New Member. Can I use Hud-1 Settlement Statement to report taxes, insurance, etc.? I bought a home and did not receive a form from the original mortgage company.
I only received a from the mortgage company that purchased my mortgage and services the loan. Can I use my Hud-1 Settlement Statement to report Taxes, insurance, and other cost incurred for purchase and where can I report these items? Topics: TurboTax Deluxe Online. Accepted Solutions. Expert Alumni. Mortgage lending discrimination is illegal. If you think you've been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps you can take.
The three days are meant to allow the borrower to ask the lender questions and clear up any discrepancies or misunderstandings regarding costs before closing. Purchasing A Home. Refinancing A Home. Home Ownership. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads.
Apply market research to generate audience insights. Measure content performance. Along with how and when you paid origination charges, the IRS has requirements to be met to determine the deductibility of origination fees. Points are origination charges shown on your HUD-1 settlement document presented at closing of your mortgage loan. One point equals 1 percent of your mortgage amount.
Points come in two varieties. Origination points are those paid to mortgage lenders for giving you the loan. Discount points reduce the amount of interest rate you pay. The series also includes any settlement, notary, and delivery fees related to the services covered in this series. Disbursements to third parties must be broken out in the appropriate lines or in blank lines in the series, and amounts paid to these third parties must be shown outside of the columns if included in Line Charges not included in Line must be listed in the columns.
Line is used to record the settlement or closing fee. Line is used to record the charges for the owner's title insurance and related endorsements. This amount must be listed in the columns.
Line is used to record the lender's title insurance premium and related endorsements. Line is used to record the amount of the lender's title policy limit. This amount is recorded outside of the columns. Line is used to record the amount of the owner's title policy limit. Line is used to record the amount of the total title insurance premium, including endorsements, that is retained by the title agent.
Line used to record the amount of the total title insurance premium, including endorsements, that is retained by the title underwriter. Additional sequentially numbered lines in the series may be used to itemize title charges paid to other third parties, as identified by name and type of service provided. This series covers government recording and transfer charges.
Charges paid by the borrower must be listed in the columns as described for lines and , with itemizations shown outside the columns. Any amounts that are charged to the seller and that were not included on the Good Faith Estimate must be listed in the columns.
Line is used to record, outside of the columns, the itemized recording charges. Line is used to record the transfer taxes, and the amount must be listed in the columns. Line is used to record, outside of the columns, the amounts for local transfer taxes and stamps. Line is used to record, outside of the columns, the amounts for state transfer taxes and stamps. Line and additional sequentially numbered lines may be used to record specific itemized third party charges for government recording and transfer services, but the amounts must be listed outside the columns.
Line and additional sequentially numbered lines must be used to record required services that the borrower can shop for, such as fees for survey, pest inspection, or other similar inspections.
These lines may also be used to record additional itemized settlement charges that are not included in a specific category, such as fees for structural and environmental inspections; pre-sale inspections of heating, plumbing or electrical equipment; or insurance or warranty coverage. The amounts must be listed in either the borrower's or seller's column. Line must state the total settlement charges as calculated by adding the amounts within each column.
The comparison chart on page 3 of the HUD-1 must be prepared using the exact information and amounts for the services that were purchased or provided as part of the transaction, as that information and those amounts are shown on the GFE and in the HUD If a service that was listed on the GFE was not obtained in connection with the transaction, pages 1 and 2 of the HUD-1 should not include any amount for that service, and the estimate on the GFE of the charge for the service should not be included in any amounts shown on the comparison chart on Page 3 of the HUD For each charge included in Blocks 4, 5 and 6 on the borrower's GFE for which the loan originator selected the provider or for which the borrower selected a provider identified by the loan originator, a description must be entered on a separate line in this section, with the amount shown on the borrower's GFE for each charge entered in the corresponding line in the Good Faith Estimate column.
The loan originator must identify any third party settlement services for which the borrower selected a provider other than one identified by the loan originator so that the settlement agent can include those charges in the appropriate category. Additional lines may be added if necessary. Any third party settlement services for which the borrower selected a provider other than one identified by the loan originator must also be included in this section.
This section must be completed in accordance with the information and instructions provided by the lender. The lender must provide this information in a format that permits the settlement agent to simply enter the necessary information in the appropriate spaces, without the settlement agent having to refer to the loan documents themselves. Note: The HUD-1A is an optional form that may be used for refinancing and subordinate-lien federally related mortgage loans, as well as for any other one-party transaction that does not involve the transfer of title to residential real property.
The HUD-1 form may also be used for such transactions, by utilizing the borrower's side of the HUD-1 and following the relevant parts of the instructions as set forth above.
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. The instructions for completion of the HUD-1A are for the benefit of the settlement agent who prepares the statement; the instructions are not a part of the statement and need not be transmitted to the borrower.
There is no objection to using the HUD-1A in transactions in which it is not required, and its use in open-end lines of credit transactions home-equity plans is encouraged.
It may not be used as a substitute for a HUD-1 in any transaction that has a seller. Refer to 12 CFR Additional pages may be attached to the HUD-1A for the inclusion of customary recitals and information used locally for settlements or if there are insufficient lines on the HUD-1A.
The settlement agent shall complete the HUD-1A in accordance with the instructions for the HUD-1 to the extent possible, including the instructions for disclosing items paid outside closing and for no cost loans.
Blank lines are also provided in section M for recipients of all or portions of the loan proceeds. The names of the recipients of the settlement charges in section L and the names of the recipients of the loan proceeds in section M should be set forth on the blank lines.
The identification information at the top of the HUD-1A should be completed as follows: The borrower's name and address is entered in the space provided.
If the property securing the loan is different from the borrower's address, the address or other location information on the property should be entered in the space provided. The loan number is the lender's identification number for the loan. The settlement date is the date of settlement in accordance with 12 CFR The name and address of the lender should be entered in the space provided. Section L. Settlement Charges. This section of the HUD-1A is similar to section L of the HUD-1, with minor changes or omissions, including deletion of lines through , relating to real estate broker commissions.
The instructions for section L in the HUD-1 should be followed insofar as possible. Inapplicable charges should be ignored, as should any instructions regarding seller items. Line in the HUD-1A is for the total settlement charges charged to the borrower. Enter this total on line
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