What does a HUD-1 Settlement Statement include?
The HUD-1 Settlement Statement shows the actual settlement costs of the loan transaction. The form clearly shows all charges imposed on borrowers and sellers in connection with the settlement. The Real Estate Settlement Procedures Act (“RESPA”) allows the borrower to request to see the HUD-1 Settlement Statement one day before the actual settlement date. The settlement agent must provide the borrowers with a completed HUD-1 Settlement Statement based on information known to the agent at that time.
Related Questions
- GOVERNMENT FEES QUESTION IN 1200 SERIES OF HUD-1 Question: If there are additional government recording fees, such as to record a power of attorney or road maintenance agreement, are they included in Line 1201 of the HUD-1 or can they be charged separately?
- Does voluntarily using the HUD-1 in a real estate transaction that otherwise is not subject to RESPA result in RESPA applying to the transaction?
- Where should the settlement agent list the commitment fee, wire fee and other miscellaneous title fees on the HUD-1?
