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A form of insurance in which the insurance company protects
the insured from specified losses, such as fire, windstorm and
Housing Expenses-to-Income Ratio
The ratio, expressed as a percentage, which results when a
borrower's housing expenses are divided by his/her gross monthly
income. See debt-to-income ratio.
A document that provides an itemized listing of the funds
that are payable at closing. Items that appear on the statement
include real estate commissions, loan fees, points, and initial
escrow amounts. Each item on the statement is represented by a
separate number within a standardized numbering system. The
totals at the bottom of the HUD-1 statement define the seller's
net proceeds and the buyer's net payment at closing.