Escrow & Title
In Colorado, the 'Settlement Statement' (HUD-1 or Closing Disclosure) serves what function at closing?
AA. It replaces the deed
BB. It provides an itemized accounting of all funds collected and disbursed for both buyer and seller✓ Correct
CC. It serves as proof of insurance
DD. It is not required in Colorado
Explanation
The Closing Disclosure (or Settlement Statement) is a detailed accounting of the transaction, showing all costs, credits, and funds for both buyer and seller. Under TRID rules, lenders must provide it to the buyer at least 3 business days before closing for most purchase transactions.
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