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 amount is clearly shown on the settlement statement (such as the Uniform Settlement Statement, Form HUD-1) as points charged for the mortgage.
Your lender prepares a Form HUD-l, Uniform Settlement Statement, that explicitly states the points incurred on the loan.
* 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.
Also, a copy of Form HUD-1 (Uniform Settlement Statement, showing the amount of points paid by the seller in connection with the transaction) should be attached to the amended return.
The Uniform Settlement Statement (Form HUD-1) must clearly designate the amounts as points payable in connection with the loan.
* 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.g., "loan origination fees," "loan discount," "discount points" or "points"), including VA or FHA loans.
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.
Is clearly designated on the Uniform Settlement Statement (e.g., the Form HUD-1) as points (for example, as loan origination fees (including amounts so designated on VA and FHA loans), loan discount, discount points or points), regardless of whether shown as paid from the borrower's or the seller's funds at settlement;
* They must be clearly designated on the Uniform Settlement Statement (Form HUD-1 or equivalent) as points incurred in connection with the debt (e.g., "loan origination fees," "loan discount," "discount points" or "points").
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