Definition

HUD-1

The former settlement statement, replaced by the Closing Disclosure for most consumer mortgages in 2015 but still used in some cash and commercial transactions.

Nearby terms

Homestead Exemption A property tax reduction available on a primary residence in many states, and in some states a protection against certain creditors. Housing Ratio The front-end debt-to-income ratio, measuring only the housing payment against gross income. Impound Account Another term for an escrow account, used more commonly in western states. Index A published benchmark rate an ARM tracks, most commonly SOFR on current loans.

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