The Closing Disclosure is the final settlement statement for buyers in purchase transactions involving financing. The form was implemented as part of the Dodd-Frank mortgage reform passed in 2013. Lenders are required to provide the Closing Disclosure at least 3 days before closing so that a buyer can review closing costs, monthly payment amounts, cash needed to close, and compare the final terms with the initial loan estimate provided when the buyer applied for the loan. In some types of transactions, such as reverse mortgages, buyers will receive a HUD-1 and Truth-In-Lending forms instead of the Closing Disclosure.