Get the free closing disclosure statement form

This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Disclosure Closing Information Transaction Information Loan Information Date Issued Closing Date Disbursement Date Settlement Agent File Property Sale Price Borrower Seller Lender Loan Term Purpose Product Loan Type Conventional FHA VA Loan ID MIC Can this amount increase after closing Loan Amount Interest Rate Monthly Principal Interest See Projected Payments below for your...

How to fill out printable closing disclosure form

How to fill out CFPB Closing Disclosure

1. Review the top section for basic information about the loan and the parties involved.
2. Fill in the loan terms, including the loan amount, interest rate, and monthly payment.
3. Provide details on the projected payments over the loan term in the 'Payments' section.
4. Complete the 'Loan Costs' section by itemizing fees associated with the loan.
5. Fill in the 'Other Costs' section to include additional fees such as taxes and insurance.
6. Calculate the total closing costs and net funds to/from borrower.
7. Review the 'Cash to Close' section to ensure accuracy in the final amount.
8. Verify that all signatures are collected from the appropriate parties.

Who needs CFPB Closing Disclosure?

1. Homebuyers acquiring a mortgage.
2. Borrowers refinancing an existing mortgage.
3. Lenders or mortgage companies providing financing.
4. Real estate agents involved in the transaction.

• Who needs the Closing Disclosure Form?
• What is the purpose of the Closing Disclosure Form?
• When is the Closing Disclosure due?
• • How to fill out the Loan Closing Disclosure?
  • Where to send the completed Closing Disclosure?

Who needs the Closing Disclosure Form?

The closing Disclosure form is a kind of 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.

Video instructions and help with filling out and completing closing disclosure statement form

Instructions and Help about fillable closing disclosure form

I'm Mary Schuster chief product officer and MVP 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 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

People Also Ask about closing disclosure fillable form

Is the closing disclosure the last step?

The Closing Disclosure is the final document you'll see in the mortgage loan process just before that massive pile of paperwork you'll face at closing.

Can I waive the 3 day waiting period closing disclosure?

A consumer may modify or waive the right to the three-day waiting period only after receiving the disclosures required by § 1026.32 and only if the circumstances meet the criteria for establishing a bona fide personal financial emergency under § 1026.23(e).

Why is there a 3 day waiting period after closing disclosure?

This waiting period gives you time to review all the documents to ensure that the terms you're agreeing to match the terms outlined at the beginning of the mortgage process when you received your loan estimate (which lenders are required to disclose no later than three days after receiving your completed application).

What is the 3 day rule for closing disclosure?

Your lender is required to send you a Closing Disclosure that you must receive at least three business days before your closing. It's important that you carefully review the Closing Disclosure to make sure that the terms of your loan are what you are expecting.

Why do you need a closing disclosure?

The Closing Disclosure walks you through important aspects of your mortgage loan, including the purchase price, loan fees, interest rate, real estate taxes, closing costs and other expenses. Take the time to look over both your Loan Estimate and Closing Disclosure in detail to make sure everything you see makes sense.

What is a closing disclosure document?

A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

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With pdfFiller, the editing process is straightforward. Open your seller's closing disclosure form in the editor, which is highly intuitive and easy to use. There, you’ll be able to blackout, redact, type, and erase text, add images, draw arrows and lines, place sticky notes and text boxes, and much more.

What is CFPB Closing Disclosure?

The CFPB Closing Disclosure is a five-page form that provides final details about the mortgage loan that a borrower has selected. It outlines the terms of the loan, the closing costs, and the monthly payments, allowing borrowers to understand their financial obligations before finalizing the transaction.

Who is required to file CFPB Closing Disclosure?

Lenders and creditors are required to provide the CFPB Closing Disclosure to borrowers for most residential real estate transactions involving a mortgage loan. This includes conventional loans, FHA loans, VA loans, and other secured loans.

How to fill out CFPB Closing Disclosure?

To fill out the CFPB Closing Disclosure, follow the provided guidelines, filling in pertinent information about the loan terms, payment details, and closing costs. It is typically completed by the lender, but borrowers should review it carefully for accuracy and clarity before signing.

What is the purpose of CFPB Closing Disclosure?

The purpose of the CFPB Closing Disclosure is to provide transparency in the mortgage closing process, ensuring that borrowers are fully aware of their loan details, costs, and financial responsibilities, allowing them to make informed decisions.

What information must be reported on CFPB Closing Disclosure?

The CFPB Closing Disclosure must report information including loan terms, estimated monthly payments, closing costs, additional loan disclosures such as prepayment penalties, and detailed breakdowns of fees and expenses related to the loan transaction.