12 CFR §1024.10 — One-day advance inspection of HUD-1 or HUD-1A settlement statement; delivery; recordkeeping
Regulation X §1024.10 governs the HUD-1 / HUD-1A settlement statement for federally related mortgage loans that are NOT subject to the TRID-mandated Closing Disclosure under 12 CFR 1026.19(f) (i.e., HELOCs, reverse mortgages, manufactured-home-without-real-property loans, and other loans excluded from the integrated disclosures). Imposes a settlement-agent inspection duty the business day before settlement upon borrower request (a), a settlement-agent delivery duty at or before settlement (b), a written-waiver mechanism (c), an absentee- settlement carve-out (d), and a five-year [LENDER] recordkeeping duty (e). Most operative duties run to the settlement agent, but the (e) recordkeeping duty runs directly to [LENDER] (or to a subsequent owner/servicer following transfer of the loan file).
Verbatim regulatory text
Verbatim provisions from 12 CFR §1024.10 — One-day advance inspection of HUD-1 or HUD-1A settlement statement; delivery; recordkeeping — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1024.10(e) — Five-year retention of HUD-1/HUD-1A and related documents
The lender shall retain each completed HUD -1 or HUD -1A and related documents for five years after settlement , unless the lender disposes of its interest in the mortgage and does not service the mortgage . In that case, the lender shall provide its copy of the HUD -1 or HUD -1A to the owner or servicer of the mortgage as a part of the transfer of the loan file. Such owner or servicer shall retain the HUD -1 or HUD -1A for the remainder of the five-year period. The Bureau shall have the right to inspect or require copies of records covered by this paragraph (e).
12 CFR §1024.10(a) — One-day advance inspection upon borrower request
Inspection one day prior to settlement upon request by the borrower. The settlement agent shall permit the borrower to inspect the HUD -1 or HUD -1A settlement statement, completed to set forth those items that are known to the settlement agent at the time of inspection, during the business day immediately preceding settlement . Items related only to the seller's transaction may be omitted from the HUD -1.
12 CFR §1024.10(b) — Delivery of completed HUD-1/HUD-1A at or before settlement
Delivery. The settlement agent shall provide a completed HUD -1 or HUD -1A to the borrower, the seller (if there is one), the lender (if the lender is not the settlement agent), and/or their agents. When the borrower's and seller's copies of the HUD -1 or HUD -1A differ as permitted by the instructions in appendix A to this part, both copies shall be provided to the lender (if the lender is not the settlement agent). The settlement agent shall deliver the completed HUD -1 or HUD -1A at or before the settlement , except as provided in paragraphs (c) and (d) of this section.