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SUMMARY OF FINDINGS
Test/Disclosure Annual Percentage Rate Finance Charge HOEPA/Section 32 Rescission Period Demand Feature Variable Rate Prepayment Penalty Balloon Payment Audit Finding Overstated by 0.010% Overstated by $4,482.89 NA Not Required Disclosure Not Required Disclosure Not Required Disclosure Not Required Disclosure Not Required Applicable Law TILA TILA HOEPA TILA RESPA RESPA RESPA RESPA Result PASS PASS NA PASS PASS PASS PASS PASS
Note: If Finance Charge is within allowable tolerances, then APR is considered to be accurate as well.
RESCISSION PERIOD
This table show s w hether the three-day rescission period ending date as listed in the Notice of Right to Cancel disclosure w as correctly calculated as required by law.
Disclosed NA
Correct NA
Variance NA
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LOAN PROFILE
This table lists the various features and characteristics that describe the profile of the loan, borrower and property. Loan Type: Loan Purpose: Fixed-Rate Purchase Interest Only (mos): Demand Feature: 120 NO
BORROWER PROFILE
Gross Monthly Income: $15,018.83 Debt-to-Income (DTI): 30.07%
PROPERTY PROFILE
Property Type: Secondary Residence Property Value: $300,000.00
MORTGAGE VARIABLES
This table lists all the variables describing this loan including loan amount, rate, term, initial payment, first payment due date and the factors that determine any possible future changes to the rates and/or payments. Amount: Initial Rate: Term (mos): Initial Payment: First Payment Date: Initial Rate Change Date: Subsequent Rate Changes (mos): Index: Margin: Rounding: $252,000.00 6.500% 360 $1,365.00 4/1/2007 NA NA NA NA NA Initial Increase Rate Limit: Initial Decrease Rate Limit: Subsequent Increase Limit: Subsequent Decrease Limit: Lifetime Maximum: Lifetime Minimum: Initial Payment Change Date: Subsequent Payment Changes (mos): Payment Change Cap: Maximum Loan Balance: NA NA NA NA NA NA NA NA NA NA
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This report is not intended to be a substitute for legal advice. Loantech assumes no responsibility for errors or omissions. Under no circumstances will Loantech, its officer or agents be liable to the user or any third party for any damages associated directly or indirectly with this product, including but without limitation, special, incidental, consequential, contractual or other damages. NA denotes not available or not applicable. Material may not be reproduced in whole or in part in any form whatsoever without express written permission of Loantech LLC. All violators will be prosecuted to the fullest extent of the law. Forensic Mortgage Auditor is a trademark of Loantech LLC. Copyright 2009 Loantech LLC. All Rights Reserved.
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