HUD-1 Settlement Statement

The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions.

Federal regulations require that unless its use is specifically exempted, either the HUD-1 or the HUD-1A, as appropriate, must be used for all mortgage transactions that are subject to the Real Estate Settlement Procedures Act.

Prior to October 3, 2015, the form was used in closed-end consumer credit transactions that were secured by real property or cooperative units.

But as of that date, the TILA/RESPA integrated disclosure (TRID) rule issued by the Consumer Financial Protection Bureau established a specific HUD-1/HUD-1A exemption.

The use of the HUD-1 or HUD-1A is also exempted for open-end lines of credit (home-equity plans) covered by the Truth in Lending Act and Regulation Z.