Lending regulation
Closing Disclosure
The final statement of loan terms and closing costs, delivered before closing
It must be in the borrower’s hands a set number of business days before consummation so the final numbers can be compared against the Loan Estimate. Certain late changes restart that waiting period.
How the exam asks about it
The waiting period is the point of the rule: the disclosure exists to be read before signing, not at the table.
Related terms
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