source:
  type: regulation
  id: reg-x-1024.10
  authority: 12 CFR §1024.10 — One-day advance inspection of HUD-1 or HUD-1A settlement statement; delivery;
    recordkeeping
  description: 'Regulation X §1024.10 governs the HUD-1 / HUD-1A settlement statement

    for federally related mortgage loans that are NOT subject to the

    TRID-mandated Closing Disclosure under 12 CFR 1026.19(f) (i.e., HELOCs,

    reverse mortgages, manufactured-home-without-real-property loans, and

    other loans excluded from the integrated disclosures). Imposes a

    settlement-agent inspection duty the business day before settlement

    upon borrower request (a), a settlement-agent delivery duty at or

    before settlement (b), a written-waiver mechanism (c), an absentee-

    settlement carve-out (d), and a five-year [LENDER] recordkeeping

    duty (e). Most operative duties run to the settlement agent, but the

    (e) recordkeeping duty runs directly to [LENDER] (or to a subsequent

    owner/servicer following transfer of the loan file).

    '
obligations:
- id: reg-x-1024.10-a
  canonical_id: reg-x-1024.10-a
  section: 12 CFR §1024.10 — One-day advance inspec
  description: '(a): (a) Inspection one day prior to settlement upon request by the borrower. The settlement
    agent shall permit the borrower to inspect the HUD -1 or HUD -1A settlement statement, completed to
    set forth those items that are known to the settlement agent at the time of inspection, during the
    business day …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.10(e)
    source_class: cfpb-regulation
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/part-1024/section-1024.10
    snapshot_id: 1fba3509ecc55ce6
    fetched_at: '2026-05-24T19:33:55Z'
    content_hash: sha256:0ec36d76c6dac5bc1fbea5d9eafef4aaa4b19a9fd51cecc2a1c083153c0a999d
    paragraph_quote: (a) Inspection one day prior to settlement upon request by the borrower. The settlement
      agent shall permit the borrower to inspect the HUD -1 or HUD -1A settlement statement, completed
      to set forth those items that are known to the settlement agent at the time of inspection, during
      the business day immediately preceding settlement . Items related only to the seller's transaction
      may be omitted from the HUD -1.
    drafter_attestation: Verbatim subsection of 12 CFR § from Cornell LII snapshot 1fba3509ecc55ce6; body
      isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.10-b
  canonical_id: reg-x-1024.10-b
  section: 12 CFR §1024.10 — One-day advance inspec
  description: '(b): (b) Delivery. The settlement agent shall provide a completed HUD -1 or HUD -1A to
    the borrower, the seller (if there is one), the lender (if the lender is not the settlement agent),
    and/or their agents. When the borrower''s and seller''s copies of the HUD -1 or HUD -1A differ as
    permitted by the instr…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.10(e)
    source_class: cfpb-regulation
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/part-1024/section-1024.10
    snapshot_id: 1fba3509ecc55ce6
    fetched_at: '2026-05-24T19:33:55Z'
    content_hash: sha256:0ec36d76c6dac5bc1fbea5d9eafef4aaa4b19a9fd51cecc2a1c083153c0a999d
    paragraph_quote: (b) Delivery. The settlement agent shall provide a completed HUD -1 or HUD -1A to
      the borrower, the seller (if there is one), the lender (if the lender is not the settlement agent),
      and/or their agents. When the borrower's and seller's copies of the HUD -1 or HUD -1A differ as
      permitted by the instructions in appendix A to this part, both copies shall be provided to the lender
      (if the lender is not the settlement agent). The settlement agent shall deliver the completed HUD
      -1 or HUD -1A at or before the settlement , except as provided in paragraphs (c) and (d) of this
      section.
    drafter_attestation: Verbatim subsection of 12 CFR § from Cornell LII snapshot 1fba3509ecc55ce6; body
      isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.10-c
  canonical_id: reg-x-1024.10-c
  section: 12 CFR §1024.10 — One-day advance inspec
  description: '(c): (c) Waiver. The borrower may waive the right to delivery of the completed HUD -1
