Which of the following is a RESPA disclosure that provides an accounting of actual costs?

The correct choice is the Settlement Statement, often referred to as the HUD-1. This document is a crucial RESPA disclosure that provides a detailed accounting of all the actual costs associated with a real estate transaction. It lists each cost incurred by the buyer and seller, including loan amounts, closing costs, and any other fees, giving borrowers a clear understanding of where their money is going during the closing process.

The Settlement Statement is typically provided to the borrower at least one day before the closing, allowing them to review all costs and confirm they align with their expectations and prior estimates. This transparency is essential for borrowers to ensure they are not surprised by any last-minute expenses.

The Good Faith Estimate and the Loan Estimate serve different purposes in the loan process. The Good Faith Estimate was once used to provide a good faith estimate of fees to borrowers, but it has largely been replaced by the Loan Estimate, which outlines potential costs but does not provide an actual breakdown of the final costs at closing. The HUD-1 was the standard form used prior to the introduction of the Closing Disclosure and is still relevant in certain transactions, but the term typically refers to the Settlement Statement that borrowers receive. Thus, the HUD-1 itself is essentially a label for the Settlement Statement