What is a Closing Disclosure and when must it be provided?

A Closing Disclosure is a five-page form that details the final terms of the mortgage loan, including the loan amount, interest rate, monthly payments, closing costs, and cash needed at closing. Under the TILA-RESPA Integrated Disclosure rule, lenders must provide the Closing Disclosure to the borrower at least three business days before the scheduled closing date. If any significant changes occur after delivery, such as a change in APR, loan product, or addition of a prepayment penalty, the lender must provide a corrected disclosure and the three-day waiting period restarts. ---