law

Closing Disclosure

The Closing Disclosure is a five-page federal form that lenders must give borrowers for most consumer mortgage loans, showing the final loan terms, projected payments, and all closing costs. Under the TILA-RESPA Integrated Disclosure (TRID) rule, the borrower must receive it at least three business days before consummation. Certain changes, such as an APR increase beyond tolerance, a change in loan product, or adding a prepayment penalty, trigger a new three-day waiting period.