The Closing Settlement Statement

The Closing Settlement statement is also know as the HUD-1. It is a prescribed form from the U.S. Department of Housing and Urban Development (HUD). 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.Prior to your closing date you have the right to inspect your HUD-1 Settlement Statement.

The HUD-1 is filled out by the settlement agent (generally a Title Company or Attorney) who will conduct the settlement. The fully completed HUD-1 Settlement Statement generally must be delivered to you at or before the settlement. In cases where there is no settlement (closing) meeting, the escrow agent will mail or email you the HUD-1 after settlement, and you have the right to inspect it prior to the settlement time and date.

When you finance with HomeBanc I will review the closing statement prior to your review to make sure it is correct and as we have discussed during the loan process.