The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. 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. In transactions that do not include a seller—such as a refinance loan—the settlement agent may use the shortened HUD-1A form.

If you applied for a mortgage after October 3, 2015, for most types of mortgage loans you receive a form called the Closing Disclosure instead of a HUD-1.

In Virginia, as in all states, the HUD-1 Settlement Statement was traditionally used for real estate transactions and refinancing to detail all charges and credits to the buyer and seller. However, for most mortgage applications submitted after October 3, 2015, the Closing Disclosure form has replaced the HUD-1, in accordance with the TILA-RESPA Integrated Disclosure (TRID) rules implemented by the Consumer Financial Protection Bureau (CFPB). The Closing Disclosure provides similar information but is designed to be easier for consumers to understand and use. The HUD-1 or HUD-1A forms are still used for reverse mortgages or for certain types of loans that are exempt from TRID rules, such as home equity lines of credit, mortgages through government programs, and certain types of refinancing. It's important for parties involved in real estate transactions in Virginia to be aware of which document applies to their situation and to review these documents carefully at closing.