HUD-1 Settlement Statement (historically)
E618774
The HUD-1 Settlement Statement was a standardized closing form used in U.S. real estate transactions to itemize all charges and credits to buyers and sellers before it was largely replaced by newer disclosure forms.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| HUD-1 Settlement Statement | 0 |
Statements (65)
| Predicate | Object |
|---|---|
| instanceOf |
real estate closing document
ⓘ
standardized settlement statement ⓘ |
| abbreviation | HUD-1 NERFINISHED ⓘ |
| appliesTo | federally related mortgage loans ⓘ |
| beneficiary |
borrower
ⓘ
regulators ⓘ seller ⓘ |
| comparisonFunction | allows comparison of GFE estimates to actual charges ⓘ |
| countryOfUse |
United States of America
ⓘ
surface form:
United States
|
| dataType | tabular financial disclosure ⓘ |
| format | standardized federal form ⓘ |
| governingAgency | U.S. Department of Housing and Urban Development NERFINISHED ⓘ |
| hasField |
appraisal fee
ⓘ
broker commissions ⓘ cash from borrower ⓘ cash to seller ⓘ contract sales price ⓘ credit report fee ⓘ deposit or earnest money ⓘ escrow deposits ⓘ hazard insurance premiums ⓘ loan amount ⓘ loan origination charges ⓘ points paid to lender ⓘ prepaid interest ⓘ property taxes ⓘ recording fees ⓘ seller concessions ⓘ title insurance premium ⓘ title search fee ⓘ total settlement charges to borrower ⓘ total settlement charges to seller ⓘ transfer taxes ⓘ |
| hasSection |
comparison of Good Faith Estimate and HUD-1 charges
ⓘ
itemization of settlement charges ⓘ summary of borrower and seller transaction ⓘ |
| historicalRole | primary settlement statement for U.S. residential closings before TRID ⓘ |
| industryRole | standard accounting of closing funds ⓘ |
| largelyReplacedEffectiveDate | October 3, 2015 ⓘ |
| legalBasis | Real Estate Settlement Procedures Act NERFINISHED ⓘ |
| legalBasisAbbreviation | RESPA NERFINISHED ⓘ |
| purpose |
facilitate comparison of estimated and final closing costs
ⓘ
itemize all charges and credits to buyer and seller at closing ⓘ provide a standardized format for settlement cost disclosure ⓘ |
| regulator | U.S. Department of Housing and Urban Development NERFINISHED ⓘ |
| relatedDocument | Good Faith Estimate ⓘ |
| relatedDocumentAbbreviation | GFE ⓘ |
| requiredDeliveryTiming | at or before settlement ⓘ |
| sectionCount | 3 main pages ⓘ |
| statusAfterTRID | required only for certain transactions not covered by TRID ⓘ |
| stillUsedFor |
certain home equity lines of credit
ⓘ
reverse mortgages ⓘ some cash-only transactions ⓘ |
| supersededBy |
Closing Disclosure
NERFINISHED
ⓘ
Loan Estimate NERFINISHED ⓘ |
| supersededByRegime | TILA-RESPA Integrated Disclosure rule NERFINISHED ⓘ |
| supersededByRegimeAbbreviation | TRID ⓘ |
| supersedingAgency | Consumer Financial Protection Bureau NERFINISHED ⓘ |
| supersedingAgencyAbbreviation | CFPB NERFINISHED ⓘ |
| usedIn |
HELOC transactions
ⓘ
mortgage loan closings ⓘ real estate transactions ⓘ refinance transactions ⓘ residential real estate closings ⓘ reverse mortgage transactions ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.