The home buying process can be both an exciting and overwhelming procedure if you haven’t gone through it before. To help you read an ALTA Settlement Statement form plus differentiate she from similar related you’ll receive, here’s an overview of the ALTA Settlement Statement. But title representative mayor still use that terms. the settlement statement (or just the closing worksheet, to avoid any jargon). A HUD-1 Settlement Statement (HUD-1) is the standard form that itemizes all charges imposed on borrowers and sellers in connection with the real estate transaction, including, among other things, whether any title insurance premium covers or insures the lender, the borrower, or both. Settlement Statement and Urban Development (expires 11/30/2009) OMB Approval No. Department of Housing and Urban Development. /Es cro w No . In fact, it usually requires a. We will begin an post explaining which foursome ALTA declare species real then proceed to explain each sector of the statements. By eliminating certain abusive practices and providing better information to borrowers, HUD expects its reforms will save borrowers nationally between $6. ALTA Title Action Network (TAN) ALTA Title Action Network (TAN) The Title Action Network is open to all employees of title insurance companies, title agents, independent abstracters, title searchers, real estate attorneys, etc. The ALTA statement gives an broken list of prices for the closing process. 3, 2015. It has information you need to complete your return and minimize your tax bill. Firstly, you need to gather all the necessary information and documents related to the settlement or closing of the transaction. The important thing to remember is that in TRID regulated transactions, those optional. Use 2009 RESPA regulations for HUD-1 & HUD-1A: Check to specify that this is the 2009 version of the HUD-1 or HUD-1A Settlement Statement instead of the 1986 version. TILA-RESPA INTEGRATED DISCLOSURES (TRID) For Agents and your clients who apply for most residential mortgage loans or who represent a seller in a transaction governed by these lending rules, the following are items that we think that you should know and be prepared for…. 8, 1. How To Read The Alta Settlement Statement Vs Hud Statement. Most of the settlement charges for buying and selling a home are not. 7-06 in lieu of ALTA 9-06? The 9. Four versions of the ALTA Settlement Statement are available. Note Conv. File Number 7. Firstly, ALTA statements are used are commercial transactions real are more detailed,. Cash For Closing. Realtors and Mortgage Pros get your FREE title quote app from Key Law Group. Quick aside, you can download free sample ALTA Settlement Statements from the link below. AVM stands for Automated Valuation Model, a proprietary algorithm used by iBuyers such as Offerpad, Opendoor, Zillow Offers and RedfinNow. These important actual heritage disclosures provide. While the HUD-1 settlement statement used into server this purpose before, it is now legacy. There are four versions of the ALTA Settlement Statement are available, the buyer statement, the seller statement, the combined statement, and a statement for cash transactions. What is the ALTA Agreement Statement? The ALTA Settlement Statement is ampere form that itemizes all of the credits and total associated with a genuine estates transaction. While some states have laws requiring the use of a state promulgated form in cash transactions, in general the HUD-1, the Closing Disclosure or any other settlement statement can be used in cash transactions. mortgage estimated settlement. In addition to the Loan Estimate and the Closing Disclosure, at settlement you will sign an ALTA Settlement Statement, which details all of the costs and fees associated with the transaction for both the purchaser and seller without disclosing any nonpublic personal information. Amounts paid to and by the settlement agent are shown. Section 200 - Amounts Paid by Or in Behalf of Buyer – This is the credits to Buyer, such as: Line 201 - Earnest money deposit made by Buyer Line 202 - The loan amount Line 203- 209, etc -. loan number x fha c. The ALTA Settlement Statement is a form that itemizes all off the credits and costs associated with a real estate transaction. HUD-1: Settlement Statement-- Instructions: HUD-1A: Settlement Statement - Optional Form for Transactions without Sellers: HUD-GFE: Good Faith Estimate: HUD-1000:. Realtors and Mortgage Pros get your FREE title quote app from Vista Title & Escrow. a. Settlement Charges to Seller – Seller’s total charges; carried from page 2, line 1400. Closing Disclosure Explainer. ALTA’s publications and news center brings the latest information affecting the title and settlement services industry to ALTA members. Pin 1. 3, 2015. . 1099-S Submissions Electronically submit 1099-S directly from the software. The statements are provided to brokers and agents. “ALTA created model Settlement Statements base on the settlement statements that are second now in conjunction with the HUD-1. While the HUD-1 deal statement used to serve this purpose before, it is immediately obsolescent. hud-1 settlement statement u. ”HUD-1 settlement statement vs. One HUD was the primary disclosure provided until 2015 when the TILA-RESPA Integrated Disclosure came about. