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 North Dakota, as in the rest of the United 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, in accordance with the TILA-RESPA Integrated Disclosure (TRID) rules implemented by the Consumer Financial Protection Bureau (CFPB). The Closing Disclosure provides similar information but in a more consumer-friendly format. The HUD-1 or HUD-1A forms are still used for certain types of transactions, such as reverse mortgages or when the buyer and seller agree to use the HUD-1 in a cash transaction. It's important for parties involved in real estate transactions in North Dakota to be aware of which form applies to their situation and to review these documents carefully at closing.