Does a standard HUD-1 Settlement Statement need to be prepared when a household receives AHP subsidy?
• • The federal Real Estate Settlement Procedures Act (“RESPA”) pertains to all loans that are secured with a mortgage placed on a one-to-four-family residential property. In accordance with RESPA, a HUD-1 Settlement Statement is the standard, industry-wide accepted form that accounts for all closing costs and charges related to a home purchase. Since the AHP is a federally regulated program and our Members are either regulated by or have deposits that are insured by an agency of the federal government, all AHP-assisted transactions must be memorialized using a standard HUD-1 Settlement Statement.
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