Finance
Under TRID (the TILA-RESPA Integrated Disclosure Rule), what document replaced the old HUD-1 Settlement Statement for most residential mortgage closings?
AClosing Disclosure (CD)✓ Correct
BTruth in Lending Disclosure
CLoan Estimate (LE)
DGood Faith Estimate (GFE)
Explanation
The Closing Disclosure (CD) replaced the HUD-1 Settlement Statement for most residential mortgage closings effective October 2015. The CD provides a detailed breakdown of final loan terms and closing costs and must be provided to borrowers at least 3 business days before closing.
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