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OMB Approval No. 2502-0265 A. Settlement Statement (HUD-1) B. Type of Loan 1. 4. C. Note: FHA VA 2. 5. RHS Conv. Ins. 3. Conv. Unins. 6. File Number: 7. Loan Number: 8. Mortgage Insurance Case

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Who needs a Form HUD-1?
What is Form HUD-1 for?
Is Form HUD-1 accompanied by other forms?

Who needs a Form HUD-1?

The HUD-1 Settlement Statement is designed by US Department of Housing and Urban Affairs (HUD). The form is used in real estate transactions involving federal mortgage loans for the purchase of real estate. The HUD-1 should be completed by the agent conducting the settlement as part of the overall process of closing the sale.

What is Form HUD-1 for?

This form is designed to give a statement of actual settlement costs representing all the costs (including payments for the escrow and on mortgage loan) associated with the object of the transaction and relates them to either a seller or a buyer. The compilation of this form is preceded by the Good-Faith-Estimate (the estimated amount of fees and costs at the time of the transaction's end) provided by a lender to a borrower. The final amounts at closing may differ from the previously announced, so such difference of the final sums is reflected in HUD-1 Statement.

In case you are a buyer, Form HUD-1 will show you how much the property is going to cost. If you are a seller, you will know how much you can receive from the transaction.

Is Form HUD-1 accompanied by other forms?

As mentioned above, completing HUD-1 Statement is preceded by providing the GFE document required by the Real Estate Settlement Procedures Act. The Estimate act should be provided by a lender to a borrower in three days from the time when the creditor received a notice from the borrower about a mortgage loan closing.

Additional pages may accompany the HUD-1 for the purpose of including customary recitals and information used locally in settlements. These can be documents testifying the delay of monthly mortgage payments, the previous money transfers between a buyer and seller, etc.

How do I fill out Form HUD-1?

The entire document is just three pages, each of which is divided into two parts: the seller’s and the buyer’s (the buyer is known as the “borrower” because the HUD-1 is meant to specify closings involving lender financing).

The first page contains general information about the object of sale, the parties involved in the transaction and their settlement agent. Also, the summaries of borrower’s and seller’s transactions are presented. The first page can be filled in the last turn, as it only summarizes the information given on the next two pages.

The second page specifies the following list of settlement charges:

Items payable in connection with loan;

Items required by lender to be paid in advance;

Reserves deposited with lender;

Title charges;

Government Recordings and transfer charges;

Additional settlement charges.

You will go through the following topics on the third page comparing estimated charges that were shown on the Good Faith Estimate and the actual loan and closing charges:

Charges that in total cannot increase more than 10%;

Charges that can change;

Loan terms.

Where do I send Form HUD-1?

Two copies of the completed Form HUD-1 must be kept by the seller and the buyer. It is important to save HUD-1 for a tax preparer of both. It will be needed in the year of purchase or sale of the property.

Video instructions and help with filling out and completing hud document

Instructions and Help about hud 1 software form

Hello homebuyers and real estate agents the hud-1 is going away, and I'm going to explain in detail how to read the new closing disclosure and what that means to you but first especially for home buyers you want to realize what a real estate transaction is like it's like dominoes as you see on the picture here you set up all kinds of dominoes and that's the same as a real estate transaction there's many little steps that need to be accomplished before we can actually close the deal now if there's any one of these dominoes or one of these steps that are left out that isn't completed then you're not going to get the deal done it's not going to close so it's so important that you have a system in place to make sure that all the little things get taken care of, so there's not a delay especially with this new law that says this closing disclosure form has to be complete and accurate three days before the close of escrow now it used to be that real estate agents would forget to order a home warranty let's say until the last minute now that could cause if you get the invoice in from a home warranty company which could have been ordered the day you opened escrow a month earlier or two months earlier if you wait till the last day you might actually cause the escrow to be delayed three days because of the three-day waiting period to be able to look at the final numbers before closing, so again it's really important for you to have a system in place now I have it what's called the trans tract system or transaction tracking system this is a template of what it is you can look at that later I'll provide a link so when you hire a real estate agent you want to make sure that they're using the trans tract system to avoid any delays in your closing now first let's take a look at what this new form is replacing as you can see I'll provide the link to this webpage the Consumer Financial Protection Bureau web page that shows as you see before there was a forum called the initial Truth in Lending disclosure and a Good Faith Estimate those were two forms that would be provided by your loan officer at the time that you applied for the loan now those two forms are been consolidated into one form called a loan estimate I'm not going to go over these forms today, but I'm going to go over the next forms they used to be a final Truth in Lending disclosure and what was called the hud-1 settlement statement that gave you all the final numbers and usually what happened is that hud-1 settlement statement you get an estimate before close then it would close and then after close you to get the actual final numbers now the new rule says you don't get an estimate ahead of time you have to have the final numbers three days before closes and so those two forms are being replaced by the new closing disclosure, and you can go to this webpage, and you'll see view the closing disclosure as a PDF here I've got a copy of it right here it's a five-page-long document I'm going to go over in...

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What is hud 1 form?

HUD-1 is a standardized settlement statement used by closing agents to itemize all of the charges imposed on a borrower and seller for a real estate transaction. It is also known as the Settlement Statement or Closing Statement.

Who is required to file hud 1 form?

The HUD-1 form must be completed by the creditor and signed by all parties to the transaction, including the buyer and seller. Lenders are required to provide a copy to the borrower at or before closing.

How to fill out hud 1 form?

1. Start with the top box and enter the date, buyer’s name, seller’s name, and address of the property. 2. Enter the purchase price and the amount of cash given at the time of closing. 3. Enter the loan amount, type, interest rate, and loan term. 4. Enter the amount of earnest money and any other deposits paid by the buyer. 5. Enter the amount of adjustments for prepaid items, such as insurance, taxes, and utilities. 6. Enter any closing costs, such as title search and recording fees. 7. Enter the total amount of funds due from the buyer and the total amount due to the seller. 8. Sign and date the form at the bottom.

What is the purpose of hud 1 form?

The HUD-1 Settlement Statement is a form that itemizes and lays out all the costs and fees of a real estate transaction. It is used to provide a complete record of the settlement process for both the buyer and seller. It is the standard document used in all real estate closings in the United States.

What information must be reported on hud 1 form?

The HUD-1 form is used to itemize services and fees charged to the borrower by the broker or lender. Information that must be reported on the HUD-1 form includes the names of the buyer and seller, the purchase price, closing costs, escrow deposits, and any prorations. It also includes a breakdown of fees for items such as appraisal fees, credit reports, title insurance, and recording fees. The total cost of the loan, the total amount due to the lender at closing, and the total amount due to the seller must also be reported on the HUD-1 form.

When is the deadline to file hud 1 form in 2023?

The deadline for filing HUD-1 forms in 2023 is not yet known. HUD (the U.S. Department of Housing and Urban Development) typically sets the deadline for filing HUD-1 forms on an annual basis. We recommend checking with your local HUD office for more up-to-date information.

What is the penalty for the late filing of hud 1 form?

There is no specific penalty for the late filing of a HUD-1 form. However, if the late filing is part of a larger pattern of noncompliance with HUD regulations, the lender may be subject to sanctions, fines, or other enforcement actions.

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