The HUD-1 Settlement Statement

**NEW RESPA Reform**

The HUD-1, also known as the settlement statement, is a prescribed form from the U.S. Department of Housing and Urban Development (HUD). This form was recently revised in the RESPA Reform that took effect January 1, 2010.

This form itemizes all charges imposed on the borrower and all charges imposed on the seller in connection with the settlement of your real estate transaction. The new HUD-1 includes a side-by-side chart to help compare the estimated charges shown on the GFE with the actual charges at closing. You have the right to inspect your HUD-1 Settlement Statement prior to actually closing.

The HUD-1 is filled out by the settlement agent who will conduct the settlement. The fully completed HUD-1 Settlement Statement generally must be delivered or mailed to you at or before the settlement. In cases where there is no settlement meeting, the escrow agent will mail you the HUD-1 after settlement, and you have no right to inspect it one day before settlement.