Escrow & Title
A HUD-1 Settlement Statement has been replaced for most residential closings by which document?
AThe Closing Disclosure (CD)✓ Correct
BThe Loan Estimate (LE)
CThe Truth in Lending Disclosure
DThe Good Faith Estimate
Explanation
Since October 2015, the Closing Disclosure (CD) has replaced the HUD-1 Settlement Statement for most residential mortgage closings under the CFPB's TRID rule (TILA-RESPA Integrated Disclosure). The CD must be provided at least 3 business days before closing.
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