Is there more than one kind of Closing Disclosure ("CD")?

The CFPB designed three different CDs: one for the buyer in a purchase transaction, one for the seller, and one for refinance borrowers. The Buyer's CD has all the information for both sides of the transaction, like the HUD-1. The Seller CD has just the info from the seller's side and is two pages long.

How do I open a new file for a CD closing?

Once you have opened a new file, on the Names tab, click the list in the Attributes section to choose the 2015 Disclosure Form. You should do this BEFORE you enter any financial information. Your Pages 1, 2 and 3 tabs for will change from HUD-1 pages to CD pages.

Why is my screen showing me several pages of the CD at the same time?

On large, high-resolution monitors, Closing Center can show you multiple parts of the CD all on one data entry screen. This is a "power user" mode that you might like once you become more familiar with the CD. To turn it off, you need to be on the CD data entry screens, and then press Alt-A on your keyboard. Click the "Form" tab and un-check "Maximize Display."

Can I merge a CD from info entered on the HUD-1 screens?

No. You must fill in the CD screens to merge a CD.

Can I change a HUD-1 file to a CD file?

The fields on the CD do not match the HUD-1, so none of the data will convert to the new format. Doing this may even cause problems with your CD financial data. For this reason, it is not recommended to copy a HUD-1 file to a new file that you intend to use for a CD.

How do I merge/print the different CDs?

On the Print Documents screen, the HUD-1 batch will have a new label - "Disclosure." The buyer's CD is called CD. The seller CD (CDSeller) will merge from the same information you are entering on the screens for the buyer's CD. The refi CD (CDRefi) will be in the batch instead if the file is a refinance.

How do I enter the Closing, Transaction & Loan Information on Page 1?

Most of this information fills in automatically from the Names and Financial tabs. There are a few fields you fill in yourself.

How does the rest of Page 1 get filled in?

Most of the information on Page 1 will come from your lender. There are a few items, such as the Estimated Escrow, that will automatically calculate from the escrow section on Page 2.

How will I know what to enter, if anything, when an answer on Page 1 is Yes?

An explanation is always required if the answer is Yes. Your lender should be supplying this information.

How is the Estimated Taxes, Insurance & Assessments total calculated?

This number is the total monthly escrowed and non-escrowed costs, exclusive of mortgage insurance. Often it will be just the total of monthly property taxes and homeowner's insurance. However, there will be times you need to manually calculate the total, as it can include amounts that are not otherwise disclosed on the CD, such as the monthly cost for condominium fees. The total should match the total of those same two items in the Escrow Account section on Page 4.

What if I have additional items for Estimated Taxes, Insurance & Assessments?

We are not allowed to add more lines to the three shown on the sample form. If you have more than three, list one item next to Other, but make sure your total includes all the items.

How do I override an automatically calculated figure on the CD screens?

Right-click the figure, then click "Control," then check the "Override" box. More features will soon be added to the program to make this easier and to give you additional right-click options.

On Page 2, can I delete standard entries to make room for more items?

Certain entries must be in place whether they are being used or not. This is best understood by looking at the CFPB's blank CD form, but the line items are A.01, E.01-02, F.01-04, and G.01-03.

What do I do about recording fees other than Deed and Mortgage?

We are not allowed to add line items or otherwise list separately the recording fees for all the additional items to be recorded. As a consequence, the subtotal for section E will usually be a number that is not the total of the fees that are listed. It will have to be calculated and entered manually.

Why don't my monthly taxes fill into the escrow section?

The annual property tax figure on the Financial tab has been de-coupled from the monthly tax figure in the Initial Escrow section (G.). This was done because there have been too many instances of users needing to enter a number in the Escrow section that is higher than the amount calculated from the previous year's annual amount.

How are simultaneous loan and owner's policy premiums apportioned?

The loan policy is disclosed at full price, and the owners total cost less the loan policy and any simultaneous issue fee. This is the same as most Standard Conveyancer users have always shown it. Interestingly, some states have laws which require the opposite, so there is a conflict between state law and the CFPB regulation.

Where are lender credits entered?

Lender credits go on the bottom of page 2, in section J, as a negative number. The lender credit reduces that borrower's Total Closing Costs in J. You do not enter lender credits like you would on the HUD-1 Page 1, as an item paid on behalf of the borrower.

What is the difference between Page 2 Seller-paid costs and a Page 3 Seller Credit?

If the seller pays closing cost included on Page 2, the cost is listed in the seller column. Seller credits on Page 3 are for an additional Seller concession for something that is not a closing cost, such as a credit to cover the repair of a problem discovered just before closing.

How is the Cash to Close section filled in?

Please see our annotated sample CD for an illustration, and the CFPB Guide for more information.

How are Broker commissions shown when there is a Broker-held deposit?

Broker commissions are always listed with the full payment in section H. The practice of showing only the additional amount being paid to brokers (as on HUD-1 Page 2, with the deposit held by broker on Page 1) does not apply on the CD. (See http://www.consumerfinance.gov/eregulations/1026-38/2013-28210#1026-38-g-4-i, then click to show the Interpretation for 38(g)(4).) A credit for the deposit retained by the broker should be entered on page 3 in section N.

What if the Broker is holding excess deposit?

Excess deposit is still listed as an amount subtracted from the total due to seller, in this case on line N.01.

How do I figure the Loan Calculations on Page 5?

These are Truth-in-Lending numbers that should come from the lender.