Escrow & Title
In South Carolina, a 'HUD-1 Settlement Statement' was replaced for most transactions by what form?
AThe TRID Loan Estimate
BThe Closing Disclosure (CD) under TRID rules effective October 2015✓ Correct
CThe Good Faith Estimate
DThe Truth in Lending Statement
Explanation
The Closing Disclosure replaced the HUD-1 Settlement Statement for most mortgage transactions after October 3, 2015, as part of the TRID (TILA-RESPA Integrated Disclosure) rules. The HUD-1 is still used for some transactions not covered by TRID.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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