The definition of mortgage term: Disclosures
A series of documents disclosing terms of the loan that will be provided to a borrower. Disclosures will be given a various points through out the process of taking out a mortgage. At the beginning of the application process you will receive a disclosure called the Truth in Lending disclosure, good faith estimate, and an initial escrow account disclosure.. At closing you will receive another disclosure, the HUD-1. These documents are required under RESPA.
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