Final closing disclosure

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  • #73605
    caycolon
    Member

    Once receiving your Final CTC and your closing dated has been scheduled and confirmed how long does it take to get a copy the Final Closing Disclosure?

    #73632
    TTrumble
    Member

    Hello caycolon,

    You should actually receive the final Closing Disclosure before you get the final Clear to Close. The CD is the final statement of what the specific terms of the loan will be and does not have to wait for the CTC to be issued.

    Additionally, federal law requires a three day period between the issuance of the CD and the actual closing. In many cases, this allows the closing attorney or title firm to draft the closing documents and have them at the ready when the CTC is finally given. I have seen some rare cases where the closing was actually done the same day as the CTC because the CD was issued in a timely manner and the three day period had already passed.

    Tim Trumble
    Online Operations, NACA

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