The Uniform Settlement Statement
Last Updated: August 15, 2017
The Uniform Settlement Statement, or HUD-1 Form, unlike the Truth in Lending statement, is the document to which you want to pay close attention. This document does accurately reflect your true interest rates and costs and is the final settlement statement. If the loan officer neglected to tell you a few things (like the fact that you are not getting a par interest rate), it will show up on the Uniform Settlement Statement.
Unfortunately, this statement is not available for your review until one business day before you close. That is because the final figures are not calculated until right at the end of the deal when all parties know the loan is going to close. You are entitled to see a copy of the Uniform Settlement Statement with your figures on it so you will know just how much the final costs will be. Most attorneys and title companies will go through it with you line by line. If at all possible, have the title company fax a copy to you to review it at your leisure before going in to sign it.