Closing Disclosure
/ˈkloʊzɪŋ dɪsˈkloʊʒər/
Definitions
- (n.) A standardized, final written statement provided to a borrower before closing a mortgage loan, detailing loan terms, projected monthly payments, and closing costs.
The borrower reviewed the Closing Disclosure carefully before signing the mortgage documents.
Forms
- closing disclosure
- closing disclosures
Related terms
See also
Commentary
The Closing Disclosure replaces the HUD-1 Settlement Statement under the TILA-RESPA Integrated Disclosure rules and must be delivered three business days before loan consummation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.