The definition of mortgage term: Initial Disclosures
Initial disclosures are the preliminary disclosures that must be signed by the borrower. It outlines the initial terms of the mortgage application and includes federal and state required mortgage disclosures. The most important items to keep in mind in the initial disclosures are the 1003 loan application, GFE (good faith estimate), TIL (truth in lending) and program specific disclosures. Much of these same disclosures will be at the final closing using the final loan terms.
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