Form HUD-1, Settlement Statement, is a complex document developed for the purpose of listing all charges connected with a home purchase transaction. The application was required to be used in all transactions that include federal mortgage loans, however, now it is only being used for reverse mortgages. The purpose of the form is to give both sides of the transaction, a seller and a borrower, a complete list of their outgoing and incoming funds.
The HUD-1 Form was issued by the U.S. Department of Housing and Urban Development. Since the document is only being used for a certain type of mortgages, there are no recent developments in it.
Borrowers and sellers are supposed to get their Form HUD-1 from the settlement agent or a creditor one day prior to their settlement. The document is prepared after a borrower's loan is approved and a closing agent can put all the numbers in the form. HUD-1 Form contains very important information about the loan and its terms, that's why it's essential to pay a lot of attention to its content and the numbers. A fillable HUD-1 Form is available for download below.
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