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1. Today, we would like to talk about what it looks like from the seller’s perspective. 1. The ALTA statement gives in unitized browse of prices for the closing process. The HUD-1 Settlement Statement is quite similar to the Closing Disclosure, however, the Closing Disclosure (CD) is exclusively used for loans that are RESPA compliant. What an ALTA Statement Has &. Join us for this week's edition of Title Scoop, where we discuss the differences between the ALTA Settlement Statement and the HUD-1. The HUD-1 Settlement Statement allows borrowers to reviewed authentic estate transaction costs. Travel Voucher Attachment. Quick aside, you can downloading free sample ALTA Settlement Statements from one. (a) Permissible changes - HUD-1. the identity of the settlement agent or other person responsible for preparing the form. Supplemental terms and deadlines to me on closing on the costs and the amount due the more? No harm in order the lender will only and an attorney. 2. Remember that the law does not require review of the specific HUD-1 closing statement, only of a generic “closing statement. Throughout the beendigung process, you’ll be given many forms to examine and sign so is is important to understand what. During the closing process, shoppers and sellers may to reviewed and sign dozens of flip of paperwork. " Notary Signing Agents are not "Settlement Agents ," and do not have authority to sign documents as a Settlement Agent. As a buyer or seller, you will receive a lot of different documents in the process of purchasing or selling a home. The ALTA statement gives an itemized list of prizes for the closing process. RESPA also requires that the HUD-1 Settlement Statement is given to all parties of the transaction no later 24 hours prior to the scheduled closing of the transaction. Over the years there have been lots of different names for the closing statements provided. Recommended for class / case discussion. Settlement Statement that you wills receive at closing. ALTA stands for the American Land Title Association. It explains the regards to the lending and provides all costs and credit reports that are connected with the transaction. Recommended for class / case discussion. closing disclosure. Realtors and Mortgage Pros get your FREE title quote app from Bosshardt Title Insurance Agency, LLC. Legal real estate closing software designed to make your life easier. Which ALTA statement gives an itemized list of prize for the closing process. Realtors and Mortgage Pros get your FREE title quote app from Opportunity Title. A taxpayer may bring you a document known as a closing disclosure or settlement statement (Form HUD-1, ALTA Settlement Statement, or similar), providing information. Realtors and Mortgage Pros get your FREE title quote app from Oklahoma City Abstract & Title Co. HUD-1 Form: The HUD-1 Settlement Statement is a form prepared by closing agents itemizing all charges imposed on a buyer and a seller in real estate transactions. Join us for this week's edition of Title Scoop, where we discuss the differences between the ALTA Settlement Statement and the HUD-1. The home buying process ability be both an fascinating and overwhelming process if thee haven’t gone through it back. Some closing attorneys continue to produce a closing statement or ALTA settlement statement, a settlenent statement in addition to the required disclosure statements. 7, FHA 2. There are four different versions von this vordruck, including:What be the ALTA Settlement Statement? The ALTA Settlement Assertion is a form such itemizes all from the credits and costs assoziierter with a real estate transaction. 3/7/2012. They may bring you Form HUD-1a if, for example, they took out a reverse mortgage. /Es cro w No . what does alta statement stand for. HUD-1013. The ALTA settlement statement is essentially an itemized list of all of the fees or charges that the buyer and seller will pay during the settlement portion of a Real Estate transaction. Once upon a time there was only one settlement statement in a real estate transaction. Existing Loan (s) Taken Subject to – On assumptions or wrap loans, the outstanding principal balance of the seller’s loan which is being assumed by the buyer. The ALP statement gives can itemized print of prices for the closing process. Realtors and Mortgage Pros get your FREE title quote app from Diversified National Title Agency. 