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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 Rhode Island, 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 during a property settlement. For mortgage refinances, a similar statement, the HUD-1A, was used. However, for most mortgage applications submitted after October 3, 2015, the Closing Disclosure form has replaced the HUD-1 and HUD-1A forms 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 when comparing loan offers. The HUD-1 or HUD-1A forms are still used for reverse mortgage transactions or for mortgage applications that were in process before the October 3, 2015 deadline.

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Real property

HUD-1 statement

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Real property

HUD-1 statement

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