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© Ticor Title Company
THE NEW CLOSING DISCLOSURE EXPLAINED
A look at the different sections of the Closing Disclosure and explanations of each page.
The new form is 5 pages long
New form replaces the TILA and HUD-1
One Closing Disclosure is required for each loan
Charge descriptions on both the Loan Estimate
and Closing Disclosure must match.
Closing Disclosure at-a-glance
The Closing Disclosure replaces the Truth-in-Lending Act
(TILA) disclosure and the HUD-1 Settlement Statement.
Under the final rule, the creditor is responsible for delivering
the Closing Disclosure to the consumer, but creditors may use
settlement agents to provide the Closing Disclosure, provided
they comply with the final rule.
There is still a requirement for one Closing Disclosure
for each loan and charge descriptions used on the
Loan Estimate must be substantially similar to the
descriptions used on the Closing Disclosure. This is
so a consumer may easily identify a change in costs or
terms by a comparison of the two forms.




