HUD-1 Settlement Statement

The HUD-1 Settlement Statement is a crucial document in real estate transactions, specifically providing a detailed summary of the financial and closing costs associated with the sale of a property. Required by the Real Estate Settlement Procedures Act (RESPA), this form is primarily used for transactions involving federally related mortgage loans and must be prepared by the settlement agent or the lender.

This document serves multiple purposes, including the disclosure of all settlement costs, ensuring transparency between buyers and sellers, and providing an itemized list of each fee or charge that contributes to the final costs incurred during the closing process.

The HUD-1 form is significant not just for buyers and sellers, but also for lenders and settlement agents. By standardizing the presentation of settlement costs, it facilitates the understanding of the money changing hands, thus protecting all parties involved in the transaction.

Extractable Data Fields

Below is a table listing the key data fields that Vaultedge can extract from the HUD-1 Settlement Statement. Please refer to the table below for detailed information.