How is the charge for conducting the settlement disclosed on the HUD-1?
The charge to the borrower for conducting the settlement must be included in the total stated in the borrower’s column on Line 1101 of the HUD-1. In addition, the total in the borrower’s column on Line 1101 must include any amount for conducting the settlement that was paid by another person on behalf of the borrower. In such a case, an offsetting credit must be shown on page 1 of the HUD-1. If the seller paid the amount, a credit to the borrower in that amount must be listed in Lines 204-209, and a charge to the seller must be listed in Lines 506-509. If another person pays the amount an offsetting credit is reported in Lines 204-209, identifying the person paying the charge. Any separate charge to a seller for conducting the settlement is listed in the seller’s column in Line 1102. The borrower’s charge for conducting the settlement should be itemized outside the borrower’s column in Line 1102. Question: If state law requires further itemization of title service or title insurance re
Related Questions
- If the title agent conducts the settlement, should the charge for conducting the settlement be included in Line 1101 of the HUD-1, with the itemized charge listed outside the column on Line 1102?
- Where should separate charges to the seller for the preparation of deeds or a closing charge be disclosed on the HUD-1?
- Where should the charge for the Homeowners Association (HOA) transfer fee be disclosed on the GFE and HUD-1?
