A settlement statement, or Form HUD-1, is a document that indicates fees and charges that both the buyer and seller incur during the settlement process of a housing transaction. The U.S. Department of Housing and Urban Development administers Form HUD-1 and other documents necessary to close a real estate transaction.
What Is a Settlement Statement in Home Buying? Up until October 3, 2015, the Consumer Financial Protection Bureau required HUD-1 Settlement Statements to be provided to every buyer and seller when a real estate transaction was taking place, as well as to borrowers who were going through the refinancing process.
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The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents.
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A settlement statement is a document given to borrowers at closing that itemizes services and fees charged to the borrower by the lender or broker. It also contains a good faith estimate.
Settlement Statement. A breakdown of costs involved in a real estate sale. Before real estate is sold, federal law requires both the buyer and seller to provide a settlement statement. This official document lists all the costs involved in the sale.
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A. Settlement Statement (HUD-1) Previous edition are obsolete Page 1 of 3 HUD-1 B. Type of Loan J. Summary of Borrower’s Transaction 100. Gross Amount Due from Borrower C. Note: 400. Gross Amount Due to Seller This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked
settlement statement: A statement given to borrowers at closing. This statement discloses all costs and fees associated with the purchase of the home. The total amount of interest paid over the life of the loan, closing costs, origination fees, and all other costs are spelled out in this statement.
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2018-03-23 · A settlement statement is a document that summarizes all of the fees and charges that a borrower and lender face during the settlement process of a loan.