Settlement Statement

A form required by federal law that provides disclosures to borrower(s) of the final loan terms and costs of the mortgage loan transaction. References to “settlement statement” include the HUD-1 Settlement Statement and Closing Disclosure forms, as applicable, based on the application date of the mortgage loan.

A document that lists all closing costs on a consumer mortgage transaction. Glossary 1

Settlement Statement refers to the closing disclosure required under Section 4 of the Real Estate Settlement Procedures Act.