what is a hud statement

A HUD-1 Settlement Statement is a standardized mortgage lending form used in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The form lists all charges and credits to the buyer and seller in a real estate settlement or all the charges in a mortgage refinance. The HUD-1 or HUD-1A is used primarily for reverse mortgages and mortgage refinance transactions. The form is designed to provide the parties to a RESPA covered transaction with information during the settlement process. The HUD-1 lists all costs related to closing the transaction, and federal law requires the form to be used as a standard real estate settlement form in reverse mortgage and mortgage refinance transactions. The law also requires that borrowers be given a copy of the HUD-1 at least one day prior to settlement, although figures can be added, corrected, or updated up to the time the parties are seated at the closing table.