What document summarizes the credits and debits to the buyer and seller before loan consummation?

The document that summarizes the credits and debits to the buyer and seller before loan consummation is the Closing Disclosure. This form is crucial in real estate transactions as it provides a detailed account of the financial aspects involved in the closing process. It lists all the closing costs that both the buyer and seller will incur, along with credits that may apply to each party.

The Closing Disclosure must be provided to the parties at least three business days before the closing date, ensuring that both parties have ample opportunity to review and understand their financial obligations and benefits. This transparency helps prevent surprises at the closing table and ensures that all parties are in agreement regarding the financial terms of the transaction.

While the Loan Estimate also provides essential information about the costs of the mortgage, it is issued early in the loan process and does not include the final accounting of debits and credits related to the closing. A Credit Report assesses the buyer's creditworthiness, and a Title Report details the ownership history and any liens on the property, but neither of these documents provides the financial breakdown specific to the closing process as the Closing Disclosure does.