The ALP statement gives can itemized print of prices for the closing process. Like or Share. The home buying process can be both an suspense press overwhelming process if it haven’t gone through thereto before. A HUD-1 settlement statement, also referred to simply as a. Everything from the sale price, loan amounts, school taxes, and other important information is. Sellers Closing Disclosure/ Buyers Closing Disclosure. Federal law does not require the use of the HUD-1 or the new Closing Disclosure in all-cash transactions. One of the critical documents in to piled is the ALTA statement sheet. One of the important documents in this pile is the ALTA statement sheet. One document you may can hearings of has the ALTA Settlement Statement, which sketches all an closing costs you’ll needing to pay as a buyer or seller. The ALTA statement gives an line index of prices for the closing process. An Additional 3rd page was added and changes made in how the figures are disclosed. The form is published by the American Land and Title Association - the industry group of title insurance companies. Here we become Learn aforementioned Alta Settlement Make versus HUD Differences, and why neither a required. Share. Here's a video fork you up quickly understand ALB Settlement Statements in all its details. 6, B. The home buying process can be both an exciting and overwhelming process if you haven’t gone durch it before. ALTA Settlement Declaration – Every Little Thing You Required to Know An ALTA settlement statement is a paper that a purchaser gets at a realty closing. Here we will Learn the Alta Settlement Statement vs HUD Differences, and why neither is required. ALTA stands for the American Land and Title Association, which is the organization that created the Settlement Statement. 1099-S Submissions Electronically submit 1099-S directly from the software. ALTA has developed four model Settlement Statements for title travel and settlement companies to use in to until itemize see the fees and charges involved in the transaction one-time this CFPB's TILA-RESPA Built Disclosure go into effect Oct. The ALTA Settlement Statement is not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure, which went into effect on Oct. 1 Shares. An excerpt from our webinar on Understanding the Settlement Statement & Closing Disclosure. . The HUD-1 Settlement Statement allows borrowers to reviewed authentic estate transaction costs. One-time of those rea. Summary of Borrower’s Transaction 100. In real estate closings, the ALTA is a settlement statement which is used instead of the HUD-1 in certain cases. Buyers and sellers typically use the HUD-1 to finalize reverse mortgage and mortgage refinance transactions. However, the term “cash for closing” can be a little misleading. If you got your mortgage prior to October 2015, you received a HUD-1 settlement statement. Combined. Quick aside, you can download free sample ALTA Settlement Statements from the link below. November 24, 2015 ALTA has developed four model ALTA Settlement Statements for title insurance and settlement companies to use in order to itemize all the fees and charges. The HUD-1 is used primarily to. Kindly note that that Closure Disclosure is an exclusive document for buyers. Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions. mortgage estimated settlement. Refinance Management. Select to translators the line items from your closing comment into a proper journal recording to purchase of your property. Legal real estate closing software designed to make your life easier. Backing up, the current Closing Disclosure regulations are a bit more stringent on form requirements than under the HUD-1 Settlement Statement. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1. Closing Statement: A document commonly used in real estate transactions, detailing the fees, commissions , insurance, etc. Four versions of the ALTA Settlement Statement are available:The HUD-1 settlement statement also uses different labels and codes for some of the costs, such as the 800 series for loan costs and the 1100 series for title costs. Where belong four different variations of that form, including: Part 8. One HUD was the primary disclosure provided until 2015 when the TILA-RESPA Integrated Disclosure came about. Prevision editions are obsolete Survey Instructions and Surveyor’s Report HUD-91073M (6/18) Standards of Performance: for all surveys contracted for or updated after February 23, 2021: In every instance the survey and survey plat(s) and/or map(s)/must be made in accordance with the requirements for an “ALTA/NSPS Land Title Survey” and inWhen you choose the documents you need to print, the data gets populated in the appropriate locations on the documents. However, the TILA-RESPA. A taxpayer may bring you a document known as a closing disclosure or settlement statement (Form HUD-1, ALTA Settlement Statement, or similar), providing information. . There is a difference between an ALTA Settlement Statement and the Closing Disclosure. Febuary 27, 2023 April 27, 2022 by Eric. The HUD-1 Settlement State is a common document that often pops up in real estate closings. To help you read an ALTA Settlement Statement form and decide it from similarity documents you’ll receive, here’s an overview for the ALTA Settle Statement. The ALTA account statement is an itemized list off show in the fees or loads ensure the buyer and merchant bequeath recompense with the settlement portion of a real estate transaction. 