Understand LE and 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’s 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’s 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 of completed loan estimate for fixed rate loan
Sample of completed loan estimate for interest only, adjustable rate loan (en Español)
Sample of completed loan estimate for refinance (en Español)
Sample of completed loan estimate for balloon payment (en Español)
Sample of completed loan estimate for negative amortization (en Español)

Sample form of CD

Sample of a completed closing disclosure for fixed rate loan (companion to sample loan estimate above) (en Español)
Sample of a completed closing disclosure for refinance (companion to sample loan estimate above) (en Español)
Sample of the completed closing disclosure for refinance transaction where the closing costs have increased in excess of the good faith requirements
Sample of a completed closing disclosure for refinance in which the consumer must pay additional funds to satisfy the existing mortgage loan securing the property and other existing debt to consummate the transaction
Sample page 3 of closing disclosure (summaries of transactions) for disclosure of consumer funds from a simultaneous second-lien credit transaction
Sample page 3 of closing disclosure (summaries of transactions) for disclosure of funds paid outside of closing

If you have question about your LE and CD or need a detailed explanation, please don’t hesitate to contact us and we’d love to help!