Tell Me More: Closing Disclosures Explained
2/9/2022 Runtime: 1:00:00
Residential real estate transactions are typically funded, in part, by a federally related mortgage loan. Included among the many loan documents is the TILA-RESPA Integrated Disclosure rule’s Closing Disclosure (CD) form. Required since 2015, the CD combines elements of the HUD-1 settlement statement and Truth in Lending (TIL) disclosure. It discloses important financial information to the transaction participants including sales price, settlement charges, adjustments to recurring property expenses, cash to close, and seller net proceeds. It also provides useful information related to many of the important features of the mortgage contract.
Explaining the CD to borrowers and sellers is an important function of the settlement agent. This course will guide one through that process.
