we remain concerned with the Bureau’s new Closing Disclosure, which goes into effect Aug. 1, 2015, and replaces the current hud-1 settlement statement. The Closing Disclosure misleads consumers about.
Debits vs. credits on the closing statement. Like your typical budget balancing sheet, the seller’s closing statement is organized into Debits (expenses) and Credits (deposits or increases) to the account. Other forms might have columns labeled as "Seller Charge" and "Seller Credit," which mean the same thing.
HUD-1 Settlement Statement. 1986-2015: Prior to October 2015, the Settlement Statement was known as the HUD-1, which is a standard government form issued by the Closing Agent that lists all credits, charges and home loan terms for both the buyer and the seller in all real estate transactions that required a mortgage.
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 itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and mortgage refinance transactions.
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.
replaced by a “Loan Estimate” and the HUD-1 settlement statement will be replaced by two Closing. Disclosure forms, one for the buyer and.