Escrow & Title
In New Jersey, the 'closing disclosure' (CD) replaces the former HUD-1 Settlement Statement for most residential mortgage transactions. The CD must be provided to the borrower at least:
A24 hours before closing
B3 business days before the consummation of the loan✓ Correct
C7 calendar days before closing
DAt closing simultaneously with the loan documents
Explanation
Under TRID (TILA-RESPA Integrated Disclosure) rules, the Closing Disclosure must be provided to the borrower at least 3 business days before loan consummation. This gives borrowers time to review the final loan terms and costs before closing.
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