America's Real Estate Academy, Inc.

Effective date of July 31, 2009 changed how buyers and sellers, lenders, mortgage brokers, title agents, and real estate licensees prepare for closing. Lenders and licensees should consider the following:

• three business days from loan application to provide the Loan Estimate (LE).
• seven business days are required after receipt of the original LE, or a revised LE, before the loan can be consummated.
• three business days must be allotted before the signing of loan documents, after the borrower receives the final closing disclosure
• three business days will be added to the closing date if there has been a change to the CD resulting an increase to the APR.
• in the event that the closing required corrections to the CD, the creditor must provide a corrected CD no later than 30 calendar days after receiving the corrected information.

FHA program is funded by borrowers through a mortgage insurance premium which amounts to an annual fee of .5 percent to 1.5 percent of the loan balance.

insurance policies that cover multiple possible perils.

For example: fire, hazard, public liability, and casualty

a marketing organization whose broker members make their own exclusive listings available through other brokers and gain access to other brokers' listed properties as well.