The HUD-1 Settlement Statement

The HUD-1, also known as the settlement statement, is a prescribed form from the U.S. Department of Housing and Urban Development (HUD). This form itemizes all charges imposed on the borrower and all charges imposed on the seller in connection with the settlement of your real estate transaction. One business day before the settlement, you have the right to inspect your HUD-1 Settlement Statement.

The HUD-1 is filled out by the settlement agent who will conduct the settlement. The fully completed HUD-1 Settlement Statement generally must be delivered or mailed to you at or before the settlement. In cases where there is no settlement meeting, the escrow agent will mail you the HUD-1 after settlement, and you have no right to inspect it one day before settlement.

The HUD1 has been replaced by the Closing Disclosure. Over the last 10 years there have been roughly 3 "statements". Each claims to explain to the borrower closing costs. Each has expanded to include more pages than the last one. The easiest to understand was the Good Faith Estimate. That too has been replaced with the 5 page Loan Estimate. Also, in an attempt to state costs. Throughout the years the number of pages to a mortgage has grown to around 100. Be prepared to do a lot of reading before you seek to purchase a home. Things have changed and it's important to seek experienced licensed loan officers.

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