In our current world, the Settlement Agent is responsible under RESPA to prepare and deliver the HUD-1 to the borrower and lender.
Under the new rule, the Creditor is responsible for preparation and delivery of the Closing Disclosure to the consumer. However, the Creditor may work with the Settlement Agent to prepare and deliver the Closing Disclosure to the consumer, nonetheless the creditor remains responsible for ensuring that the rules and regulations are followed.
Under the new rule, the Settlement Agent must deliver the Closing Disclosure to the Seller:
- No later than the day of Consummation
- Provide a copy to the creditor
- Provide a corrected CD within 30 days if an event causes the CD to be inaccurate within 30 days of Consummation
Please see attached for the Seller Closing Disclosure form:
http://files.consumerfinance.gov/f/201403_cfpb_closing-disclosure_cover-H25HI.pdf
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