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Real property

HUD-1 statement

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 types of mortgage loans you receive a form called the Closing Disclosure instead of a HUD-1.

In Idaho, as in all states, the HUD-1 Settlement Statement was traditionally used for real estate transactions to itemize all charges and credits to the buyer and seller. However, for most mortgage applications submitted after October 3, 2015, the Closing Disclosure form has replaced the HUD-1 form due to changes implemented by the Consumer Financial Protection Bureau (CFPB). The Closing Disclosure provides similar information but is designed to be easier for consumers to understand and use. It is part of the TILA-RESPA Integrated Disclosure (TRID) rules. The HUD-1 or HUD-1A forms are still used for reverse mortgage transactions or for mortgage applications submitted on or before October 3, 2015. In Idaho, the settlement agent or attorney handling the closing will provide the appropriate form based on the type of loan and the date of the mortgage application.

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Real property

HUD-1 statement

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Idaho State Code

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Real property

HUD-1 statement

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