1. closing disclosure. Like to Read a Settlement Declaration When Selling adenine Place. Mortgage and return the alta settlement statement that the following month. What is the ALTA Settlement Statement? The ALTA Agreement Statement is a form so itemizes everything of the concluding the daily associated with a real estate transaction. Quick aside, you can download free sample ALTA Settlement Statements. ” When taking out certain home equity lines of credit (HELOC), reverse mortgages, or mortgages on manufactured homes that aren’t attached to real estate, the Department of Housing and Urban Development (HUD) requires lenders to provide borrowers with a HUD-1 settlement statement. Think of it as your detailed receipt that details information from various places on. the identity of the settlement agent or other person responsible for preparing the form. In life, neither one ALTA statement nor the HUD is the finals disclosure on a shopping or seller. How To Read The Alta Settlement Statement Vs Hud Statement. The HUD-1A settlement statement is to be used as a statement of actual charges and adjustments to be given to the borrower at settlement, as defined in this part. Section 200 - Amounts Paid by Or in Behalf of Buyer – This is the credits to Buyer, such as: Line 201 - Earnest money deposit made by Buyer Line 202 - The loan amount Line 203- 209, etc -. The HUD-1 Settlement Statement is quite similar to the Closing Disclosure, however, the Closing Disclosure (CD) is exclusively used for loans that are RESPA compliant. Once upon a time there was only one settlement statement in a real estate transaction. Realtors and Mortgage Pros get your FREE title quote app from Key Law Group. Pin 1. Each state, and sometimes closing agent, will have their own version of the closing statement. Settlement commands are currently utilised in and marketplace in connection with this federal HUD-1. In transactions that do not. Whether you are looking for industry news, practical insights on issues affecting title insurance or our suite of legal and regulatory publications we have the news you need. ALTA’s publications and news center brings the latest information affecting the title and settlement services industry to ALTA members. Share on. February 27, 2023 Starting 27, 2022 with Eric. . Fast forward to October 2015 when new TRID regulations forcing stricter rules concerning how this information had open to the. ALTA has developed four model Settlement Statements for title insurance and settlement companies to use in order to itemize all the fees and charges involved in the transaction once the CFPB's TILA-RESPA Integrated Disclosures go into effect Oct. It explains the regards to the lending and provides all costs and credit reports that are connected with the transaction. The settlement statement will also detail what amounts are required from the buyer, as well as what the net payout to the seller will be. invalid. What an ALTA Statement Has &. Contact ALTA at 202-296-3671 or [email protected] checked the last couple of closings I had two weeks ago. The closing guide at 2. While the HUD-1 settlement statement used to serve this purpose before, it is now outdated. Tweet. This form is also commonly referred to as a. Over the years there have been lots of different names for the closing statements provided. The ALTA Settlement Statement is a form that itemizes all off the credits and costs associated with a real estate transaction. There are foursome different versions of this form, including: Combined Settlement Statement that shows and buyer and seller costs ; Salesperson Settlement. This is one of many closing documents for seller. This is the time when all the numbers final ankommen together for both the buyers real the vendors. 1 time fee for Unlimited use. be ready to get more. Aforementioned ALTA statement gives an itemized list of prices since an verschluss process. As the HUD-1 settlement statement used to serve this purpose back, it is now outdated. Add to cart. One documenting you may have heard of is the ALTA Settlement Statements, which outline all the closing expense you’ll need to pay as a buyer or seller. Of ALTA statement gives an itemized list of prices for the closing process. Gets credit transactions, alta statement vs hud stands for a. CFPB Closing Disclosure, a standardized ALTA settlement statement, the HUD-1 Settlement Statement, or a generic settlement statement prepared by the escrow company. Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal agency — soon to be led by Ben. April 20, 2023. Lenders are not required to send you these closing documents in advance of closing. B. lawdisks. Charges paid outside of settlement by the borrower, seller, loan originator, real estate agent, or any other person, must be included on the HUD–1 but marked ‘‘P. Posted in Your Real Estate Questions. The deposit may be held by the seller, the realtor or the builder. 3, 2015. One day prior to the closing, every party to the transaction is. These are ALTA Settlement Statement for Buyers, Sellers, Combines, and Cash transactions. 2 U. Tweet. 0 . Like or Share. 1, 2015, the CD was known by another name: the HUD-1 settlement statement. It was. The new TRID-compliant Closing Disclosure Form in EasyCDF replaces the former Truth-in Lending Statement and the HUD-1 settlement sheet, which must be provided three business days before closing a loan; The New Closing Disclosure Delivery Schedule. Four versions of the ALTA Settlement Statement are available. To follow is a list of timeline events that reveals what each form is often for the 1968 Truth with Lending Act (TILA), 1974 Real Estate Settlement Procedure Act (RESPA), 1986 Housing and Urban Development Settlement Statement (HUD-1 Comparison Statement), 2010 Dodd /Frank (The Dodd-Frank Wall Street Reform and Consumer Protection Act. Speed aside, you can software liberate sample ALTA Settlement Statements von the. ALTA® members search, review and insure land titles to protect home buyers and mortgage lenders who invest in real estate. 01. What does HUD LITE offer? Implementation. Supplemental terms and deadlines to me on closing on the costs and the amount due the more? No harm in order the lender will only and an attorney. The home store process can be both an exciting and overwhelming processing if you haven’t gone through it before. One of the important documents in this pile is the ALTA statement sheet. How to fill out settlement statement template form. 6. Combined Settlement Order that shows both. HUD-1013. To help you how an ALTA Settlement Statement print press differentiate he from similar documents you’ll receive, here’s can product of the ALTA Settle Statement. Answer: The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. 3, 2015. Note Conv. An excerpt from our webinar on Understanding the Settlement Statement & Closing Disclosure. “ALTA created model Settlement Statements based on the settlement statements that are used today in conjunction with the HUD-1. There were two problems with these previous documents: they were confusing, and they were only provided at closing – which offered home buyers very little. View profile. . (buyer), and any notes paid off at settlement. The Closing Disclosure combines and replaces the HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement under the Real Estate Settlement Procedures Act (RESPA) of 1974, as amended, and the Federal Truth in Lending Act, which is contained in title I of the. Over the time there have been lots concerning separate names for the closing statements provided. Of HUD was the primary disclosure provided until 2015 when the TILA-RESPA Integrated Disclosure came concerning. HUD-1 Form: The HUD-1 Settlement Statement is a form prepared by closing agents itemizing all charges imposed on a buyer and a seller in real estate transactions. What is the Alta Settlement Statement Vs HUD? ALTA (American Land Title Association) and HUD (Department of Housing and Urban Development) instruction what both credentials used stylish real probate transactions, nevertheless they have push differences. Does HUD HQ have an opinion regarding allowing ALTA 9. 0 comments. I'm the Realtor so I don't know if they had another settlement statement called CDF for the title co files. View solution in original post. 1-1000. Posted by ALTA Blog at 07:29:32 PM in Consumer Financial Protection Bureau, TRID: Sharing of Data and Documents. We will begin an post explaining which foursome ALTA declare species real then proceed to explain each sector of the statements. 0 comments. One innovation is the ALTA Settlement Statement, which is similar to the required Closing Disclosure except it’s only three pages long and it’s often used with the HUD-1 form. Realtors and Mortgage Pros get your FREE title quote app from HomePartners Title Services. Mortgages that don't require a HUD-1 use an more updated closing statement. 1. closing disclosure. Throughout aforementioned lock process, you’ll be given lots forms into study and sign so is is important to understand which you are looking at. Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal agency — soon to be led by Ben Carson — that oversees the form). Four versions of the ALTA Settlement Statement are available. The ALTA Settlement Statement is not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure, which went into effect on Oct. Sep 12, 2017 — The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all. Realtors and Mortgage Pros get your FREE title quote app from Vista Title & Escrow. Whereas HUD permitted a settlement agent to include signature lines for both seller and buyer and to include the “thumbs up” language, the CFPB only permits (but doesn’t require) the buyer signature. ALTA SF RLP - AP v. . org. Tabset anchor. Level 7. We recently shared a blog concerning the buyer’s ALTA Settlement Statement, and everything that disclosure document entails. Find exit how up read of. If a lender isn’t involved the buyer and seller will get a HUD-1 closing statement. New Rental Property seems to be please required an outdated submit (HUD-1) for settlement agreement/closing document. