Escrow & Title
What is a 'closing disclosure' (CD) and what does it show Illinois home buyers?
AA document showing the seller's net proceeds
BA federal form showing all closing costs, loan terms, and cash needed to close, provided to the buyer at least 3 business days before closing✓ Correct
CA title company's disclosure of their fees
DAn IDFPR-required disclosure of all parties to the transaction
Explanation
The Closing Disclosure (CD), required under the TRID rules (TILA-RESPA Integrated Disclosure), is a detailed federal form that shows all costs associated with the transaction, including loan terms, projected monthly payments, and all closing costs. Lenders must provide the CD to buyers at least 3 business days before closing, giving buyers time to review and identify any issues.
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