Federal law required that HUD-1 forms accurately reflect all charges and adjustments to be given to the borrower at the closing. By signing the HUD-1 form the attorney is attesting to its accuracy. Accordingly, the audit team will verify that the HUD-1s are accurate by comparing the HUD-1 form to the settlement disbursement statement and to the bank statements and checks. |
HUD-1 contained inaccuracies, errors or omissions