Escrow & Title
At a Texas residential closing, the HUD-1 Settlement Statement has been replaced by the TRID (TILA-RESPA Integrated Disclosure) forms. The two main TRID forms are:
AThe Good Faith Estimate and the Truth in Lending disclosure
BThe Loan Estimate (given within 3 days of application) and the Closing Disclosure (given 3 days before closing)✓ Correct
CThe TREC disclosure and the lender's underwriting report
DThe title commitment and the survey
Explanation
TRID (effective October 2015) replaced the Good Faith Estimate and Truth in Lending disclosure with the Loan Estimate (provided within 3 business days of application) and replaced the HUD-1 with the Closing Disclosure (provided at least 3 business days before closing). These disclosures help borrowers understand loan costs.
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