Escrow & Title
In Michigan, a 'HUD-1' settlement statement has been replaced for most residential transactions by the:
AGood Faith Estimate
BTRID Closing Disclosure✓ Correct
CUniform Residential Appraisal Report
DRESPA compliance certificate
Explanation
TRID (effective October 2015) replaced the HUD-1 settlement statement and the Good Faith Estimate with the Closing Disclosure and Loan Estimate forms for most federally related mortgage transactions.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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