HUD-1 Statement/Settlement Statement

This document is generated at the close of escrow and details all costs and expenses that are associated with the transaction. Included in the HUD are: the settlement charges to borrower, the amount of the loan to be paid off, the gross amount due from the borrower, the principle amount of the new loan, and any other deposits or fees. If there is an amount or an “x” on line 303 or 1601, that will let the notary know that there are additional funds to be collected from or provided to the borrower. A notary can explain what the charges are for, but cannot explain the reason for the amount of each charge. Generally, if there is no addendum to the HUD, there will be a place on each page of the HUD for the borrower's signature.