Uniform Settlement Statement

Uniform Settlement Statement

The real estate closing form required by the Real Estate Settlement Procedures Act (RESPA) in order to account for all funds received, all disbursements made,and all expenses and all credits at closing.The form is more commonly known as a HUD-1.

References in periodicals archive ?
The basis includes most settlement or closing costs and any debt assumed -- all of which are on a homebuyer's HUD-1 Uniform Settlement statement.
The points must be designated on the Uniform Settlement Statement as points (for example, as loan origination fees (including amounts so designated on Veteran Affairs (VA) and Federal Housing Administration (FHA) loans), loan discounts or discount points), and shown as paid from either the borrower's or seller's funds at settlement.
However, not found in IRC 461(g) is the requirement that the Uniform Settlement Statement prescribed under the Real Estate Settlement Procedures Act of 1974 clearly designate the amounts as points paid or incurred in connection with the indebtedness.
The proposed bill would require the lender to provide the completed promissory note, deed of trust or other mortgage instrument, all items needed to complete the uniform settlement statement and the final closing instructions at least four business days before the scheduled date of settlement to the settlement agent.
The Uniform Settlement Statement prescribed under the Real Estate Settlement Procedures Act of 1974(6) (Form HUD-1) must clearly designate the amounts as points paid in connection with the loan (e.
Is clearly designated on the Uniform Settlement Statement (e.
Full browser ?