We will discuss this form by each line item: A loan closer should walk through this form with you at closing, line item, by line item. PAGE ONE (1) OF THE HUD 1 – Settlement Statement.

B. Type of Loan: As you can see, this form is a standard settlement statement

Form for all closings.

The loan options are:

1.   FHA – (Federal Housing Administration)
2. RECD (Rural Economic and Community Development)
3. Conv. Unins. – (Conventional Uniunsured)
4. VA –Veterans Affairs
5. Conv. Ins. – (Conventional Insured)
6. File Number: This number is assigned by the lending institution.
7. Loan Number: This number is assigned by the lending institution.
8. Mortgage Insurance Case Number:
   This number is often referred to as the MIC.
   This number is used on FHA insured loans only.

    

C. Note: This form is furnished to give you a statement of actual

Settlement costs.  Amounts paid to and by  the settlement agent are shown.  Items marked “(p.o.c)” were paid outside the closing, they are shown here for information purposes and are not included in the totals.

D. Name and Address of Borrower:

The borrower is the person receiving the loan and buying the house.  The borrower is the person making the loan with the lending institution.  There may be one or more names shown in this block.  If there is more than one person purchasing this home and approved for this loan, the names will be shown as follows:

Sam and Janet Murray
1234 Hewitt Avenue
Tulsa, OK  74119

The address that is placed in this box , is the property address of the newly purchased home.

E. Name and Address of Seller:

The name and address of the person selling the house goes in this location.  The address should be a new forwarding address, if one is available.

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