HUD Settlement Statement REPLACED

The following message from the Department of Insurance Title Division was sent by email on 09/28/2015 12:12 PM. 

Effective October 3, 2015 the Consumer Financial Protection Bureau will roll out a new Closing Disclosure Form. This form (effective for closing transactions dated on or after 10/3/2015) will replace the HUD-1 Settlement Statement for certain qualifying residential closing transactions.

 For the purpose of itemizing and disclosing Title, and government related charges and fees, The Department of Insurance (“Department” or “IDOI”) has published the attached list of frequently asked questions (FAQs). These FAQs should be used as a guideline for disclosing said fees and charges, using either the ALTA Settlement Statement or similar form.

 Title Examiners, in the course of conducting Title examinations or audits, will anticipate that all applicable fees and charges associated with qualifying residential closings will be disclosed using either the ALTA form, or similar form.  This information will also be posted to the IDOI website for ease of reference.

 Note: Additional items may be added to the list as a guideline, where additional clarification is needed.  

 Best regards,

Randall Evans

Director - Title Division

Indiana Department of Insurance

311 West Washington Street * Suite 103

Indianapolis, Indiana  46204-2787

fax: 317.234.2103

email: ranevans@idoi.in.gov

web: Indiana Department of Insurance