Closing Disclosure Flashcards
Page 1 CD
Loan Terms, Projected Payments, Costs at Closing
Page 2 CD
Loan Costs, Other Costs
Page 3 CD
Calculating Cash to Close, Summaries of Transactions
Page 4 CD
Loan Disclosures
Page 5 CD
Loan Calculations, Other Disclosures, Contact Information, Confirm Receipt
Closing Disclosure
The closing disclosure is a five page document containing the final amounts of all the cost involved in the transaction. The CD is due three business days prior to consummation of the loan. The CD must be retained for five years from the date of consummation. If there are any numerical errors on the CD, the MLO or lender has 30 days from consummation to correct the errors. For non-numerical the timeframe is 60 days. Refunds due to tolerance errors must be also within 60 calendar days after consummation.
