Escrow & Title
A HUD-1 Settlement Statement was replaced by which document under TRID?
ALoan Estimate
BClosing Disclosure✓ Correct
CTruth-in-Lending Statement
DGood Faith Estimate
Explanation
Under TRID (effective October 2015), the HUD-1 Settlement Statement was replaced by the Closing Disclosure for most residential mortgage transactions. The Closing Disclosure must be provided 3 business days before closing.
Related Arkansas Escrow & Title Questions
- The Closing Disclosure (CD) must be provided to the borrower at least how many business days before consummation?
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