The US Department of Housing and Urban Development — the federal agency that oversees FHA loans, fair housing enforcement, and housing policy.
Full Definition
HUD (Department of Housing and Urban Development) is a cabinet-level US government agency established in 1965. Its mortgage-related functions include: overseeing the FHA insurance program (which backs FHA loans), enforcing the Fair Housing Act, administering the Section 8 housing voucher program, and regulating real estate settlement practices (RESPA). HUD also oversees FHA-approved lenders and provides homebuyer education resources. When an FHA borrower defaults, HUD ultimately pays the lender's insurance claim. The term 'HUD-1' historically referred to the settlement statement used at mortgage closings (now replaced by the Closing Disclosure under TRID).
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