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Who needs the Closing Disclosure Form?

The closing Disclosure form is a kind of a summarizing agreement defining the final term of mortgage loan and closing costs that is to be concluded by the two parties: the borrower and the lender. Other parties may be involved while signing the Closing Disclosure form including the seller of the property and the real estate broker(s) handling the deal. It is the lenders (the lending institution’s) duty to provide the borrower with the given Closing Disclosure before closing the mortgage loan.

What is the purpose of the Closing Disclosure Form?

Filling out and signing the form is an inevitable step in making a loan agreement. The disclosure reveals all the financial details including calculations of the interest rate and number and amount of monthly payments.  These details are important to the parties in case of any misunderstanding in the future.

When is the Closing Disclosure due?

The lender is supposed to deliver the form to the borrower 3 days before the loan closing date. This period is important to the borrower, so the borrow can check all the terms and details of the loan, as they should correspond to those indicated on the previously received Loan Estimate form.

How to fill out the Loan Closing Disclosure?

Other than the information about the parties and the real property being bought, the completion of the form requires indicating a significant amount of financial information:

  1. Loan amount;

  2. Interest rate;

  3. Monthly principal and interest;

  4. Payment calculations;

  5. Closing costs;

  6. Other costs;

  7. Summaries of transactions, etc.

Any important additional information covering the transaction details should be put in the Closing Disclosure as well.

Where to send the completed Closing Disclosure?

As already mentioned, the lending institution is obliged to direct the filled out closing Disclosure Form for the borrower’s signature, giving them a 3-day period to double-check the terms of the loan.

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I'm Mary Schuster chief product officer and EVP of regulatory affairs with Ram quest here to talk to you today about the new closing disclosure form from the CFPB in the past federal law required two different disclosure forms to be provided to consumers at or shortly before their loan closing the information on these forms known as the final till and hood one was overlapping and often inconsistent consumers often found the forms confusing the dodd-frank act directed the Consumer Financial Protection Bureau the CFPB to integrate these mortgage loan disclosures into a new single consolidated disclosure form as a result the closing disclosure form is a five page form that is due to the borrower for review three days prior to the closing or settlement in an escrow state it is due to the seller not later than the day of closing or settlement the lender or creditor is responsible for delivering the closing disclosure or CD to the borrower also the consumer but creditors may engage the services of a settlement agent to provide the CD so long as they comply with the provisions of the rule the rule creating these new requirements is known as the integrated Mortgage Disclosure rule or trig and it applies to most closed-ended mortgage transactions except home equity lines of credit reverse mortgages and true mobile home loans when the dwelling is not attached to the land or seller financing where the creditor makes five or fewer mortgages in a year let's take a look at the first page of the closing disclosure form to see what information is presented first to the borrower