Finance
Under RESPA, which document replaced the HUD-1 Settlement Statement for most residential mortgage transactions after October 2015?
ALoan Estimate
BClosing Disclosure✓ Correct
CTruth in Lending Statement
DGood Faith Estimate
Explanation
The Closing Disclosure (CD) replaced the HUD-1 Settlement Statement for most residential mortgage transactions under the TRID (TILA-RESPA Integrated Disclosure) rule effective October 2015.
Related Rhode Island Finance Questions
- Rhode Island Housing (the Rhode Island Housing and Mortgage Finance Corporation) primarily serves:
- In Rhode Island, a 'power of sale' foreclosure clause allows a lender to:
- The debt-to-income (DTI) ratio used by Rhode Island lenders to qualify mortgage borrowers compares:
- What is 'secondary mortgage market' in the context of Rhode Island lending?
- In Rhode Island, what is 'seller concessions' in a real estate transaction?
- What is 'deficiency judgment' in Rhode Island mortgage foreclosure?
- What is 'debt service coverage ratio' (DSCR) in Rhode Island commercial lending?
- A Rhode Island property with a NOI of $72,000 is valued at $900,000. What is the cap rate?
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →