Escrow & TitleIntermediateDelaware Exam
What is a 'closing disclosure' (CD) in a Delaware residential transaction under TRID rules?
AA summary of closing costs provided to the borrower at least 3 business days before closingCorrect
BA statement of all title defects found during the title search
CThe final appraisal report submitted to the lender
DThe seller's net sheet prepared by the listing broker
Why A summary of closing costs provided to the borrower at least 3 business days before closing Is Correct
Answer A: A summary of closing costs provided to the borrower at least 3 business days before closing
Under TRID (TILA-RESPA Integrated Disclosure) rules, lenders must provide the Closing Disclosure (CD) to borrowers at least 3 business days before the loan closing, detailing all final loan terms and closing costs.
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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