what is a hud 1 form 
a hud 1 form also called a hud 1 settlement statement is a standardized mortgage lending document creditors or their closing agents use this form to create an itemized list of all charges and credits to the buyer and to the seller in a consumer credit mortgage transaction a hud 1 form is most commonly used for reverse mortgages and mortgage refinance transactions as of oct 3 2015 the closing disclosure form replaced the hud 1 form for most real estate transactions however if you applied for a mortgage on or before oct 3 2015 you would receive a hud 1 real estate transactions that do not involve a seller such as a refinancing may use a hud 1a form 1now for most kinds of mortgage loans borrowers receive a form called the closing disclosure instead of a hud 1 form either form must be reviewed by the borrower before the closing in order to prevent errors or any unplanned expenses understanding a hud 1 formthe hud 1 lists all costs related to closing the transaction federal law requires the form to be used as a standard real estate settlement form in reverse mortgage and mortgage refinance transactions the law also requires that borrowers be given a copy of the hud 1 at least one day prior to settlement although figures can be added corrected or updated up to the time the parties are seated at the closing table 2most buyers and sellers review the form with a real estate agent attorney or settlement agent on the hud 1 form buyers are referred to as borrowers even if there is no loan involved 