Escrow & Title
A HUD-1 Settlement Statement was historically used in real estate closings. Under TRID (effective 2015), it has been replaced for most residential transactions by the:
ALoan Estimate and Closing Disclosure✓ Correct
BRESPA Disclosure Statement
CIllinois Closing Affidavit
DTILA Disclosure Summary
Explanation
The TRID rule replaced the HUD-1 Settlement Statement (and the Good Faith Estimate) with two new forms for most residential mortgage transactions: the Loan Estimate (given within 3 business days of application) and the Closing Disclosure (given 3 business days before closing).
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