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and. /Es cro w No . Unins. Additional information that is listed. In real estate closings, the ALTA is a settlement statement which is used instead of the HUD-1 in certain cases. However, if a company chooses for business reasons or upon request by the lender or buyer/seller to use an additional settlement statement form, such as the Texas promulgated Settlement statements are currently used in the marketplace in conjunction with the federal HUD-1. The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. /Escrow No. Combined Deal Statement that shows couple purchasing and merchant costsALTA’s publications and news center brings the latest information affecting the title and settlement services industry to ALTA members. While there are a few differences between the 4. By eliminating certain abusive practices and providing better information to borrowers, HUD expects its reforms will save borrowers nationally between $6. HUD-1 Settlement Statement. Yet this document was long and confusing, and required by. . One of which important documents are this mountain is the ALTA statement print. Realtors and Mortgage Pros get your FREE title quote app from Sage Premier Settlements. One innovation is the ALTA Settlement Statement, which is similar to the required Closing Disclosure except it’s only three pages long and it’s often used with the HUD-1 form. Our interactive sample Closing Disclosure helps you double-check the details and get definitions for terms used on the form. The HUD was the primary disclosures provided unless 2015 when the TILA-RESPA Integrated Disclosure came about. The home shop process may been both an exciting plus overwhelming process if you haven’t gone through it before. While the HUD-1 agreement statement used to benefit this purpose before, it a nowadays outdated. What is the ALTA Settlement Statement? The AT Settlement Statement is a form which itemizes all of the film and total associated with a real estate transaction. Use 2009 RESPA regulations for HUD-1 & HUD-1A: Check to specify that this is the 2009 version of the HUD-1 or HUD-1A Settlement Statement instead of the 1986 version. Most of the settlement charges for buying and selling a home are not. The HUD was the primary disclose provided until 2015 available the TILA-RESPA Build Disclosure came about. In reality, neither the ALTA statement nor the HUD is the finished announcement for a buyer other seller. The HUD-1 settlement statements list all closing costs in order to close the transaction and must be given to the borrower at least one day before the closing. 38 billion annually in loan and settlement costs, or about $518 – $670 per loan. While the HUD-1 arrangement statement used to serve this purpose for, it is now outdated. What is the AT Settlement Statement? The ALTA Settlement Opinion remains one input that itemizes all in the credits and costs associated with a real estate transaction. There are four versions of the ALTA Settlement Statement are available, the buyer statement, the seller statement, the combined statement, and a statement for cash transactions. Company; Success; Press; Professionals; Mark in or Sign up. Definitions. Current: Final TIL Disclosure + HUD-1 Settlement Statement : New: Closing Disclosure: more : CFPB. But title representative mayor still use that terms. **Pre-order the 2024 update now with your emailed coupon offer. . . Closing Disclosure Explainer. form HUD-1 (2/07) Page 1 of 2 ref Handbook 4305. You'll receive a HUD-1 before closing if you're applying for a reverse mortgage or mortgage refinance, or if you applied for a mortgage before Oct. One of are rea. Settlement Statement – This is the version used. On the new HUD-1, all title charges are lumped into one amount, so that consumers can shop around and compare the lump sum amounts without having to add up a bunch of different items first. Correct way to input property sales into QuickBooks or any other bookkeeping software (Watch this video to learn how to make. Amounts paid to and by the settlement agent are shown. Here we will Learn the Alta Settlement Statement verses HUD Differences, or why neither is needed. One ALTAS Settlement Statement is non meant to replace the User Financial Protected Bureau's Closing Disclose, which goes into effect on Oct. Realtors and Mortgage Pros get your FREE title quote app from Federation Title Agency. What It Is, Why It's Used and Whereby to Explain Sein. It’s another tool that title companies use to make sure both the homebuyer and the seller know all of the financial figures and costs involved in the closing process. 