Which document modernly itemizes credits and debits for all parties at closing?

• A. HUD-1 Settlement Statement
• B. Closing Disclosure
• C. Deed
• D. Title Insurance Policy

Answer: (B)

The Closing Disclosure is the form that clearly itemizes every credit and debit for all parties at closing. It’s the standardized document required for most residential mortgage closings under TRID, and it presents the final loan terms along with the exact closing costs. It shows what the buyer will bring to close (cash to close) and, on the seller’s side, the net proceeds after all credits and debits are accounted for. The HUD-1 was the older form used before TRID for itemizing closing costs, but modern residential closings use the Closing Disclosure. Deed and Title Insurance Policy serve different purposes—transferring ownership and protecting against title defects, not detailing closing financials.