Answer:
I am not sure by what you mean by a "simple closing statement." This is a refinance and will require a HUD-1 (or HUD-1A, if no lender credits are involved).
First published on BankersOnline.com 11/19/12
HUD-1A Settlement or Simple Statement-Terming Out
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Question:
We are terming out one of our matured home equity lines of credit and paying off this loan to do a fixed-rate closed-end consumer loan on the balance owed. Are we required to provide a HUD-1A settlement statement or can we prepare a simple closing statement? A GFE was provided after application.
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