Florida Closing Disclosure Form

Disclosure Form

In October 2015, the Consumer Finance Protection Bureau implemented a new regulatory closing document for all federally regulated loan closings on residential properties. The form previously known as the “HUD” was discontinued. The new form known as the Closing Disclosure, often referred to as the “CD,” itemizes all closing-related costs on a five page document in the form of a comprehensive disclosure. A lender must provide the final Closing Disclosure form to you three days prior to closing. This allows borrowers sufficient time to review it and check the figures against the original disclosure the borrower received at the start of the loan process.

Here is the step-by-step process of what borrowers should expect throughout their loan process:

Applies for loan.

Receives initial loan estimate and reviews terms.

If the terms are acceptable, the borrower then receives the initial Closing Disclosure form stating the interest rate, loan terms, loan fees, title fees, and all other loan related charges.

Accepts terms by signing documents.

Completes traditional loan process.

Receives final Closing Disclosure three calendar days prior to closing. If terms match the initial within tolerance range, the buyer signs the form and the closing is scheduled.