Escrow & Title
In Tennessee, a 'HUD-1 Settlement Statement' has been replaced by the 'Closing Disclosure' for most transactions. When is a HUD-1 still used?
AFor all residential transactions
BFor reverse mortgages and certain other transactions not covered by TRID✓ Correct
COnly in commercial real estate
DFor cash transactions only
Explanation
The TRID rules replaced the HUD-1 with the Closing Disclosure for most residential mortgage transactions. The HUD-1 is still used for reverse mortgages and other transactions not covered by TRID.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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