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The Closing Disclosure

After 8-1-2015, the new Closing Disclosure will be the primary settlement document for residential real estate transactions. The new disclosure replaces the familiar HUD-1 and Truth-In-Lending Statement (TIL), combining most of the information from these documents.

The five-page Closing Disclosure does away with the old HUD numbering system, breaking out payments and charges into several sections on three pages and incorporating loan-related disclosures on two additional pages. Here’s a brief summary of each section

LOAN TERMS
The consumer-friendly loan terms are found front and center along with information on prepayment penalties (if applicable).

PROJECTED PAYMENTS
The section breaks down the specific changes that may occur in monthly payments throughout the loan term.

COSTS AT CLOSING
All closing costs and cash needed at settlement are listed in this last section on Page 1.

Closing Disclosure, Page 1

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