A mortgage closing disclosure is a type of standard settlement statement that is formulated and regulated for the mortgage lending market. The HUD-1 settlement statement is a type of closing statement used in reverse mortgages.

Is a settlement statement the same as a closing statement?

A settlement statement is also known as a HUD-1 form or a closing statement. Until 2015, when the rules changed, this form was provided twice. First, within three business days of applying for a mortgage loan, the borrower receives one in the mail with the person’s estimated closing costs.

Is Alta settlement statement same as closing disclosure?

The ALTA statement gives an itemized list of prices for the closing process. … Unlike the Closing Disclosure that is meant to show the closing costs exclusively to the borrower (buyer), the ALTA statement is like a receipt given to agents and brokers on both sides of the transaction.