Escrow & Title
An Oklahoma homebuyer receives a Closing Disclosure (CD) before closing. The CD replaced the HUD-1 Settlement Statement and is required under:
AOREC regulations
BThe TILA-RESPA Integrated Disclosure (TRID) rules requiring the CD to be provided at least 3 business days before closing for most residential mortgage transactions✓ Correct
CState title insurance regulations
DOklahoma Banking Department rules
Explanation
TRID (the 'Know Before You Owe' rule) requires lenders to provide the Closing Disclosure at least 3 business days before closing for most residential mortgage loans. It replaced the old HUD-1 and final TIL disclosure, providing a clear summary of all loan terms and closing costs.
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