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The Closing Disclosure

March 11, 2018 By John Lumpkins

Starting in late 2015 the documentation used in federally-regulated consumer real estate settlements changed due to new federal law and regulations. One of the more prominent changes was the use of a new format for the disclosure of the money changing hands in the closing process.

For decades the industry used what is known as the HUD-1 Settlement Statement. Today consumers receive what is called a “Closing Disclosure”.

The Consumer Financial Protection Board’s website provides lots of resources for home buyers. One useful resource is an interactive Closing Disclosure available here.

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