A document used to itemize closing costs and credits in a federally related mortgage loan is the

A document used to itemize closing costs and credits in a federally related mortgage loan is the

• A. Uniform settlement statement
• B. Deed of trust
• C. Title commitment
• D. Appraisal report

Answer: (A)

The document that itemizes closing costs and credits for a federally related mortgage loan is the Uniform Settlement Statement. This standardized form gathers every charge to the buyer and every credit from the seller or lender so the closing figures are clear and transparent. It lists loan-related fees, points, recording charges, title insurance, third‑party costs, and any seller concessions or buyer credits, showing the net amount the borrower must bring to closing or the seller will receive. This is different from a deed of trust, which is the loan’s security instrument; a title commitment, which previews title issues and the title insurer’s obligations; and an appraisal report, which assesses the property's value for underwriting. The Uniform Settlement Statement focuses specifically on detailing all costs and credits at the closing.

The document that itemizes closing costs and credits for a federally related mortgage loan is the Uniform Settlement Statement. This standardized form gathers every charge to the buyer and every credit from the seller or lender so the closing figures are clear and transparent. It lists loan-related fees, points, recording charges, title insurance, third‑party costs, and any seller concessions or buyer credits, showing the net amount the borrower must bring to closing or the seller will receive. This is different from a deed of trust, which is the loan’s security instrument; a title commitment, which previews title issues and the title insurer’s obligations; and an appraisal report, which assesses the property's value for underwriting. The Uniform Settlement Statement focuses specifically on detailing all costs and credits at the closing.