Closing Disclosure

The Closing Disclosure is a crucial document in real estate transactions, specifically designed to provide borrowers with final details about their mortgage loan. This document outlines the terms of the loan, including the loan amount, interest rate, and all closing costs, ensuring transparency in the transaction process. It must be provided to the borrower at least three business days before closing, allowing time to review the terms and ask any questions.

Designed to meet the requirements of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), the Closing Disclosure aims to protect consumers by providing clear and concise information about their financial obligations. Reviewing the Closing Disclosure helps borrowers compare it with the Loan Estimate received previously, ensuring they understand their final costs and the terms of their mortgage.

Extractable Data Fields

Below is a table listing the key data fields that Vaultedge can extract from the Closing Disclosure. Please refer to the table below for detailed information.