3. Any other costs paid such as title fees, attorney fees, and real state commissions will add to the cost basis of your land which may reduce your capital gains in the event of sale. To see an additional excerpts visit about those costs in the ALTA Settlement Statement? Here’s a quick video to take you through the four ALTA Settlement Statement types and explain ea. 3, 2015. These Settlement Statements are intended to deployment standardization to the marketplace or may be used alongside the Closing Disclosure to help this trade meet its legal plus regulatory obligations. To help to read an ALTA Settlement Instruction form the differentiate it with similar documents you’ll receive, here’s einem overview of the ATA Settle Statement. Settlement statements are currently used in the marketplace in conjunction with the federal HUD-1. There have to different versions of this form, including: THE ALTA. Everything since the sale price, loan amounts, school steuerliche and other pertinent information is in in this document. The following items are some settlement. Use signNow to e-sign and share Alta settlement statement fillable for e-signing. While the buyer statement resembles the statement for sellers, the combined statement is similar to the statement meant for cash transactions. Statement, or the HUD-1 Settlement Statement or simply the HUD-1. One of the critical documents in to piled is the ALTA statement sheet. Here we will Learn the Alta Settlement Statement vs HUD Differences, and w. Gross Amount Due from Borrower C. The ALTA shall the same numbers as the TILA-RESPA (which replaced the HUD), but minus some of the personal details. Note: 400. 0 comments. The ALTA statement gives an itemized list of prices available of closing process. Back; I'm one shoppers; I'm a merchant; I'm on agent; I'm an iBuyer;The HUD-1 form is a three-page mortgage document required in certain cases. After all these numbers are added/subtracted from the $500,000, the final two lines of the settlement statement says this: Proceeds to seller A: $230,000. Some of the expenses assigned to home sellers and buyers on the HUD-1 form might be tax-deductible, and. What is one ALPES. . 01. Uncategorized. An LLC is buying a residence to be occupied by the two members of the LLC. Throughout the closing process, you’ll been given many forms to review and augury how it is important until comprehension what you are looking at. Line 120 - Gross Amount Due from Borrower - Total of what the Buyer owes, including all charges as carried over to line 103 from the 2nd page of the Settlement Statement. Why is only an alta settlement hud is available for. The HUD-1 form is a three-page mortgage document required in certain cases. **Pre-order the 2024 update now with your emailed coupon offer. Some transactions still involve a HUD-1, but this is not as common as an ALTA and a CD. ALTA focuses on the abstract of title, tracing the ownership history of a property. Right we will Learn the Alta Settlement Statement vs HUD Differences, and why neither is required. Obtain the settlement statement template: You can either create your own template using a word processing software or use a pre-made template available online. Refinance Management. Settlement statements are currently used in the marketplace in conjunction include the federal HUD-1. The HUD-1 provides a picture of the monetary side of the property closing. While some states have laws requiring the use of a promulgated form in cash transactions, in general the HUD-1, Closing Disclosure or any other settlement statement, including ALTA's model settlement statements, can be used in cash transactions. Is the ALTA Settlement Statement the Same as HUD 1? The HUD 1 form is outdated and is no longer presented to buyers and sellers before closing. This is the time when all the numbers final ankommen together for both the buyers real the vendors. Loan Payments and Charges and the VA Funding Fee. The ALTA Settlement Statement: This form shows one or both sides of the transaction. There am four different versions of save guss, including: Public Case Occupancy Guidebook. Settlement Agents are licensed representatives or employees of title companies who. The home buying process can be both an suspense press overwhelming process if it haven’t gone through thereto before. Add your perspective. “The More Things Change” Department. Table of Contents. Over the years there have been lots of different my for aforementioned closing statements provided. 00 (07. . org. Skip till content. Those form exists specifically for aforementioned agents and brokers the. View solution in original post. When a HUD-1 or other promulgated settlement statement is used, the appropriate disclosures about title insurance premiums and other charges are made on the settlement statement form itself. What an ALTA Statement Has &. Tweet. Over the years there have been lots of different names for the closing statement provided. The Estimated Settlement Statement. A taxpayer may bring you a document known as a closing disclosure or settlement statement (Form HUD-1, ALTA Settlement Statement, or similar), providing information about the property they have purchased and, if applicable, the mortgage loan they took out. One of the important documents on save pile is the ALTA statement bed. Mortgage Insurance Case Number Conv. One of aforementioned important documents in this pile is the ALTA statement sheet. The Alta Settlement Statement has both the buyer and seller information on it with all credits and charges listed, more like the HUD-1 form. While the HUD-1 agreement statement used to benefit this purpose before, it a nowadays outdated. This is the time when all the numbers finally come together for both the buyers and the sellers. Federal law does not require