Originally developed by the U.S. Department of Housing and Urban Development (HUD), the HUD-1 Settlement Statement is a standard government real estate form once used by settlement or closing agents to give buyers and sellers a complete list of their incoming and outgoing funds.
The Real Estate Settlement Procedures Act (RESPA) required the HUD-1 form to be used as the standard real estate settlement form in all transactions involving federally related mortgage loans. However, after October 3, 2015, the Consumer Financial Protection Bureau (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule consolidated the HUD-1 and the final Truth in Lending (TIL) disclosure into one form, the Closing Disclosure (CD). Today, the HUD-1 is still issued for reverse mortgages.