Finance
What is the purpose of the 'Closing Disclosure' (CD) provided under TRID in Oregon mortgage transactions?
ATo summarize the buyer's pre-approval status
BTo itemize all final closing costs, loan terms, and cash required at closing✓ Correct
CTo confirm the property appraisal value
DTo outline the seller's net proceeds only
Explanation
The Closing Disclosure (CD), required by TRID (TILA-RESPA Integrated Disclosure) rules, is provided to the borrower at least 3 business days before closing. It itemizes all final loan terms, monthly payments, closing costs, and cash required at settlement.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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