Definition
This is an old standardized settlement statement form that was used for decades before being replaced. Some professionals still reference it out of habit, but your lender now uses the Closing Disclosure instead.
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The HUD-1 form, officially titled 'Uniform Settlement Statement,' was used for decades to provide borrowers with a detailed breakdown of all settlement charges and financial adjustments. While no longer the required form under TRID regulations, some real estate professionals and states still reference it due to its familiarity. The Closing Disclosure has now replaced it with a clearer, more consumer-friendly format that buyers receive at least 3 days before closing.
Pro Tip
Don't worry about HUD-1 references. The Closing Disclosure now serves the same purpose with better organization.
Example
Before 2015, all buyers received a HUD-1 statement showing their closing costs. A buyer might have seen sections for 1) settlement charges, 2) adjustments for taxes and utilities, and 3) a final calculation of cash due at closing.