Finance
Under TRID, which document replaced the HUD-1 Settlement Statement for most closed-end mortgage loans?
ALoan Estimate
BClosing Disclosure✓ Correct
CGood Faith Estimate
DTruth in Lending Disclosure
Explanation
TRID replaced the HUD-1 Settlement Statement with the Closing Disclosure for most closed-end mortgage transactions. The Closing Disclosure provides a final accounting of all loan terms and closing costs and must be provided 3 business days before closing.
Related Pennsylvania Finance Questions
- In a Pennsylvania mortgage, the note is different from the mortgage in that:
- A Pennsylvania borrower's 'front-end ratio' for mortgage qualification includes:
- Pennsylvania's Act 6 of 1974 (Loan Interest and Protection Law) provides anti-predatory lending protections including:
- What is a 'stated income' mortgage and why are they rare in post-2010 Pennsylvania lending?
- What is a 'VA loan' and who qualifies for this mortgage benefit in Pennsylvania?
- Pennsylvania's Homeowner's Emergency Mortgage Assistance Program (HEMAP) provides:
- A Pennsylvania seller who agrees to pay buyer closing costs as a seller concession is typically limited by the lender to a maximum of:
- What is the purpose of a mortgage amortization schedule?
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →