HUD-1 Settlement Statement
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
The HUD-1 Settlement Statement was the itemized list of all closing charges, largely replaced by the Closing Disclosure for most consumer mortgages in 2015.
What HUD-1 Settlement Statement means
The HUD-1 detailed every buyer and seller charge at closing. It still appears in some transactions, like reverse mortgages and certain cash or commercial deals. But most residential loans now use the Closing Disclosure under TRID.
Florida example
An investor paying cash for a Florida rental received a HUD-1 Settlement Statement at closing, since the TRID Closing Disclosure applies mainly to consumer mortgage loans.
What it is
The HUD-1 was the old form that listed all closing costs and credits. For most loans, the closing disclosure has replaced it.
It is still used for some reverse mortgages and cash deals.
Why it matters
Whether HUD-1 or closing disclosure, review every line before you sign. The numbers should match your estimate.
We check your closing figures with you. Apply now and we will make sure they are right.