Settlement Statements

One of the most important documents in a real estate transaction is the settlement statement. Settlement statements take many different forms, some of which are federally mandated. The below seminars are designed to assist you with completing two of the federally-mandated forms – the Closing Disclosure form and the GFE/HUD. Which form to use is mandated by federal law.

The Closing Disclosure form must be used for one-to-four family residential mortgage transactions where a creditor is involved. In simpler terms, this is the form that will generally be used in all purchase and refinance transactions for homes in Florida. The GFE/HUD must be used for reverse mortgages. To make matters a little more complicated, the Closing Disclosure form became effective for loan applications received on or after October 3, 2015. For those transactions currently covered by the Closing Disclosure, the GFE/HUD was used prior to October 3, 2015.

Two separate seminars are available below for the Closing Disclosure. The first is designed for those new to real estate transactions who have no familiarity with the GFE/HUD. The second is designed for those making the transition from the GFE/HUD to the Closing Disclosure. This seminar contains comparisons of the two forms to make the transition easier.

The third program listed discusses the GFE/HUD for those who may need to use this form for reverse mortgages.