Two loans at closing - one HUD-1

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Question:

I need to find out how to combine two mortgage loans on one HUD settlement statement. If you have a 1st loan and a 2nd no cost loan, where can I find guidance on how to combine this information on a single HUD 1?

Answer:

You won't. A HUD Settlement Statement is required for each covered loan. You have two covered loans, therefore you will need two HUD Settlement Statements. The HUD for the first loan will reflect all costs associated with that loan. The HUD for the no-cost second loan will show all costs associated with that loan as POC.

First published on BankersOnline.com 5/16/05