Escrow & Title
In an Illinois residential closing, the HUD-1 Settlement Statement has been replaced by the:
ARESPA Disclosure Form
BClosing Disclosure (CD) for most transactions involving a mortgage✓ Correct
CIllinois State Closing Form
DTILA Annual Percentage Rate Disclosure
Explanation
Since October 2015, the TRID (TILA-RESPA Integrated Disclosure) rules replaced the HUD-1 Settlement Statement with the Closing Disclosure (CD) for most residential transactions involving a mortgage. The Closing Disclosure must be provided to the borrower at least 3 business days before closing.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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