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Disclosure of Settlement Costs One Day Before Closing
Know how much you will need to close on your new mortgage loan
One business day before settlement, you have the right to inspect the settlement form, called the HUD-1 Settlement Statement, on which are itemized the services provided to you and fees charged to you. This form (developed by the U.S. Department of Housing and Urban Development) is filled out by the settlement agent who will conduct the settlement. Be sure you have the name, address, and telephone number of the settlement agent if you wish to inspect this form or if you have any questions. The settlement agent may not have all costs available the day before closing, but is obligated to show you, upon request, what is available. The HUD-1 Settlement Statement must be delivered or mailed to you (while another statement goes to the seller) at or before settlement. If, however, you waive your right to delivery of the completed statement at settlement, it will then be mailed at the earliest practicable date. In parts of the country where the settlement agent does not require a meeting, or in cases where you or your agent do not attend the settlement, the statement will be mailed or delivered as soon as practicable after settlement and no advance inspection is required. The HUD-1 Settlement Statement is not used in situations where: (1) there are nor settlement charges to the buyer (because the seller has assumed all settlement-related expenses); or (2) the total amount the borrower is required to pay for all charges impose at settlement is determined by a fixed amount and the borrower is informed of this fixed amount at the time of loan application. In the latter case, the lender is required to provide the borrower, within three business days of application, an itemized list of services rendered. For more information please contact Prime Lend America Mortgage Corporation - Call Toll-Free: 1-877-US-PRIME
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