III. Buyer-borrower and lender Information: a. Amount of loan b. Prepaid interest is owed from closing through september 30 , which equals nine days (inclusive). Regular payments to begin on November 1 . (0.0586,800)+365]9 c. Property tax escrow-two months required d. Loan origination fee IV. Buyer and seller information: a. Purchase price b. Deposit paid by Cleaver to Ward (paid in escrow to OKAY National Bank) c. Real estate tax proration (taxes for the current year to be paid in arrears by BUYER to county next January 1 i $832 per year). Therefore, the Buyer owes only for the 101 days after closing and transfer of title. A credit for part of the $832 $86,800 107.01 138.67 2,260.00 per-year real estate tax (for 264 days) is due to buyer fros seller at elosing. Required: a. What are the amounts due from the borrower and due to the seller at closing? b. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? c. When will the first regular monthly mortgage payment be due from the borrower? Complete this question by entering your answers in the tabs below. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? (Do not round intermediate percentages. Round intermediate dollar values to 2 decimal places, Enter your final answer as a percent rounded to 2 decimal Complete this question by entering your answers in the tabs below. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? (Do not round intermediate percentages. Round intermediate dollar values to 2 decimal places. Enter your final answer as a percent rounded to 2 decimi places.) On August 20, Mr. and Mrs. Cleaver decided to buy a property from Mr. and Mrs. Ward for $113,000. On August 30,Mr. and MrS. Cleaver obtained a loan commitment from OKAY National Bank for an $86,800 conventional loan at 5 percent for 46 years. The lender informs Mr. and Mrs. Cleaver that a $2,260 loan origination fee will be required to obtain the loan. In addition, escrow accounts will be required for the hazard insurance (\$452) plus 2-months of property taxes ($832); however, no mortgage insurance is necessary. The loan closing is to take place September 22 and taxes are due January 1. A breakdown of expected settlement costs, provided by OKAY National Bank when Mr. and Mrs. Cleaver inspect the uniform settlement statement as required under RESPA on September 21, is as follows: Complete this question by entering your answers in the tabs below. What are the amounts due from the borrower and due to the seller at closing? (Round your intermediate dollar values and final answer to 2 decimal places.) a. What are the amounts due from the borrower and due to the seller at closing? b. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? c. When will the first regular monthly mortgage payment be due from the borrower? Complete this question by entering your answers in the tabs below. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? (Do not round intermediate percentages. Round intermediate dollar values to 2 decimal places. Enter your final answer as a percent rounded to 2 decima
