HUD-1 form

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.

References in periodicals archive ?
1, 2015, the Good Faith Estimate (GFE), HUD-1 form and Truth-in-Lending disclosures will be replaced by a Loan Estimate form and a Closing Disclosure.
Just as you got a good faith estimate (GFE) from your lender, at closing you'll get a HUD-1 form detailing all your actual costs.
Under the existing disclosure requirements, some fees initially disclosed on the Good Faith Estimate may vary slightly (tolerance ranges) from the final HUD-1 form.
This enabled lenders to ensure that fees disclosed on a loan's final HUD-1 form increased only within allowable tolerances from the loan's binding Good Faith Estimate (GFE).
Over the last five years, I have been involved with the HUD-1 form and the mapping of each and every data point on each and every column on each and every page to a representation in the mortgage banking industry's standard representation as defined by MISMO [R], the leading technology standards development body for the residential and commercial real estate finance industries.
The company has enhanced RESPA Auditor to enable lenders to implement complete end-to-end controls for their RESPA disclosure processes, from the initial Good Faith Estimate (GFE) at application to the HUD-1 form at closing.
In addition, Solidifi Values[TM] the company's proprietary transaction system, contains functionality allowing lenders to view separately the fee paid to the appraiser and Solidifi's management fee, assisting in proper disclosure on the HUD-1 form.
At the loan closing itself, closing costs on the HUD-1 form exceeded the new 10 percent GFE/HUD-1 tolerance level, yet the lender did not redisclose prior to closing as required.
The updated version includes new Good Faith Estimate and HUD-1 form functionality that allows lenders to make certain the specific loan costs shown on the GFE at time of application harmonize with the settlement statement the borrower sees at closing.
Modify the HUD-1 form to better correspond to the GFE;
Rather than entering every borrower-paid fee on the HUD-1 form, lenders can now enter the total borrower's fees on the HUD-1.
This guide is designed to assist mortgage lending and compliance staff with properly completing the new Good Faith Estimate and HUD-1 forms, required by the new RESPA disclosure rules.