Washington Buyer and Seller Guide for Title and Escrow

48 © 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.