Escrow & Title
A Wisconsin buyer's 'HUD-1 Settlement Statement' has been replaced for most transactions by the:
ARESPA Disclosure Form
BClosing Disclosure (CD) under TRID✓ Correct
CTitle Insurance Binder
DLoan Estimate
Explanation
Since October 2015, the TRID rule replaced the HUD-1 Settlement Statement with the Closing Disclosure for most residential mortgage transactions.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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.
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
State-Specific Concepts
Disclosure Requirements
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