Finance
In Virginia, what is the purpose of a HUD-1 Settlement Statement in transactions that do not involve a federally related loan?
AIt is required by RESPA for all transactions
BIt may still be used voluntarily as a closing disclosure for cash or non-federally related transactions✓ Correct
CIt replaces the Loan Estimate for jumbo loans
DIt is required for all commercial transactions over $1 million
Explanation
While the Closing Disclosure (CD) replaced the HUD-1 for RESPA-covered transactions, the HUD-1 may still be used for cash sales or transactions not involving federally related mortgage loans.
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