What is the first document that must be reviewed at closing in a mortgage finance transaction under TRID?

In a mortgage finance transaction governed by the TILA-RESPA Integrated Disclosure (TRID) rule, the first document that must be reviewed at closing is the Closing Disclosure (CD). This document is crucial as it provides the borrower with detailed information about the mortgage loan terms and the specific costs associated with obtaining the loan. The Closing Disclosure ensures transparency and allows borrowers to compare these final terms with the Loan Estimate they received earlier in the process.

The CD must be provided to the borrower at least three business days before closing, allowing them sufficient time to understand the terms and costs before they finalize the transaction. The importance of the Closing Disclosure lies in its role in making sure that all fees are clearly outlined, and it serves as a key tool for the borrower to confirm that they fully understand their financial obligations and the costs involved in the mortgage transaction.

Other documents listed, such as the Loan Estimate and disclosure statements, play vital roles earlier in the process, specifically before the closing stage. The title insurance policy is also an essential document but is usually reviewed after the Closing Disclosure since it pertains to insuring the title against defects rather than outlining the mortgage terms and costs.