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HUD-1 form
(redirected from HUD-1 Settlement Statement)

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HUD-1 Form
In the sale of real estate, a form itemizing the closing costs that the buyer and the seller are each responsible for paying. The costs for the buyer ought to be close to the good faith estimate.

HUD-1 form

See closing statement.



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These developments include HUD's January 1, 2010 roll-out of its new Good Faith Estimate and HUD-1 Settlement Statement, the enactment of a new federal law that transfers RESPA regulation and enforcement to a new Consumer Financial Protection Bureau in 2011, two new RESPA rulemakings on marketing agreements and homebuilder incentives, and numerous court decisions.
P&P might also set procedures regarding the review and approval of HUD-1 settlement statement and confirmation of the cure amount, when applicable.
RESPA also is the regulation that requires Good Faith Estimates (GFEs) and HUD-1 Settlement Statements be provided, so if you're giving a GFE and HUD-1 to the borrower, you can assume the loan is covered.
 
 
 
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