimes causes alarm – the fee on the disclosures is not representative of the average cost of an appraisal. The cost of an appraisal report for a primary residence is around $550.

We are doing a “no cost” refinance. I do not see the lender credit reflected on the “Loan Estimate” and am concerned about the funds to close.

The lender credit for closing costs is not reflected on the initial disclosures. If you were quoted a no-cost refinance, you can be assured that the appropriate credit will be applied at closing. Please reach out to the Mortgage Analyst working on your file if you need further clarification about the total credit you will receive.

Am I required to have an impound account?

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.

On the “Notice of Right to Receive Copy of Appraisal/Valuation”, which statement should I check?

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.

On the “CA Statement of Interest Addendum to Residential Mortgage Application”, do I need to write in my spouse or children?

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.

On the “California Rate Lock Agreement”, item #4 says we agree to pay a lock-in fee. We were told there is no charge to lock in the rate.

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