Is it necessary to list the vendors name on the HUD-1 settlement statement? For example: HUD line 806 states Flood Certification - is it required to name the flood certification company on this line? If someone can point me in the right direction to research the Reg, I'd appreciate it. Thanks!

You are REQUIRED to list "the name of the person or firm ultimately receiving the payment". See Appendix A of RESPA - specifically the first line under the "section L" instructions.

Appendix A to Regulation X contains the instructions for completing the HUD-1 form. I copied and pasted the following from section L.

"Section L. Settlement Charges.

For all items except for those paid to and retained by the Lender, the name of the person or firm ultimately receiving the payment should be shown."

If you required the use of a specific settlement service provider and noted on your GFE that you will select the vendor from a lender controlled list, then you must name the provider on the HUD-1. See section 3500.7(e)(4) of Regulation X.

Thanks to you both!

I don't see this same language under Section K. Are we required to list the mortgage company name on line 504: Payoff of first mortgage loan?

Section K is not used to list fees, so no name is necessary. You don't need to list the mortgage company's name on line 504.

Great - Thanks!!

In a Lender Funded Closing can the Lender just list itself as receiving all the various fees withhout disclosing the underwriting provider of the service.

No.

I have somewhat of a similar question. The bank holding company owns an insurance affiliate "BHC Insurance Company." The insurance company offers several types of insurance products one of which is title insurance. The insurance products are marketed through the insurance company and are underwritten by insurance companies not affiliated with with the holding company. We generally do not show the name of the title insurance company on the GFE; however on the HUD settlement statement I wanted to verify that we indicate the name of the title insurance company (i.e. Chicago Title Insurance Company) used by the BHC insurance company as the ultimate recipient in section 1100. Would that be correct? Thank you.

Yes. You do not show the payee on the GFE, but you must for all fees in Section L of the Settlement Statement.

Thank you for clarifying this for me!

Lender states that the title company is unable to put who the mortgage recording fees are paid to on the HUD (X coounty.) Our loan application system is able to do this. Is this a section that is an exception to stating the ultimate receiver of funds?