Which document combines the good faith estimate and the initial truth-in-lending statement?

The correct answer is the loan estimate. This document is a critical part of the mortgage process, as it effectively combines the good faith estimate and the initial truth-in-lending statement into a single form. By doing this, the loan estimate provides borrowers with a clear and concise overview of the key loan terms, projected monthly payments, and estimates of closing costs. This allows borrowers to understand the full scope of their financial obligations and compare different loan offers more effectively.

The loan estimate must be provided to borrowers within three business days of applying for a mortgage, ensuring they have timely access to essential information about the costs associated with their loan. This transparency is crucial for informed decision-making in the home-buying process.

The other options do not serve this specific purpose. A loan commitment refers to a lender's agreement to fund a loan, typically issued after a complete application and underwriting process. A loan disclosure refers to any document that discloses key information about the loan terms but does not specifically combine the good faith estimate and truth-in-lending data into one document. Lastly, a closing statement provides a detailed account of the final financial transactions that occur when the property is transferred, which is after the loan has already been established, rather than during the initial application stages