Understand LE & CD

Under New TRID rule, most borrower will be provided two disclosure forms LE (Loan Estimate) or CD (Closing statement) to understand their loan features and cost except HELOC, reverse mortgage and mobile home loans or none-creditor loan originators who do less than 5 loans per year.

What is LE (Loan Estimate)?

Borrower will had all loan related fee or features listed in LE so they will know everything about the loan upfront. Loan agent will deliver LE to borrower within 3 biz days after the application and no later than 7 days before consummation for purchase or 4 days before consummation for refinance.

What is CD (Closing statement) ?

CD is deliver to Borrower 3 biz days before consummation (Borrower formally sign the the lender documents) . It will helps borrower to understand all their loan related closing cost.

Sample form of LE

Sample form of CD