Explain the various sections of a HUD-1 Uniform Settlement Statement.
What will be an ideal response?
The HUD-1 Uniform Settlement Statement is a three-page document. The first two pages of the HUD-1 are divided into alphabetical sections, from A through L. Section A is simply the title of the closing statement. Section B pertains to specifics of the loan. Section C is a note pertaining to items paid outside of closing. Section D requires the name(s) and address(es) of the borrower(s). Section E requires the name(s) and address(es) of the seller(s). It also provides a space for the insertion of the taxpayer identification number of the seller, which, if the seller is an individual, is the seller’s Social Security number. Section F requires the name and address of the lender. Section G is where the property location is inserted. The county and parcel identification number may be inserted as well. Section H is for the insertion of the name and address of the settlement agent. The closing date is inserted in Section I. Section J is a summary of the borrower’s transaction. Section K is a summary of the seller’s transaction. Section L itemizes the closing costs charged to each party. On the third page of the HUD-1, the purchaser is provided a side-by-side comparison of the borrower’s closing costs as they appear on the GFE and the actual closing costs set forth on the HUD-1.
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