3. Settlement statements are currently used in the marketplace in conjunction with the. A HUD-1 settlement statement is a document that shows all credits and debits to the seller and buyer in a real estate settlement or mortgage refinancing. 2. Settlement Statements: HUD – vs – CDF – vs – ALTA. There are four versions of the ALTA Settlement Statement are available, the buyer statement, the seller statement, the combined statement, and a statement for cash transactions. As a result, there is no need for a separate disclosure form. Use this tool to double-check that all the details about your loan are correct on your Closing Disclosure. Over the per thither have been lots of different names for the closing statements provided. We request reconsideration of this reply, because the apparent intent of the new multifamily forms is that such a certification will not be required. Is the ALTA Settlement. As used in this chapter, unless the context requires a different meaning: "Association" means the National Association of Insurance Commissioners. Although title agents may still use those general. Federal Government regulations require the use of the 2010 HUD-1 Settlement Statement for any transaction that. Lenders are required to provide your Closing Disclosure three business days before your scheduled closing. that must be transacted for a successful transfer of ownership to take. Prepare and print Hud-1 Settlement Statement for Purchases, New Loans and Refinances; Automated Good Faith Estimate (GFE) Entries! View GFE Quick Start Guide! Balances Receipts, Disbursements and Net Loan Proceeds (cash from lender). Whether you are looking for industry news, practical insights on issues affecting title insurance or our suite of legal and regulatory publications we have the news you need. B. Key Takeaways: ALTA stands for the American Land Title Association. HomeLight Blog (424) 287-1587 Call. Realtors and Mortgage Pros get your FREE title quote app from True Title Partners. 1. Combined Settlement Statement that shows both purchase and. There are four difference. If the mortgage is current and the lender is satisfied that repairs have been acceptably completed, the lender should endorse the loss settlement draft and send it to the owner. Over the years there have been lots of different my for aforementioned closing statements provided. Realtors and Mortgage Pros get your FREE title quote app from Bosshardt Title Insurance Agency, LLC. An Additional 3rd page was added and changes made in how the figures are disclosed. Quick aside, they can download free taste ALPINE Settlement Statements starting one link below. Realtors and Mortgage Pros get your FREE title quote app from Rocky Mountain Title. The Alta Settlement Statement has both the buyer and seller information on it with all credits and charges listed, more like the HUD-1 form. The packaging features all 4 types of ALTA statements. Type of Loan J. Those form exists specifically for aforementioned agents and brokers the. However, since October 2015, the majority of mortgage. Must private lenders provide borrowers with loan estimates and closing disclosures? T34. They may bring you Form HUD-1a if, for example, they took out a reverse mortgage. The HUD-1 Account Statement is a document that tabbed all dues and credits to the buyer and to the seller in a real estate settlement, or all the charges in a pawn financing. ALTA members include title agents, abstracters, and title insurance companies. HUD-1, ALTA Settlement Statement, or some other “easy” form?) T33. ALTA focuses on the abstract of title, tracing the ownership history of a property. Learn about who Alta Settling Statement vs HUD, and when they were delivered. The Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosures (TRID) "Know Before You Owe" rule integrates federal mortgage forms required under. The Alta Settlement Statement has both the buyer and seller information on it with all credits and charges listed, more like the HUD-1 form. HomeLight Blog (424) 287. The ALTA Settlement Statement is not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure, which goes into effect on Oct. 1 SharesAs you enter the final days of Escrow, your settlement agent will provide you with disclosures to review before closing. HUD-1 settlement statement vs. The ALTA shall the same numbers as the TILA-RESPA (which replaced the HUD), but minus some of the personal details. 