Delivering the closing disclosure to the borrower is the responsibility of the?

The responsibility of delivering the closing disclosure to the borrower lies primarily with the creditor, also known as the lender. This document is critical as it outlines the final terms and costs associated with the mortgage loan, including the interest rate, monthly payments, and any closing costs that the borrower will incur.

Under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), creditors are required to provide this disclosure to borrowers in a timely manner, typically at least three business days before the loan closing. This regulation is designed to ensure that borrowers have ample opportunity to review the terms of their loan and make an informed decision before finalizing the transaction.

While other parties, such as mortgage loan originators (MLOs), mortgage brokers, and settlement agents, play important roles in the mortgage process, the ultimate responsibility for ensuring that the closing disclosure is delivered to the borrower rests with the creditor. They are held to compliance standards that require them to ensure this important document is provided accurately and on time.