Closing Disclosure vs HUD-1 Statement

[aslan]

I've heard both the closing disclosure (or closing statement?) and the HUD-1 Statement mentioned by brokers and lawyers in the city and in forums. I always thought that the HUD-1 statement might be a form used in other states than New York. What's the deal and what's the difference between a closing disclosure vs HUD-1 statement?

Are both still used today?

[showtime]

A closing statement is the spreadsheet of exact closing costs that a lawyer provides their client before closing. A closing disclosure is a government mandated form given by banks to borrowers and sellers.

HUD-1 statements are no longer used and haven't been for about 3 years now. It's been replaced by the [closing statement] to my understanding, but someone feel free to correct me on this sentence if wrong.

Brokers should remember to provide both their firm license number and their personal license number to the attorneys before closing as it's required on the closing disclosure.

Lastly, remember that the closing disclosure is given to the buyer 3 days before closing. The buyer needs to acknowledge it before closing can proceed. Mortgage bankers will literally call and text a buyer to chase them to acknowledge it (i.e. usually electronically). The seller gets the closing disclosure at closing.