Key Takeaways
- The Closing Disclosure must be received 3 business days before closing; review every line against the Loan Estimate.
- At closing, the promissory note and deed of trust are the two most critical documents.
- Loan servicing may transfer within 60 days of closing—watch for hello/goodbye letters.
- Investment property purchases do NOT carry a 3-day right of rescission.
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Test Your Knowledge
1.What is the single biggest financial crime risk in real estate closings?
2.What should a borrower do before wiring closing funds?
3.What happens during the "funding" stage of closing?