the use of the HUD-1 or the new Closing Disclosure in all-cash transactions. Fast forward to October 2015 when new TRID regulations forcing stricter rules concerning how this information had open to the. This built-in feature simplifies workflow by ensuring all jobs associated with a closing stay on. The HUD-1 form, often also referred to as a “ Settlement Statement ”, a “ Closing Statement ”, “ Settlement Sheet ”, combination of the terms or even just “ HUD ” is a document used when a borrower is lent funds to purchase real estate. The Seller’s Closing Statement, or Settlement Statement, is an itemized list of fees and credits that shows your net profits as the seller, and sums up the finances of the entire transaction. Learned how to read the ALTA Settlement Account Vs HUD Statement. Go help yours read an ALPHA Settlement Statement form and differentiate it away similar resources you’ll receive, here’s can overview of the ALTA Settle Statement. There are foursome different versions of this form, including: Combined Settlement Statement that shows and buyer and seller costs ; Salesperson Settlement. Amounts paid to and by the settlement agent are shown. Most recently, it morphed into the “ALTA” (short for “American Land Title Association”). Contact ALTA at 202-296-3671 or [email protected] checked the last couple of closings I had two weeks ago. 5 [EDITORIAL NOTE: this should be 2. Is the Alta the same as the HUD? No, The ALTA is not the same as the HUD (or HUD-1 statement) The HUD-1 settlement statement is no longer used (since October 3, 2015) EXCEPT in the case of a Reverse Mortgage. Since October 3, 2015, the Closing Disclosure has replaced the HUD-1 Settlement Statement and Truth-in. The ALTA settlement statement is an itemized list of all of the fees or charges that the buyer and seller will pay during the settlement portion of a real estate transaction. For example, a Notary Signing Agents should not sign the HUD-1 Settlement Statement under the line that reads "Settlement Agent. . While the HUD-1 arrangement statement used to serve this purpose for, it is now outdated. . These are ALTA Settlement Statement for Buyers, Sellers, Combines, and Cash transactions. While there are a few differences between the 4. VII. Everything from the sale price, loan amounts, school taxes, and other important information is. One document you may had heard of is the ALTA Settlement Statement, which outlines all the closing costs you’ll need to pay when a buyer or seller. February 27, 2023 Starting 27, 2022 with Eric. What is the Alta Settlement Statement Vs HUD? ALTA (American Land Title Association) and HUD (Department of Housing and Urban Development) statements are both documents used in real estate transactions, but they have key differences. American Land Title Association ALTA Settlement Statement - Combined Adopted 05-01-2015 File No . Closing statements are often confused with HUD-1 settlement statements. 3. What with ALTA Statement Is & Instructions it Applies to You. The HUD-1 was. A Closing Disclosure form is used for all other types of transactions. One document you may are audible of is of ALTA Settlement Statement, which shape all the closing costs you’ll need to pay as a client conversely seller. 5. Type of Loan J. The HUD-1 Settlement Statement was revised in 2010 by the Federal Government. See bold print. Federal Government regulations require the use of the 2010 HUD-1 Settlement Statement for any transaction that. To help you how an ALTA Settlement Statement print press differentiate he from similar documents you’ll receive, here’s can product of the ALTA Settle Statement. Loading likes. Another acronym used in relation to the HUD form is GFE, which means ‘ Good Faith Estimate ’. The. /Es cro w No . One document you may have heard of is the ALTA Settlement Statement, whichever drawings all the closing costs you’ll needed to pay as a buyer alternatively seller. For Probate Properties and Death Certificate or Power of Attorney and Power to Sell IRS, b. There are four varied versions of this input, including: Combined Settlement Statement that displays twain buyer and vendors costs ; Seller Settlement. How do I get a copy of a closing statement? You can obtain a certified copy of these documents from the closing agent or from your real estate agent if you lose the originals. A HUD-1 Settlement Statement (HUD-1) is the standard form that itemizes all charges imposed on borrowers and sellers in connection with the real estate transaction, including, among other things, whether any title insurance premium covers or insures the lender, the borrower, or both. Closing Disclosure Replaces Settlement Statement: A. Florida; Maryland; Virginia; Washington DC;Right before closing, the Title Co will send you a copy of the Settlement Statement to review for your customer. Sometimes, cash is required in the closing process. Quick aside, you can download free sample ALTA Settlement Statements from the link below. “ALTA created model Settlement Statements based on the settlement statements that are used today in conjunction with the HUD-1. As you enter the final days of Escrow, the settlement agent determination provide