Escrow & Title
At a West Virginia closing, the settlement agent prepares the Closing Disclosure. This document replaced which earlier form?
AGFE and HUD-1✓ Correct
BNote and mortgage
CTitle commitment and survey
DWarranty deed and deed of trust
Explanation
The Closing Disclosure replaced both the HUD-1 Settlement Statement and the final Truth-in-Lending disclosure under the TRID rules that took effect in October 2015, simplifying mortgage closing disclosures.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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.
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