The Closing Disclosure skill extracts data from mortgage closing disclosure forms, which are five-page reports containing the following information about a mortgage loan: the terms and size of the loan, the interest rate and loan fees, closing costs, monthly payments, and the total amount of all payments and financing fees. Closing disclosure forms are issued at least three days before the mortgage documents are signed.
The Closing Disclosure skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing mortgage closing disclosures. For production use, you may need to uptrain the skill with your own document samples.
Countries and Languages
| Countries | Languages |
|---|
| USA | English |
| Field | Description |
|---|
| Date Issued | The date the document was issued. |
| Closing Date | The date the document was closed. |
| Disbursement Date | The date the loan is funded. |
| Settlement Agent | The settlement agent. |
| File Number | The file number assigned to the transaction by the settlement agent. |
| Property Street | The address of the financed property. |
| Property City | The address of the financed property. |
| Property State | The address of the financed property. |
| Property ZIP Code | The address of the financed property. |
| Appraised Property Value | The appraised value of the financed property. |
| Field | Description |
|---|
| Borrower Name 1 | The name and address of the borrower. The Borrower Name 2 field is extracted only when there are two borrowers. |
| Borrower Name 2 | The name and address of the borrower. The Borrower Name 2 field is extracted only when there are two borrowers. |
| Borrower Street | The name and address of the borrower. The Borrower Name 2 field is extracted only when there are two borrowers. |
| Borrower City | The name and address of the borrower. The Borrower Name 2 field is extracted only when there are two borrowers. |
| Borrower State | The name and address of the borrower. The Borrower Name 2 field is extracted only when there are two borrowers. |
| Borrower ZIP Code | The name and address of the borrower. The Borrower Name 2 field is extracted only when there are two borrowers. |
| Seller Name 1 | The name and address of the seller. The Seller Name 2 field is extracted only when there are two sellers. |
| Seller Name 2 | The name and address of the seller. The Seller Name 2 field is extracted only when there are two sellers. |
| Seller Street | The name and address of the seller. The Seller Name 2 field is extracted only when there are two sellers. |
| Seller City | The name and address of the seller. The Seller Name 2 field is extracted only when there are two sellers. |
| Seller State | The name and address of the seller. The Seller Name 2 field is extracted only when there are two sellers. |
| Seller ZIP Code | The name and address of the seller. The Seller Name 2 field is extracted only when there are two sellers. |
| Lender | The name of the lending organization. |
| Field | Description |
|---|
| Loan Term | The loan term. |
| Purpose | The purpose of the loan (such as purchase, construction, refinance). |
| Product | The payment type (such as linear, diminishing balance). |
| Loan Type | The loan type: Conventional, FHA, VA, Other. |
| Loan ID | The loan identifier. |
Loan Terms
| Field | Description |
|---|
| Loan Amount | The total amount of the loan. |
| Loan Amount Can Increase | Specifies whether the loan amount can be increased after registration. |
| Interest Rate | The interest rate. |
| Interest Rate Can Increase | Specifies whether the interest rate can be increased after registration. |
| Monthly Principal & Interest | The monthly payment (both principal and interest). |
| Monthly Principal & Interest Can Increase | Specifies whether the monthly payments can be increased after registration. |
| Prepayment Penalty | Specifies whether there are any prepayment penalties. |
| Balloon Payment | Specifies whether the loan is a balloon payment mortgage. |
Projected Payments (Repeating Group)
| Field | Description |
|---|
| Payment Calculation Period | The calculation period, during which the monthly payment remains the same. |
| Principal & Interest Min | The minimum monthly mortgage payment size (both principal and interest). This field is extracted only if both a minimum and a maximum value are detected on the document. |
| Principal & Interest Max | The maximum monthly mortgage payment size (both principal and interest). This field is extracted by default if there is only one monthly payment value detected. |
| Mortgage Insurance | The monthly mortgage insurance payment size. |
| Estimated Escrow | The estimated monthly escrow payment size. |
| Estimated Total Monthly Payment Min | The total estimated minimum monthly payment size (Principal & Interest Min + Mortgage Insurance + Estimated Escrow). This field is extracted only if both a minimum and a maximum value are detected on the document. |
| Estimated Total Monthly Payment Max | The total estimated maximum monthly payment size (Principal & Interest Max + Mortgage Insurance + Estimated Escrow). This field is extracted by default if there is only one monthly payment value detected. |
| Estimated Taxes Insurance & Assessments | The estimated tax and insurance charges. |
Costs at Closing
| Field | Description |
|---|
| Closing Costs | The estimated closing charges. |
| Cash to Close | The total estimated amount required to close the deal – including the down payment, the deposit, and other charges. |
If the field containing the amount value also contains a currency symbol, it is also included in the extracted value.
Key Fields
- Date Issued
- Closing Date
- File Number
- Loan ID
- Loan Amount
