Closing Disclosure Vs Settlement Statement
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The five-page Closing Disclosure form replaces the final Truth in lending statement and what is known as the HUD-1 settlement statement, which is used to itemize fees charged to the borrower by a.
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lenders must take full responsibility for the Loan Estimate and Closing Disclosure, and effective, efficient communication with settlement partners is critical for a successful, timely closing,” said.
In addition, the final Truth in Lending Disclosure and HUD-1 Settlement Statement are being replaced by the Closing Disclosure, or “CD.”.
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Backing up, the current Closing Disclosure regulations are a bit more stringent on form requirements than under the hud-1 settlement statement. Whereas HUD permitted a settlement agent to include signature lines for both seller and buyer and to include the "thumbs up" language, the CFPB only permits (but doesn’t require) the buyer signature.
The Buyer. Chances are the first time you see a real estate closing statement will be as a home buyer. The debit section highlights the items that are part of the total you’ll owe at closing, including the amount due for closing and title costs, which are generally halved with the seller.
The Closing Disclosure replaces the Truth-in-Lending Act (TILA) disclosure and the HUD-1 Settlement Statement. Under the final rule, the creditor is responsible for delivering the Closing Disclosure to the consumer, but creditors may use settlement agents to provide the Closing Disclosure, provided they comply with the final rule.
As a result, the Closing Disclosure Form (CDF) was born. The CDF is the settlement statement that replaced the HUD, only it is designed strictly for the buyer only. It contains information specific to their loan amount, closing costs, loan terms, and other such personal information.
In transactions that do not include a seller, such as a refinance loan, the settlement agent may use the shortened hud-1a form. If you applied for a mortgage after October 3, 2015, for most kinds of mortgage loans you receive a form called the Closing Disclosure instead of a HUD-1.
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