What are HUD Forms and How Many Forms Are There?

The HUD forms are standardized forms administered by the U.S. Housing and Urban Development (HUD) for real estate-related matters. There are dozens of these forms but one of the most popular among them is the HUD-1 also known as Settlement Statement.

This form is used by creditors or the closing agents to create a detailed itemized list of the different credits and charges accrued to a buyer and seller in any consumer credit mortgage transaction. The form is usually used to reverse mortgage refinance transactions.

There are other forms that people interested in transacting business in the domain of Housing and Urban Development (HUD) have to complete to make their transaction legal.

Who Needs to Create a Form?

The HUD forms are usually created by a creditor or by the agent that conducts the real estate transactions on behalf of the creditor. When creating the forms, it is important to take cognizance of the various parameters and components that must be included.

As stated earlier, there are standardized forms already and all you may have to do is adapt it to your needs without having to create a new HUD form from the scratch.

To make the form effective, the agent or creditor must allow the parties concerned to review the documents and make inputs and clarifications where necessary.

What Happens Once I've Submitted a Form?

Once you have completed and submitted the HUD forms, you will need to allow time for the processing. Depending on the type of forms you have filled out, it may take a couple of days or weeks to finalize the whole process. In some cases, there may be a need for clarifications and corrections.

When this happens, the parties involved in the transaction would be required to go over the documents again and clarify the points. This will delay the closing process and you may have to wait a bit longer than usual.

Is It Possible to Modify a Form After Submission?

In most cases, you can modify a form after its submission. Different reasons may be responsible for a need to modify a form. For example, if you discover that you have provided the wrong details, you may request some modifications to the forms.

You may also be asked to modify the form if some details are missing in the completed form. To avoid any error in your HUD forms, it is recommended that you take the time to go over the forms to understand the information that you are required to provide.

With a complete understanding of what the forms require, you can proceed to fill out the editable forms. Cocosign has editable formats of any HUD forms that you may need. When you are done filling out the forms online, use the e-sign tool on the website to append your signature on the form before downloading it for submission.

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