Mortgage Glossary
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.
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