On August $20,$ Mr$.$ and Mrs$.$ Cleaver decided to buy a property from Mr$.$ and Mrs$.$ Ward for $$109,500.$ On August $30,$ Mr$.$ and Mrs$.$

Cleaver obtained a loan commitment from OKAY National Bank for an $$84,900$ conventional loan at $5$ percent for $30$ years. The lender

informs Mr$.$ and Mrs$.$ Cleaver that a $$2,190$ loan origination fee will be required to obtain the loan. The loan closing is to take place

September $22.$ In addition, escrow accounts will be required for all prorated property taxes and hazard insurance; however, no

mortgage insurance is necessary. The buyer will also pay a full year's premium for hazard insurance to Rock of Gibraltar Insurance

Company. 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:

I. Transactions between buyer$-$borrower and third parties:

a$.$ Recording fees$-$mortgage

b$.$ Real estate transfer tax

c$.$ Recording fees$/$document preparation

d$.$ Hazard insurance$-$one$-$year policy$-$Rock of Gibraltar Insurance company

e$.$ Peggy Prudent$-$attorney

f$.$ Inspections

g$.$ Title insurance fee $($Landco title Company$)$

h$.$ Landco title Company$-$Closing fee

II$.$ Transactions between seller and third parties:

a$.$ Release statement$-$seller's mortgage

b$.$ Payoff$-$Seller's mortgage $($Home State Bank$)$

c$.$ Real estate brokerage fee $(6\%$ Fast Deal Realty$)$

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 $1.[0\mathrm{.}0584,900)365$

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 $1$: $$818$ per year$).$ Therefore, because the SELLER will own the property

from January $1$ to September $22,$ or $264$ days. Therefore, the Buyer owes for the $101$ days

prior to closing and transfer of title. Therefore, a credit for part of the $$818-$per$-$year

real estate tax $($for $264$ days$)$ is due to buyer from seller at closing.

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?