Posted by Pam Gibson on 3/31/04 9:49pm
Msg #1356

What is the easiest way to explain a HUD-1. np

Reply by Leslie Lucchesi on 4/1/04 9:18pm
Msg #1365

You say "This is your settlement statement, it is all the items payable in connection with your loan", start with the second page first, and explain what their settlement charges are, section by section, if allowed. In my opinion, that is the easiest and most direct way to explain the HUD.

Reply by Pamela J Montez on 4/3/04 8:48pm
Msg #1393

Knowing what is on the HUD is VERY important.. but remember.. we are only there to witness the signatures. Many closing companies want us to explain the docs in detail, and it is very valuable to know the docs. I also tell the borrower that I know nothing about their finances or agreements with their lender, and any questions regarding this, must be directed to the l.o.
The important parts of a loan: Cash back, (line 303 of the HUD), Interest rate (the note), monthly payments (1st payment coupon.. important if they have an escrow account) and when first payment due (on the note).