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Essay / Research Paper Abstract
This 4-page paper provides an overview of the HUD-1 settlement form. Bibliography lists 1 source.
Page Count:
4 pages (~225 words per page)
File: AS43_MThudanlys.doc
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Unformatted sample text from the term paper:
of Housing and Urban Development, is used in home-buying, when the buyer is using a HUD-based loan to pay for the house. The advantage of the HUD loan is that
the buyer doesnt have to put as much of a downpayment on the purchase as he or she would with a conventional loan. But the downside of a HUD loan
is that it requires more rigorous underwriting and more paperwork. At the end of the process (i.e., the closing), is the HUD-1, which
itemizes all charges imposed on both borrower and seller for a real estate transaction (Wickell, 2010). The HUD-1 is a requirement put forward by the Real Estate Settlement Procedures Act,
which requires that the form be used in real estate transactions involving federally related mortgage loans (such as those issued through Fannie Mae or Freddie Mac) (Wickell, 2010). RESPA states
that buyers and sellers be given a copy of the HUD-1 at least a day prior to the settlement (Wickell, 2010). But in reality, with underwriting and settlement documents
still moving between lender and closer hours before the settlement, this rarely happens. Still, once the borrower receives the document, he or she can review it with a trusted real
estate agent, or on his/her own. Now lets identify some important parts of the document itself. The upper half of page one are
fairly standard information, including the type of loan, the file and loan number, borrower and seller names and addresses and, of course, the property location. The dollar amounts start kicking
in with sections J (summary of borrowers transaction) and K (summary of sellers transaction). The borrower is the person, or entity, obtaining the
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