The new Closing Disclosure (CD) issued by the lender for a new loan transaction is intended to be a final, accurate representation of the closing costs and the cash required from the buyer. In reality, the initial CD has proven to be a close representation of the cash needed by the buyer at closing. The initial CD is many times revised. The initial CD, once receipted by the buyer, starts the 3 day waiting period before loan documents can be signed. Revisions are allowed without re-starting the 3 day waiting period. If the buyer does not receipt the CD, the waiting period is 6 days before signing. Buyers should not rely on the initial CD to draw their cashier’s checks for closing. They should wait until the final CD is approved by the lender and the Title company for the exact amount of funds that are needed for closing.
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