    or HUD -1A no later than at settlement by executing a written waiver at or before settlement . In
    such case, the completed HUD -1 or HUD -1A shall be mailed or delivered to the borrower, seller, and
    lender (if the lende…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.10(e)
    source_class: cfpb-regulation
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/part-1024/section-1024.10
    snapshot_id: 1fba3509ecc55ce6
    fetched_at: '2026-05-24T19:33:55Z'
    content_hash: sha256:0ec36d76c6dac5bc1fbea5d9eafef4aaa4b19a9fd51cecc2a1c083153c0a999d
    paragraph_quote: (c) Waiver. The borrower may waive the right to delivery of the completed HUD -1
      or HUD -1A no later than at settlement by executing a written waiver at or before settlement . In
      such case, the completed HUD -1 or HUD -1A shall be mailed or delivered to the borrower, seller,
      and lender (if the lender is not the settlement agent) as soon as practicable after settlement .
    drafter_attestation: Verbatim subsection of 12 CFR § from Cornell LII snapshot 1fba3509ecc55ce6; body
      isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.10-d
  canonical_id: reg-x-1024.10-d
  section: 12 CFR §1024.10 — One-day advance inspec
  description: '(d): (d) Exempt transactions. When the borrower or the borrower''s agent does not attend
    the settlement , or when the settlement agent does not conduct a meeting of the parties for that purpose,
    the transaction shall be exempt from the requirements of paragraphs (a) and (b) of this section, except
    that th…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.10(e)
    source_class: cfpb-regulation
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/part-1024/section-1024.10
    snapshot_id: 1fba3509ecc55ce6
    fetched_at: '2026-05-24T19:33:55Z'
    content_hash: sha256:0ec36d76c6dac5bc1fbea5d9eafef4aaa4b19a9fd51cecc2a1c083153c0a999d
    paragraph_quote: (d) Exempt transactions. When the borrower or the borrower's agent does not attend
      the settlement , or when the settlement agent does not conduct a meeting of the parties for that
      purpose, the transaction shall be exempt from the requirements of paragraphs (a) and (b) of this
      section, except that the HUD -1 or HUD -1A shall be mailed or delivered as soon as practicable after
      settlement .
    drafter_attestation: Verbatim subsection of 12 CFR § from Cornell LII snapshot 1fba3509ecc55ce6; body
      isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-x-1024.10-e
  canonical_id: reg-x-1024.10-e
  section: 12 CFR §1024.10 — One-day advance inspec
  description: '(e): (e) Recordkeeping. The lender shall retain each completed HUD -1 or HUD -1A and related
    documents for five years after settlement , unless the lender disposes of its interest in the mortgage
    and does not service the mortgage . In that case, the lender shall provide its copy of the HUD -1
    or HUD -1A …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1024.10(e)
    source_class: cfpb-regulation
    source_url: https://www.ecfr.gov/current/title-12/chapter-X/part-1024/section-1024.10
    snapshot_id: 1fba3509ecc55ce6
    fetched_at: '2026-05-24T19:33:55Z'
    content_hash: sha256:0ec36d76c6dac5bc1fbea5d9eafef4aaa4b19a9fd51cecc2a1c083153c0a999d
    paragraph_quote: (e) Recordkeeping. The lender shall retain each completed HUD -1 or HUD -1A and related
      documents for five years after settlement , unless the lender disposes of its interest in the mortgage
      and does not service the mortgage . In that case, the lender shall provide its copy of the HUD -1
      or HUD -1A to the owner or servicer of the mortgage as a part of the transfer of the loan file.
      Such owner or servicer shall retain the HUD -1 or HUD -1A for the remainder of the five-year period.
      The Bureau shall have the right to inspect or require copies of records covered by this paragraph
      (e). CFR Toolbox Law about... Articles from Wex Table of Popular Names Parallel Table of Authorities
      Accessibility About LII Contact us Advertise here Help Terms of use Privacy
    drafter_attestation: Verbatim subsection of 12 CFR § from Cornell LII snapshot 1fba3509ecc55ce6; body
      isolated between nav and notes; substring-verified.
  judgment: false
