Under the "TRID rules", the "Closing Disclosure" replaces the "Truth-in-Lending Disclosure" and the "HUD-1 Settlement Statement". This document summarizes the final mortgage terms and details for the buyer and must be given to them at least three business days before they close on the loan.
These are questions that the above text answers:
1. What does the "Closing Disclosure" replace under the TRID rules?
2. What is the purpose of the Closing Disclosure?
3. How many business days before closing on the loan must the buyer receive the Closing Disclosure?
4. What are the TRID rules?
5. What are the two documents that the Closing Disclosure replaces?
6. Who is responsible for providing the Closing Disclosure to the buyer?
7. What information does the Closing Disclosure summarize?
8. What is the difference between the Closing Disclosure and the Truth-in-Lending Disclosure?
9. What is the difference between the Closing Disclosure and the HUD-1 Settlement Statement?