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As a real estate agent or broker, it’s imperative that you understand the HUD-1 Settlement Statement thoroughly. It’s not so that you can do the math for the client, but at least you need to be able to explain how it was done, or where these numbers come from.
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Settlement Statement: A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction. This form, which is under.
HUD-1 Settlement Statement. The HUD-1 settlement statement also clearly outlines all of the borrower’s loan terms including details on principal, interest, variable rates, prepayment penalties and any special terms associated with a loan such as escrow requirements.
This was called “real estate commission” on the HUD-1 Settlement Statement to Washington Mutual – a 17 percent commission when 2 to 4 percent is average with the buyer getting a sales commission..
HUD-1 Settlement Statement. 1986-2015: Prior to October 2015, the Settlement Statement was known as the HUD-1, which is a standard government form issued by the Closing Agent that lists all credits, charges and home loan terms for both the buyer and the seller in all real estate transactions that required a mortgage.
Statement, or the HUD-1 Settlement Statement or simply the HUD-1. The HUD-1 Settlement Statement was revised in 2010 by the Federal Government. An Additional 3rd page was added and changes made in how the figures are disclosed. Federal Government regulations require the use of the 2010 hud-1 settlement statement for any transaction that
See also HUD’s “New respa rule frequently Asked Questions” at the above link. The Key Building Blocks and Concepts of the Rule. The GFE Tolerances The HUD-1 Settlement Statement The GFE. Page 1 of.
If there is a single piece of advice that I would give to the cost-conscious mortgage shopper, it would be to obtain a copy of your HUD-1 settlement statement and study it thoroughly before signing.