HUD-1 Settlement Statement (HUD-1)
Direct definition
A legacy closing statement used before 2015; largely replaced by the Closing Disclosure for consumer mortgages.
Written by the Vabasso Mortgage Editorial Team · Reviewed against agency and federal sources · Read our editorial policy for how we research and review mortgage content
Plain-English explanation
The HUD-1 is still used in some cash transactions and reverse mortgages. It itemizes every debit and credit at settlement.
Why it matters
You may still encounter it in specific transaction types; TRID's Closing Disclosure is the standard for most consumer mortgages.
Where you may see it
- Closing documents
- Settlement statement
A real-world example
A cash real estate transaction may still be documented with a HUD-1-style settlement statement.
Educational and illustrative only
A common misunderstanding
The HUD-1 is not the standard closing document for most consumer mortgages today — it's largely been replaced by the Closing Disclosure.
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This glossary provides general educational information. Mortgage terminology, qualification methods, forms, timelines, fees, program rules, and legal meanings may vary by lender, investor, loan program, property, occupancy, state, and transaction. Definitions do not represent loan approval, legal advice, tax advice, or a commitment to lend.
- Author
- Vabasso Mortgage Editorial Team
- Reviewed by
- Vabasso Mortgage Licensed Advisory Team
- Last reviewed
- July 30, 2026