Escrow & Title
What is the purpose of a Closing Disclosure required under TRID/RESPA?
ATo appraise the property for the lender
BTo provide borrowers with a final itemized list of closing costs and loan terms at least three business days before closing✓ Correct
CTo record the deed at the local Registry of Deeds
DTo certify the property meets local building codes
Explanation
The Closing Disclosure (required by TRID/RESPA) provides borrowers with a detailed accounting of all closing costs, loan terms, and cash required to close at least three business days before settlement, allowing time to review and address any discrepancies.
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