What does a HUD-1 Settlement Statement include?
The HUD-1 Settlement Statement shows the actual settlement costs of the loan transaction. The form clearly shows all charges imposed on borrowers and sellers in connection with the settlement. The Real Estate Settlement Procedures Act (“RESPA”) allows the borrower to request to see the HUD-1 Settlement Statement one day before the actual settlement date. The settlement agent must provide the borrowers with a completed HUD-1 Settlement Statement based on information known to the agent at that time.
