Definition: The standardized five-page form showing final loan terms, projected payments, and closing costs for covered mortgage transactions.
Example
A borrower compares the Closing Disclosure with the Loan Estimate before closing.
Keep the distinction clear
The Closing Disclosure is not the deed, promissory note, or proof that ownership has transferred. Its figures and the other closing documents serve different purposes.
Related terms
Closing · Credit (Closing Statement) · Debit (Closing Statement)
Keep studying
References: CFPB: Closing Disclosure explainer
Comments
0 comments
Article is closed for comments.