Escrow & Title
What is a 'HUD-1 Settlement Statement' and when was it replaced in Kansas?
AIt is still used for all Kansas transactions today
BIt was the standardized closing cost statement required under RESPA; it was replaced by the Closing Disclosure (CD) for most residential transactions in 2015 under TRID rules✓ Correct
CIt was a state-required document; replaced by KREC forms
DIt was only used for FHA loans and was replaced in 2000
Explanation
The HUD-1 was a RESPA-required settlement statement. In 2015, the CFPB's TRID rules replaced it with the Closing Disclosure (CD) for most residential mortgage transactions, including those in Kansas.
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