This form is specifically for the agents and brokers to receive at the end of the transaction. As such, ALTA has designed a form they are calling the “ALTA Settlement Statement”. Now, real estate agents and brokers have been used to receiving a copy of the old HUD in the past, however, due to new TRID regulations and privacy restrictions, they are no longer permitted to view or receive copies of these new CDF’s. As this is a new, additional form not required in the past, it has become the norm in the industry now for the title company to charge a fee for this form, payable by the sellers. As a result, this form is signed only by the buyer, and the title company and lender are instructed by law to only share this form with the buyer.īecause the sellers will also need a settlement statement (CDF) – and because this is not provided by the buyer’s lender like the buyer CDF is – it is the responsibility of the Title Company to now create and provide this additional document. It contains information specific to their loan amount, closing costs, loan terms, and other such personal information. The CDF is the settlement statement that replaced the HUD, only it is designed strictly for the buyer only. As a result, the Closing Disclosure Form (CDF) was born. Things were much simpler then.įast forward to October 2015 when new TRID regulations enforced stricter rules concerning how this information was disclosed to the consumers, as well as beefing up privacy policies concerning personal information. All parties signed and left the closing table with a copy of the same form. Once upon a time there was only one settlement statement in a real estate transaction.
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