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Addendum to the HUD
Phonetics: Ad·den·dum to the HUD \ə-'den-dəm\
Notaries must be aware that there are various documents that discuss closing costs. Some documents are estimates, while others are final. The Settlement Statement is a final document that itemizes closing costs.
A document that accompanies the HUD-1 ( Settlement Statement ) that discloses fees and closing costs associated with the loan.
Definition 2: Thesaurus / Related Terms
This document is prepared by the closing agent and discloses all fees and closing costs involved in the loan and is required by Federal Law. It includes the loan amount, loan fees, charges, proration of real estate taxes, and amounts due to and from the borrower(s). It is common for the appraisal fee(s) and credit report fees to have already been paid. Previously paid fees should be documented as paid by noting the initials, P.O.C. which stands for paid outside the closing.