What loan transaction requires a HUD-1?

A HUD-1 form is most commonly used for reverse mortgages and mortgage refinance transactions. Now, for most kinds of mortgage loans, borrowers receive a form called the Closing Disclosure instead of a HUD-1 form.

What does HUD-1 mean?

The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1.

What is a HUD-1 Settlement Statement for taxes?

The HUD-1 tax settlement bill lists closing costs, including prepaid items such as property taxes and mortgage interest. Since these taxes may have already been paid by the seller for a period after closing, you, as the buyer, will refund this amount to the seller at closing.

What is an addendum to HUD-1?

Definition 1: A document that accompanies the HUD-1 ( Settlement Statement ) that discloses fees and closing costs associated with the loan.

What does HUD-1 mean in real estate?

The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1.

Who completes the HUD-1 settlement statement in most states?

The settlement agent shall complete the HUD-1 to itemize all charges imposed upon the Borrower and the Seller by the loan originator and all sales commissions, whether to be paid at settlement or outside of settlement, and any other charges which either the Borrower or the Seller will pay at settlement.

What is a closing statement?

A closing statement is a form used in a real estate transaction that includes an itemized list of all the buying or selling costs associated with that transaction. It's a standard element of home sales, especially those that involve mortgages, and refinancings.

Get HUD-1 Addendum

Of the funds which were received and have been or will be disbursed by the undersigned as part of the settlement of this transaction. ___________________________________ Settlement Agent Date WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can include a fine and imprisonment. For details see: Title 18 U.S. Code Section 1001 and Section 1010. .

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