Definition
This is the new standardized settlement statement replacing the old HUD-1. It's required for all federally-regulated loans and must be provided 3 days before closing.
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Required for federally-regulated loans. Itemizes all costs. Both buyer and seller receive statements. Provided 3 days before closing. Compares to Loan Estimate. Significant changes investigated. Professional preparation ensures accuracy. Transparency protects borrowers. Amendments possible before closing. Legal requirement. Critical disclosure document. Professional settlement service providers required.
Pro Tip
Review your settlement statement carefully 3+ days before closing.
Example
Uniform settlement statement revealed $42,000 cash required and $180,000 seller proceeds.