HUD-1 form

(redirected from HUD-1 Settlement Statements)

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 ?
Heydasch was the settlement agent for numerous real estate transactions that included unsupported charges and inaccurate payoff amounts on the HUD-1 settlement statements. Heydasch entrusted a then-suspended lawyer in his employ to handle the subject closings and failed to adequately supervise him.
In "Reported Price Errors: A Caveat for Appraisers," Allen, Lusht, and Weeks document the magnitudes and signs of differences in prices reported in a multiple listing service in comparison to prices reported on HUD-1 Settlement Statements. They find the prices reported in multiple listing services may differ significantly from prices reported on HUD-1 statements, with price overstatement more likely than understatement and price discrepancies likely to be larger during a market bust.
The study gathered information from the consumer's HUD-1 Settlement Statements and the FHA loan files, and analyzes how borrower characteristics affects that type and cost of loan they receive.
According to RESPA, brokers were responsible for disclosing YSPs to their customers on a HUD-1 Settlement Statement. (98) A HUD-1 Settlement Statement is a standardized form developed by HUD's Secretary that itemizes all charges associated with a refinance or purchase of a one-to-four family residential property.
(40.) In 1992, HUD amended Regulation X in response to the increased usage of YSPs in mortgage financing and explicitly required the disclosure of YSPs on the HUD-1 Settlement Statement. See 24 C.F.R.
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.
The Notice further alleges that Respondent falsified internal loan documents to hide from the Bank the fact that he was charging customers broker fees that exceeded the Bank's broker fee cap and gave customers misleading HUD-1 Settlement Statements that masked the broker fees charged.
It was a breach of fiduciary duty, conflict of interest, unsafe and unsound practice, and violation of law, for Respondent to divert portions of customer loan proceeds on 13 home equity loans without the customers' knowledge, consent, or approval; falsify internal loan documents in order to hide from the Bank the fact that he was charging customers broker fees that exceeded the Bank's broker fee cap; and give customers misleading HUD-1 Settlement Statements that masked the broker fees charged.
A sample of 670 HUD-1 Settlement Statements was obtained from two banks operating in a southern US state.
This study documents the magnitudes and signs of differences in prices reported in a multiple listing service in comparison to prices reported on HUD-1 Settlement Statements. Price differences are found in 8.75% of the sample, ranging in size from -1.09% to 21.44%.
Other violations included failure to adopt and maintain a quality-control plan; failure to report employee compensation on W-2 forms; charging unallowable excessive or duplicative loan processing/origination fees; and failure to ensure fees paid outside of closing were listed on HUD-1 Settlement Statements.