How many pages does the Closing Disclosure have and what is the retention period?

The Closing Disclosure is a critical document in the mortgage process that provides borrowers with details about the final terms of their loan, including the costs associated with the mortgage. It consists of 5 pages and serves as a consolidated statement of all the financial aspects involved in the transaction.

The retention period for the Closing Disclosure is 5 years. This requirement aligns with regulations set forth by the Consumer Financial Protection Bureau (CFPB), which mandates that creditors must retain a copy of the Closing Disclosure for this duration. This period is necessary to ensure proper documentation is available for audits, compliance checks, or any potential disputes or questions that may arise related to the transaction.

Understanding the structure and retention requirements of the Closing Disclosure helps mortgage professionals comply with regulations and serve their clients effectively by providing accurate and necessary information throughout the loan process.