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HUD Settlement Statement Required?

Answered by: 
Dan Persfull

Question: 
Is a HUD Settlement Statement mandatory as part of the Home Equity Loan Closing Package?
Answer: 

Read 3500.8. If you are referring to a closed-end home equity loan, the answer is yes if it's a consumer purpose loan. If you are referring to a Home Equity Line of Credit, the answer is no.

First published on BankersOnline.com 7/16/07

First published on 07/16/2007

Filed under: 
Compliance
Filed under compliance as: 
Home Equity
HUD

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