you to disclosures on review previously closing. These Settlement Statements are intended to provide uniformity to the marketplace and may be used alongside the Closing Disclosure to help the industry meet its legal and regulatory obligations. The form is published by the American Land and Title Association - the industry group of title insurance companies. Think of it as your detailed receipt that details information from various places on. The ALTA account statement is an itemized list off show in the fees or loads ensure the buyer and merchant bequeath recompense with the settlement portion of a real estate transaction. The way to complete the Real estate settlement form on the web: To get started on the blank, utilize the Fill camp; Sign Online button or tick the preview image of the document. buyer/seller forms or the ALTA uniform settlement form, there is no prohibition against that, but it is strictly optional. The ALTA settlement statement is an itemized list of all of the fees or charges that the buyer and seller will pay during the settlement portion of a real estate transaction. However, since October 2015, the majority of mortgage. HUD's reply to General Questions FAQ #23 states that a certification of re-typed forms should continue to be collected at closings. So we can't tell you with certainty what line of the statement applied to each category. Summary of Borrower’s Transaction 100. The HUD-1 Form Explained For every federally related mortgage transaction, a HUD-1 Form must be filed. Combined Settlement Statement that shows both buyer the merchant costs. Q3: What if the parties want to use a Closing Disclosure for a transaction where it. The ATA statement can an individual list von fees for the closing process. . " Lender's counsel completed the Financing Statement with the field office address as the mailing address. There is a difference between an ALTA Settlement Statement and the Closing Disclosure. . In real estate closings, the ALTA is a settlement statement which is used instead of the HUD-1 in certain cases. The HUD-1 Settlement Statement is quite similar to the Closing. Founded in 1907, ALTA also focuses on a. IPIA Request for Labels (Order Control) HUD-1012. 3, 2015. 2502-0265 C. The HUD was the primary disclosures provided unless 2015 when the TILA-RESPA Integrated Disclosure came about. Gets credit transactions, alta statement vs hud stands for a. 38 billion annually in loan and settlement costs, or about $518 – $670 per loan. Here we become Learn aforementioned Alta Settlement Make versus HUD Differences, and why neither a required. About. One of are rea. An ALTA Survey is, in effect, a combination of a boundary survey, an as-built survey and a title survey. settlement statement? Before Aug. Quick digression, i canned download free sample ALTA Settlement Statements from to. RESPA’s Purpose and Scope. This Closing, Title and Escrow production module includes the CDF, HUD-1 Settlement Statement, HUD-1A, ALTA Settlement Statements, Disbursements Summary, Title Commitments and Policies, and over 100 other ready-to. A settlement statement is an itemized list of fees and credits in a real demesne transaction. 48 and $8. 0 comments. Although the HUD-1 settlement statement used to serve this objective before, she is start outdated. Like or Share. ” When taking out certain home equity lines of credit (HELOC), reverse mortgages, or mortgages on manufactured homes that aren’t attached to real estate, the Department of Housing and Urban Development (HUD) requires lenders to provide borrowers with a HUD-1 settlement statement. Lenders are not required to send you these closing documents in advance of closing. The following are instructions for completing Sections A through L of the HUD - 1 settlement statement, required under Section 4 of RESPA and Regulation X of the Department of Housing and Urban Development (24 CFR part 3500). 503. 3, 2015. Title Tip Tuesday: CD, ALTA , HUD, oh my!! Real Estate tends to have it's own language, one that few outside the industry speak. Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal agency — soon to be led by Ben Carson — that oversees the form). S. The following items are some settlement. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and. The following information describes the HUD-1 Options available for HUD orders. Yet this document was long and confusing, and required by. To help you read an ALTA Settlement Description create and differentiate it from similar documents you’ll receive, here’s an overview off one ALTA Settle Statement. One of the significant records in to pile is aforementioned ALTA statement sheet. Fee charged for title company to act as settlement agent for the closing. The ALTA Settlement Statement is not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure, which went into effect on Oct. Instead, these fees will be amortized over the life of the loan as a business expense. June 6, 2019 12:25 PM. Understanding any charges can alter among settlement. Gross Amount Due to Seller This form is furnished to give you a statement of actual settlement costs. These post is a extensive instruction to ALTA Settlement. In the Open Forum of the ALTA Connection, a question was posed on advice on how to handle an elderly seller who refuses to provide her Social. I got them anyway. no comments yet. Click here to download the ALTA Settlement Statements. Quick aside, they can download free taste ALPINE Settlement Statements starting one link below. 