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A. Settlement Statement OMB Approval No. 2502-0265 U.S. Department of Housing and Urban Development B. Type of Loan 6. File Number: 1. 4. FHA VA 2. 5. FHA 3. Cone. Ins. 7. Loan Number: 8. Mortgage
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People Also Ask about
What is the difference between HUD settlement statement and closing disclosure?
While closing disclosures provide information about a borrower's loan, settlement statements do not include loan information. Settlement statements are used for commercial transactions and cash closings.
What is the HUD-1 settlement 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.
Is a settlement statement the same as a closing statement?
A settlement statement is a document listing the terms and conditions of a settlement agreement and details all related costs or credits due to each party. A mortgage loan settlement statement is commonly known as a closing statement.
Is HUD-1 same as closing disclosure?
The HUD-1 form, listing all closing costs, is given to all parties involved in reverse mortgage and mortgage refinance transactions. Since late 2015, a different form, the Closing Disclosure, is prepared for the parties involved in all other real estate transactions.
Is HUD settlement statement the same as closing disclosure?
The closing disclosure and the HUD-1 settlement statement are both forms that disclose the final details of your mortgage loan and the closing costs you will pay. However, they are used for different types of loans and transactions.
What is settlement charges to borrower line 1400?
inspection of heating, plumbing, or electrical equipment. These inspection charges may include a fee for insurance or warranty coverage. Line 1400 is for the total. settlement charges paid from Borrower's funds and Seller's funds. These totals are also entered on Lines 103.
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