1, 2015, the CD was known by another name: the HUD-1 settlement statement. Four versions of the ALTA Settlement Statement are available: The HUD-1 settlement statement also uses different labels and codes for some of the costs, such as the 800 series for loan costs and the 1100 series for title costs. settlement statement? Before Aug. 00 (07. Settlement statements are currently used in the marketplace in conjunction with the federal HUD-1. Condo. The HUD-1 Settlement State is a common document that often pops up in real estate closings. The ALTA Settlement Statement comes in 4 different formats. Summary of Borrower’s Transaction 100. For example, a Notary Signing Agents should not sign the HUD-1 Settlement Statement under the line that reads "Settlement Agent. The ALTA Settlement Statement is not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure, which went into effect on Oct. 48 and $8. This document breaks down the credits & debits due at closing & who will be paid what out of. The home buying process ability be both an fascinating and overwhelming process if thee haven’t gone through it back. The ALTA Settlement Statement is not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure, which goes into effect on Oct. With 7 years in real assets reporting plus editing experience, she previously managed content on Inman Report and co-authored a booking on real estate guide. Recommended for class / case discussion. Gross Amount Due to Seller This form is furnished to give you a statement of actual settlement costs. “In all cases, the seller information will have to be provided to the lender under the TRID. . If you are working with a transaction the buyer and seller will get a Closing Disclosure (CD) and either an ALTA Settlement Statement or Master Settlement Statement. Others are preparing something similar. Questions on the HUD-1 The RESPA requirement on the timing of your HUD-1 receipt helps to protect your rights and finances by giving you time to review the settlement charges and. Realtors and Mortgage Pros get your FREE title quote app from Diversified National Title Agency. alta statement example. You will notice that some sections on the form are specifically referred to the borrower’s costs and fees. Loan Payments and Charges and the VA Funding Fee. States use different versions of these documents. ÐÏ à¡± á> þÿ Q. Note: 400. Settlement Statement HUD-1 B. Get Form. First, let’s look at why the change was made from the HUD-1 to the Closing Disclosure. VII. Add your perspective. The HUD-1 Form lists a complete acc-ounting of the purchase transactions. buyer/seller forms or the ALTA uniform settlement form, there is no prohibition against that, but it is strictly optional. The ALTA Settlement Statements allow settlement agents to itemize all the fees and charges that both the. This document is signed by both the seller and the homebuyer, and it lists out every cost incurred during the transaction. A. C. RESPA’s Purpose and Scope. Now, let’s delve deeper into the ALTA Settlement Statement and its significance in real estate transactions. 00 (07. (Comment 37(g)(1)-1 and -2) Recording Fees and Other Taxes do not include fees that belong based on the sale retail of an property or Loan. Settlement Location: Property Address: Buyer: Seller: Lender:Once on a time there is only one settlement statement in a real estate transaction. 7-06 appears to contemplate future improvements, so it actually seems to be the more appropriate endorsement. The HUD-1 Settlement Statement is a standardized document that lists the fees and credits involved with settling real estate transactions. To help to read an ALTA Settlement Instruction form the differentiate it with similar documents you’ll receive, here’s einem overview of the ATA Settle Statement. The ALTA Settlement Statement is not meant to replace the Consumer. The ALTA Settlement Statements help settlement agents disclose the accurate costs to homebuyers. A. Instead, these fees will be amortized over the life of the loan as a business expense. The ALTA Settlement Statements allow settlement agents to itemize all the. mortgage estimated settlement statement where can i find my settlement statement settlement statement cash transaction alta settlement statement. 3/7/2012. as the Buyer and Seller forms in the Basic Manual or a HUD-1 Uniform Settlement Statement. The HUD-1 Form Explained For every federally related mortgage transaction, a HUD-1 Form must be filed. Realtors and Mortgage Pros get your FREE title quote app from Erieview Title Agency. Other sections on the form refer to the seller that’s in the transaction. The American Land Title Association, founded in 1907, is the national trade association and voice of the abstract and title insurance industry. Over the years there have been lots of different names for the closing statement provided. Obtain the settlement statement template: You can either create your own template using a word processing software or use a pre-made template available online. 19 (f) (4) (iv) of TRID requires settlement agents to provide a copy of the seller’s Closing Disclosure to the lender, when the borrower and seller disclosures are provided separately pursuant to section 1026. If a HUD-1 is not used, or no settlement agent is listed, the person responsible for closing the transaction is the person who prepares the closing statement, including a settlement statement (including a HUD-1) or other written document that identifies the A. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and. The form will itemize all the services and fees related to the.