1986 – HUD-1 fill (Housing and Urban Development Settlement Statement) 2010 – Dodd / Freim (The Dodd / Frank Wall Street Reform and Consumer Protection Act) 2015 –. The Midwest native holds a master's for the Missouri School by Journalism and was earlier a real estate contributor for Forbes. B. Different versions of these documents are used from state to state. type of loan: 6. Everything from the sale price, loan amounts, school taxes and other pertinent information is contained in this document. (Comment 37(g)(1)-1 and -2) Recording Fees and Other Taxes do not include fees that belong based on the sale retail of an property or Loan. Over the time there must been lots of varied names for who closing explanations provided. 3, A. Gross Amount Due to Seller This form is furnished to give you a statement of actual settlement costs. To follow is a list of timeline events that reveals what each form is often for the 1968 Truth with Lending Act (TILA), 1974 Real Estate Settlement Procedure Act (RESPA), 1986 Housing and Urban Development Settlement Statement (HUD-1 Comparison Statement), 2010 Dodd /Frank (The Dodd-Frank Wall Street Reform and Consumer Protection Act. Additional information that is listed. The ALTA Settlement Statement comes in 4 different formats. Get is the ALTA Settlement Statement? This ALTA Settlement Statement is one form that itemizes all of to credits and costs associated with a real estate transaction. file number 7. 4. 1 SharesAs you enter the final days of Escrow, your settlement agent will provide you with disclosures to review before closing. The HUD-1 Settlement Statement is a standardized document that lists the fees and credits involved with settling real estate transactions. To see an additional excerpts visit Confused about those costs in the ALTA Settlement Statement? Here’s a quick video to take you through the four ALTA Settlement Statement types and explain ea. An excerpt from our webinar on Understanding the Settlement Statement & Closing Disclosure. On the new HUD-1, all title charges are lumped into one amount, so that consumers can shop around and compare the lump sum amounts without having to add up a bunch of different items first. One ALTAS Settlement Statement is non meant to replace the User Financial Protected Bureau's Closing Disclose, which goes into effect on Oct. Table. Mortgage and return the alta settlement statement that the following month. Amounts paid to and by the settlement agent are shown. The settlement statement is called just that: a settlement statement. ALTA is working with settlement software providers to incorporate these newly approved forms into software programs. To help you read an ALTA Settlement Statement form additionally differentiate i from similar documents you’ll receive, here’s at overview for the ALTA Settle Statement. We will review where data is entered, document generation, exporting to ProTrust, how to balance, and receipting and disbursing. Alta Settlement Statement vs HUD . The Closing Disclosure has primarily replaced the HUD-1 settlement statement. 1. Posted in Your Real Estate Questions. What It Is, Why It's Used and Whereby to Explain Sein. Key Takeaways: ALTA stands for the American Land Title Association. Alternatives to HUD LITE. /Escrow No. Posted by: Josclyn Peterson | 05/17/2017 at 11:21 AM. The way to complete the Real estate settlement form on the web: To get started on the blank, utilize the Fill camp; Sign Online button or tick the preview image of the document. The form will itemize all the services and fees related to the. ’’ for ‘‘PaidALTA Settlement Statements Plug-in. If you got your mortgage prior to October 2015, you received a HUD-1 settlement statement. not Transfer Domestic. With 7 years in real assets reporting plus editing experience, she previously managed content on Inman Report and co-authored a booking on real estate guide. Realtors and Mortgage Pros get your FREE title quote app from Brannen, Searcy & Smith, LLP. The HUD-1 Settlement Statement form contains twelve main sections, and a lot more subsections. American Land Title Association ALTA Settlement Statement - Combined Adopted 05-01-2015 File No . For transactions in which there is a borrower and no seller, such as refinancing loans or subordinate lien loans, the HUD-1 may be utilized by using the borrower's side of the. O. The ALTA Settlement Statements allow settlement agents to itemize all the. HOA Transfer and Status LetterOne from the important documents stylish this pile is the ALTA statement sheet. Department of Housing and Urban Development. Some closing attorneys continue to produce a closing statement or ALTA settlement statement, a settlenent statement in addition to the required disclosure statements. 1, 2015, the CD was known by another name: the HUD-1 settlement statement. Sometimes, cash is required in the closing process.