Escrow & Title
A 'closing disclosure' (CD) in a New York residential transaction must be provided to the buyer at least:
A24 hours before closing
B3 business days before closing✓ Correct
C7 calendar days before closing
DAt or after closing
Explanation
Under TRID (TILA-RESPA Integrated Disclosure) rules, the lender must provide the borrower with the Closing Disclosure at least three business days before the loan closing.
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Key Terms to Know
Proration
The division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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