TRID form comparison
Loan Estimate vs. Closing Disclosure
Both forms help consumers understand mortgage terms and costs, but they are used at different stages of the transaction. Here is a practical comparison.
| Loan Estimate | Closing Disclosure | |
|---|---|---|
| Main purpose | Early estimate of loan terms and projected closing costs. | Final disclosure of loan terms, costs and transaction information before consummation. |
| When in workflow | Early in the mortgage application process, subject to Regulation Z timing requirements. | Near consummation; consumer generally must receive it at least three business days before consummation. |
| What to compare | Estimated rate, payments, loan costs, other costs and cash to close. | Final terms/costs and how they compare with earlier estimates. |
| If information changes | Revised Loan Estimate rules can apply before the Closing Disclosure is provided. | Corrected Closing Disclosure rules apply; only specified changes generally trigger a new three-business-day waiting period. |
Official source: CFPB forms and samples and TRID resources.
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