VanEd FINAL Colorado Closings Q&A Latest Update
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VanEd FINAL Colorado Closings Q&A Latest Update
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| Uploaded on: | May 13, 2025 |
| Last updated: | May 13, 2025 |
| Number of pages: | 6 |
| Written in: | 2025/2026 |
| Type: | Exam (elaborations) |
| Contains: | Questions & Answers |
| Tags: | VanEd FINAL Colorado Closings Q&A Latest Update |
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VanEd FINAL Colorado Closings Questions and Correct Answers | Latest 2025/2026 | 100% PASS The lender's statement to a broker shows the loan amount of $119,225 and net loan proceeds of $28,597.08. The broker received a $3,000 earnest money check and the balance due from buyer in the amount of $4,646.93. What amount will appear as a subtotal in the broker debit subtotal on the settlement worksheet? - Answer -$31,597.08 -Net loan proceeds and earnest money are the only funds in the transaction. The amount due from buyer is added to this subtotal to reach the total broker debit total A balance due from the seller would appear below the subtotals on a settlement worksheet in the - Answer -Seller credit column and broker debit column A buyer has been approved for a new 30-year, 95% loan at 7.5% interest. The closing is scheduled for August 30 with the 1st payment of $1,018.72 due October 1. Interest is paid in arrears. How many days of interest is due on the buyer's new loan at closing? - Answer -2 days -Aug 30 & 31. September interest will be included in the October payment.
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