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Respa is the law that governs many real estate closings in the United States. The Hud-1 Settlement Statement is used for Respa real estate closings.

The official Hud-1 name comes from the Hud-1 Settlement Statement form promulgated by the United States Department of Housing and Urban Development (HUD). The form is sometimes also referred to as a "RESPA form" or "RESPA Closing Statement", named after the federal Real Estate Settlement Procedures Act or simply referred to as a "closing statement" or "real estate closing statement". For more information on RESPA, see http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm

Alta Star HUD LITE is a real estate closing software application and program which automates the calculations and preparation of the Hud-1 Settlement Statement. It is also useful for loan closings. Respa is short for Real Estate Settlement Procedures Act.

The official Line-by Line Instructions for Preparing the Hud-1 and Hud-1A Settlement Statements are located at: http://www.hud.gov/offices/hsg/sfh/res/rsphud1inst.pdf

To view the HUD LITE Program Help Menu, click here

 

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