Escrow & Title
At a Minnesota closing, the parties sign a 'settlement statement' showing all financial aspects of the transaction. For residential transactions, what federal form is required for most mortgage loan closings?
AHUD-1 Settlement Statement
BRESPA Form 7
CClosing Disclosure (CD)✓ Correct
DFannie Mae Form 1003
Explanation
Since October 2015 (TRID implementation), residential mortgage loan closings use the Closing Disclosure (CD) form rather than the HUD-1. The CD integrates the old HUD-1 settlement statement and Truth in Lending disclosure into one document. Minnesota residential closings using regulated mortgage loans must use the CD form and provide it at least 3 business days before closing.
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