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Resources > Glossary > HUD-1

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2


Function: noun

Definition 1:
A document similar to the settlement statement that discloses all fees and closing costs associated with a particular loan.

Definition 2:
Also known as the HUD and the Settlement Statement. Please also see, "Settlement Statement" The HUD-1 document is prepared by the closing agent and discloses all fees and 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.

Thesaurus / Related Terms
Settlement Statement
Closing Costs
Addendum to the HUD
Good Faith Estimate