Closings glossary
Closing Disclosure
The federal disclosure listing a residential borrower's loan terms, closing costs and cash to close. It is delivered at least three business days before the loan is consummated.
What is a Closing Disclosure?
Quick Answer
The full definition
The federal disclosure listing a residential borrower's loan terms, closing costs and cash to close. It is delivered at least three business days before the loan is consummated.
Also called: CD, TRID disclosure.
Where does closing disclosure come up in a New York City closing?
A buyer switching loan products four days before a Bronx closing triggers a new three-day waiting period, which is how a Friday closing becomes a Wednesday one.
What else should you read before closing?
In the glossary
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
- RESPAThe federal statute regulating residential settlement disclosure and prohibiting kickbacks or unearned fees for referring settlement service business.
- Mortgage recording taxThe New York tax due when a mortgage is recorded, computed on the new money secured. A CEMA is the standard structure used to reduce the taxable am...
- Premium (title insurance)The one-time charge for a title policy, computed from the filed New York rate schedule by amount of insurance, plus any endorsement and search-rela...
- Title insuranceInsurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is ...
Questions this raises
- What is the difference between the ALTA settlement statement and the Closing Disclosure?The Closing Disclosure is the lender's borrower form. The ALTA statement is the agent's full accounting for both sides. How to reconcile them befor...
- How are title fees shown on a Loan Estimate?Section C holds shoppable title services, Section E holds recording and transfer taxes. How to read New York title lines and compare them to the fi...
Have a closing coming up?
Tell us about the transaction. An attorney reads every intake form and responds the same business day.
Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.