The Closing Disclosure (aka “the CD”) is what you will sign at Closing. (Note: in October 2015 the Closing Disclosure statement replaced the old HUD-1 Settlement Statement). The CD was designed to include all the financing details of the loan and was made to look nearly identical to the Loan Estimate (LE) that was sent earlier in the process.
Immediate Action Required
Once the loan has Underwriting Approval we will email you an Initial Closing Disclosure and it MUST be e-signed by everyone on the loan before an industry-mandated two-day waiting period is started. A delay in signing the CD will result in a delayed closing.
You MUST e-sign the initial Closing Disclosure before the two-day waiting period starts.
Example: If a loan is closing on a Friday, then the initial CD must be e-signed before midnight on Tuesday to satisfy the two-day waiting period (Wednesday and Thursday). Note: Sundays and holidays do not count as “waiting days”- so if closing is on a Tuesday then the CD has to be e-signed by Friday.
The CD Team
The Closing Disclosure (CD) will be sent via email and will come from someone in HomeBridge’s Closing Disclosure Team AND the authorization code will be the same password that you used when you e-signed the Loan Package earlier in the process. (i.e. typically the last four digits of your social). You’re welcome to contact the CD Team should have any troubles accessing or e-signing the document; however, we are still your point of contact for details about rate, costs, loan structure, etc..
Initial CD = Estimate
Chances are the initial CD won’t be perfect. Some of the figures may still be estimates and there may even be some instances where blanks exist. This is perfectly okay, and you are still required to e-sign the document before the two-day waiting period begins. The Final CD will be what you actually sign at closing. What’s important to verify on the initial CD are the figures and terms you know – i.e. the interest rate, the loan amount, proper escrows, etc.. (Note: the login and password credentials are the same ones from when you e-signed the initial Loan Package.)
The Final Closing Disclosure will provide the exact costs and the loan’s details. Once the CD is finalized, we will email you a copy and call you to review it in detail. Be sure to check out what you need to know before going into Closing.