Settlement Statement is the document used at the closing of a business-purpose investor loan (and historically all real estate closings before TRID). It lists every charge and credit between buyer, seller, and lender — line by line.
Two common formats: HUD-1 (the legacy federal form, still used in some commercial closings) and ALTA Settlement Statement (the modern industry form drafted by the American Land Title Association).
Replaces the Closing Disclosure for non-TRID transactions. Has no equivalent waiting period — issued at the closing meeting and signed alongside the loan documents.