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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. The reference to 'HUD' in the form's
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A HUD-1 or HUD-1A Settlement
Statement is prepared by a creditor or, more typically, by the settlement agent who conducts the closing on the creditor's behalf. The settlement agent must permit the borrower to inspect the HUD-1 or HUD-1A settlement statement, completed to set forth those items that
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established a specific HUD-1/HUD-1A exemption. The TRID rule mandates the use of a
Closing Disclosure form instead. The use of the HUD-1 or HUD-1A is also exempted for open-end lines of credit (home-equity plans) covered by the Truth in Lending Act and Regulation Z.
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are known to the settlement agent at the time of inspection, during the business day immediately preceding settlement. Items related only to the seller's transaction may be omitted from the HUD-1.
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Federal regulations require that unless its use is specifically exempted, either the HUD-1 or the HUD-1A, as appropriate, must be used for all mortgage transactions that are subject to the
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United States
Department of Housing and Urban Development
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is a standardized mortgage lending form in use in the
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