last reviewed: SEP 04, 2020
The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance.
If you applied for a mortgage on or before October 3, 2015, or if you are applying for a
reverse mortgage, you receive a HUD-1. In transactions that do not include a seller, such as a refinance loan, the settlement agent may use the shortened HUD-1A form.
If you applied for a mortgage after October 3, 2015, for most kinds of mortgage loans you receive a form called the Closing Disclosure instead of a HUD-1.
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-$3,200/365 = $8.76712329 (do not round)
-Jan-31, Feb-28, Mar-31, Apr-30, May-31, Jun-30, Jul -31, Aug-31, Sep-30, Oct 31, Nov-26=330 days X $8.76712329 = $2,893.15 (rounded to cents)
-Here we would debit the seller: $2,893.15 and credit the buyer $2,893.15
- closing information (Includes date issued, closing date, disbursement date, settlement agent, file number, property
address, and sales price)
- transaction information ( includes names and addresses for both the borrowers and sellers and the lender's name)
- loan information (Includes the loan term, purpose of the loan, product type, loan type and loan ID number)
-loan term (Gives the exact figures for the loan amount, interest rate, and monthly principal and interest payment, and indicates whether any of those amounts can increase after closing)
-projected payments (Shows the actual payments the
borrower will make for principal & interest and mortgage insurance, an estimated amount for the escrow payment, and the total estimated monthly mortgage payment)
-costs at closing (Shows the borrowers' total closing costs and the total amount of cash the buyers need to close the loan)
-Origination charges - Points, application fees, and underwriting fees
-Services the borrower did not shop for - Appraisal, credit report, flood determination fee,
flood monitoring fee, tax monitoring fee, and tax status research fee.
-Services the borrower did shop for - Pest inspection, survey fee, title insurance binder, lender's title insurance, settlement agent fee, and title search.
The total loan costs for this borrower come to $4,694.05.
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