Finance
What is the purpose of the Closing Disclosure (CD) under TRID rules?
ATo provide an initial estimate of loan costs before application
BTo provide final, actual loan and closing costs at least 3 business days before closing✓ Correct
CTo summarize the buyer's credit report findings
DTo notify the seller of the buyer's financing contingency
Explanation
Under TRID, the Closing Disclosure provides the final, actual loan terms and closing costs. It must be received by the borrower at least 3 business days before consummation (closing) to allow review.
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