HUD-1 form

(redirected from HUD-1 Settlement Statement)

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 ?
A new Closing Disclosure form has also replaced the HUD-1 Settlement Statement and the final Truth in Lending disclosure.
The rule also requires loan originators to provide consumers a Closing Disclosure form, which combines the final TILA disclosure and the HUD-1 Settlement Statement, at least three business days prior to consummation of the mortgage.
In addition, the new Closing Disclosure will replace the HUD-1 Settlement Statement required by RESPA and the final disclosure required by TILA.
When it is time to close, they will work from a document known as a HUD-1 settlement statement.
QC Closing conducts an automated evaluation of the HUD-1 settlement statement and loan data, based on lender-defined rules, at a point in the closing process at which corrections can still be made.
If the buyer is paying $2,000 to the seller for personal property or rent that expenditure would have to appear on the Loan Application Form or itemized on the HUD-1 Settlement Statement.
1, 2010, new RESPA guidelines became mandatory for lenders and title companies to use the new Good Faith Estimate and the new HUD-1 Settlement Statement on residential properties," Jones said.
Perhaps the best feature of Home Buying by the Experts is that it translates the HUD-1 Settlement Statement line-by-line into vernacular English, and makes every effort to explain other real estate complexities in direct, accessible terms for lay readers.
The proposed forms will replace the current Truth in Lending, Good Faith Estimate and HUD-1 Settlement Statement disclosures.
With some exceptions (covered in this column), borrowers will no longer receive a HUD-1 Settlement Statement or a final Truth in Lending disclosure because those documents have been combined into the new Closing Disclosure form.
The closing disclosure form, received by consumers three business days before closing on a loan, will replace the final truth in lending statement and HUD-1 settlement statement.