Escrow & Title
What is a 'HUD-1 Settlement Statement' and when was it used?
AThe current closing disclosure form required for all Delaware closings
BThe settlement statement formerly used for all federally related mortgage closings before being replaced by the TRID Closing Disclosure in October 2015✓ Correct
CA government form used for all cash sales in Delaware
DA form used only for HUD-insured (FHA) mortgage closings
Explanation
The HUD-1 Settlement Statement was required for all federally related mortgage closings under RESPA. It was replaced by the TRID (TILA-RESPA Integrated Disclosure) Closing Disclosure for most residential transactions as of October 3, 2015. HUD-1 is still used for reverse mortgages and some other transactions not covered by TRID.
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