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 — One-day advance inspec
(a) 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 — One-day advance inspec
(b) 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.
12 CFR §1024.10 — One-day advance inspec
(c) Waiver. The borrower may waive the right to delivery of the completed HUD-1 or HUD-1A no later than at settlement by executing a written waiver at or before settlement. In such case, the completed HUD-1 or HUD-1A shall be mailed or delivered to the borrower, seller, and lender (if the lender is not the settlement agent) as soon as practicable after settlement.
12 CFR §1024.10 — One-day advance inspec
(d) Exempt transactions. When the borrower or the borrower's agent does not attend the settlement, or when the settlement agent does not conduct a meeting of the parties for that purpose, the transaction shall be exempt from the requirements of paragraphs (a) and (b) of this section, except that the HUD-1 or HUD-1A shall be mailed or delivered as soon as practicable after settlement.
12 CFR §1024.10 — One-day advance inspec
(e) Recordkeeping. 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).
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