Posted by Ceci, CA on 10/1/04 7:14pm
Msg #9196

Docs.

Can you tell me what "Interim Interest Payment Disclosure" & "Insurance Disclosure" are? Thank you in advance.

Reply by Jon on 10/2/04 10:58am
Msg #9235

Interim interest is interest paid from the time the loan funds to the time the loan records.

Insurance disclosure is usually a staement that the borrowers were not required to purchase hazard insurance from a particular company as a condition of the loan.

Reply by PAW Notary Services on 10/2/04 11:48am
Msg #9240

To add what Jon said, there are many different "insurance disclosures". One is the anti-coercion disclosure which says that you have the right to choose who writes the homeowners hazard insurance policy. Another insurance disclosure describes title insurance and that it is purchased by the borrower for the protection of the lender, and does not offer title protection for the borrower. The other two disclosures that I've seen have to do with flood insurance requirements (or lack thereof) and mortgage insurance.

Then there may be the "additional and optional" insurance policies that some lenders try to sell with the mortgage.

Reply by Ceci, CA on 10/3/04 8:54pm
Msg #9268

Thanks a lot for the information, Jon & PAW!