Explaining the Closing Disclosure
The Closing Disclosure is the form used by settlement companies to disclose to the borrower the actual terms and costs of the transaction in relation to the estimated terms and costs outlined on the Loan Estimate Form.
The Closing Disclosure is 5 pages long and combines and replaces the Truth In Lending Act disclosure and the HUD-1 Settlement Statement. The new form breaks down all charges associated with the transaction and clearly outlines the terms of the loan for the borrower.
This is a summary sheet only. For a more detailed explanation, CLICK HERE