Related Words

Hud-1: Also called a 'Settlement Statement' of all costs and fees in your closing.

Hud-1 Settlement Statement: At closing, in conformance with Real Estate Settlement Procedures Act (RESPA) regulations, a HUD-1 settlement statement is prepared showing the exact closing costs to buyer and seller.

Underwriting Fee: This is a fee charged by the lender to evaluate whether the borrower qualifies for a mortgage loan. An underwriting fee may be charged to the borrower and shown on the Settlement Statement (HUD-1).

Yield Spread Premium (YSP): This is a payment made by a lender to a mortgage broker in connection with a borrower's mortgage transaction. It is shown on the Settlement Statement (HUD-1), but often in a way that is diff . . . View Full Definition

Transfer Tax Or Charge: This is a government tax or charge that is usually based on a percentage of the property value or loan amount and imposed by state or local law. Many states do not require this charge for a . . . View Full Definition

Settlement Statement: A mortgage loan closing form required by HUD that is often called a HUD-1. It provides details of all charges and payments made in connection with your loan, and shows to whom they are distributed.

Fees: This is money you pay or is charged to you up front to get a mortgage loan. You may pay fees in cash or finance them (or a portion of them) as part of the loan. If you finance fees, your loa . . . View Full Definition

Processing Fee: A fee charged by lenders or brokers to prepare a complete loan application file. A processing fee may be charged to the borrower and shown on the Settlement Statement (HUD-1).

Recording Fees: Fees charged by the local government to record loan documents (for example, the mortgage). These fees will be charged to the borrower and shown on the Settlement Statement (HUD-1).

Document Preparation Fee: An amount of money that you may be charged for the preparation of mortgage loan documents. This charge will be shown on the HUD-1 Settlement Statement.