Posted by Art_MD on 2/11/05 8:02am
Msg #20191

no hud-1 !!

Did a signing where I had to get a few docs signed. Were left out of original package. I didn't do the original. Borrower mentioned that the original signing agent commented that there was no HUD in the package. Also said a call to the lender during the original signing was made and the lender said a HUD would be sent after the recission period.

I thought that a HUD-1 was required during the closing of a refi?

Anyone know the law?

Art

Reply by PAW_Fl on 2/11/05 8:33am
Msg #20196

The HUD-1 Settlement Statement is a standard form that clearly shows all charges imposed on borrowers and sellers in connection with the settlement. RESPA allows the borrower to request to see the HUD-1 Settlement Statement one day before the actual settlement. The settlement agent must then provide the borrowers with a completed HUD-1 Settlement Statement based on information known to the agent at that time.

Source: http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm


TITLE 24--HOUSING AND URBAN DEVELOPMENT

CHAPTER XX--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING
COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

PART 3500--REAL ESTATE SETTLEMENT PROCEDURES ACT

Sec. 3500.10 One-day advance inspection of HUD-1 or HUD-1A settlement statement; delivery; recordkeeping.

(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.
(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.
(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.
(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.
(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 Secretary
shall have the right to inspect or require copies of records covered by
this paragraph (e).

Reply by Art_MD on 2/11/05 9:00am
Msg #20201

Thanks you for the info. I knew there was someone out there who could go right to correct law.

This type of interaction is what makes this board so good.

Art

Reply by Charm_AL on 2/11/05 9:08am
Msg #20203

Re: Paul PAW_Fl

I'd like to take a moment and tell you that I read everything you post.
Not only are you helpful and kind, but you really are intelligent and knowledgable
and I look forward to learning something useful when you post...thank You
I wish there were more of your kind here! Kudos

Reply by PAW_Fl on 2/11/05 10:08am
Msg #20212

Awe, shucks, twern't nuttin'

<< blushing >>

Reply by ColleenCA on 2/11/05 10:13am
Msg #20213

Re: Awe, shucks, twern't nuttin'

I quite agree! You never put anyone down, or suggest that they go through pages and pages of other threads to try and find an answer. You always answer the question or give them info. on where to find it. Thanks for being an interesting read.

Reply by Ernest_CT on 2/11/05 11:10am
Msg #20217

Re: Paul PAW_Fl

Paul deserves public praise! Last month I sent an email to him expressing my gratitude, but posting here is a much better idea. Thanks, Paul!

Reply by DellaCA on 2/11/05 11:50am
Msg #20225

Re: Paul PAW_Fl

I am also in line to say Thank You Paul, We need you here. You are an asset to this board.
Thank you for the times you have helped me out.
Dellaca

Reply by Marty TX on 2/11/05 2:55pm
Msg #20265

Re: Paul PAW_Fl

Thank you, Thank you, Thank you!!!

Reply by HisHughness on 2/11/05 8:06pm
Msg #20318

Re: Paul PAW_Fl

Marty TX, joined by many others, gushes:

***Thank you, Thank you, Thank you!!!***

You should all be aware that Paul is to be inducted next week into the Society for the Advancement & Investiture of Naturally Thoughtful Signers. The only thing that has delayed his induction heretofore has been the question of what to call him. St. Paul was aleady taken. St. PAW was considered, but rejected on the grounds that it would inevitably evoke memories and comments about what he used to do to the female office help. The Society has finally settled upon the simple St. P, though there were some scattered objections to that based upon its similarity to a bodily function. An ad hockey Committee to Reexamine the Advancement of Paul was appointed, and ultimately cleared the way for Paul's investiture when it reported that the only bodily function that he could possibly be confused with was drooling mindlessly, and the Presidency had preempted that.

Reply by Tom on 2/11/05 8:13pm
Msg #20319

Re: Paul PAW_Fl

Many of you may not know this but Hugh graduated magna cum laude from the Don Rickles School of Couth, Culture, and Protocol.

Reply by HisHughness on 2/11/05 8:41pm
Msg #20321

Re: Paul PAW_Fl

Tom applauds:

***Many of you may not know this but Hugh graduated magna cum laude from the Don Rickles School of Couth, Culture, and Protocol.***

Thank you, Tom. I am not exactly overwhelmed by your acknowledgement, but I am whelmed.

Reply by Charm_AL on 2/11/05 5:26pm
Msg #20289

then there's...

Brenda/Tx just as wise and helpful

who's like a big sis and she's always got my back. luv ya G.F. !!

well, I was holding my breath all day waiting for a phone call concerning my hopefully 12th successful signing that didn't come!
I sent the pkg back and didn't feel good about an issue.
There was a mortgage assignment that was dated Feb 15th that they wanted notarized...I didn't

Reply by HisHughness on 2/11/05 8:47pm
Msg #20322

Re: then there's...

Charm AL frets:

***There was a mortgage assignment that was dated Feb 15th that they wanted notarized...I didn't***

Are you sure they wanted >>you<< to notarize it? Usually, such notarizations founder because of backdating, not pre-dating. I have encountered many packets that contained unexecuted assignments; they were there not for execution but for information.

Reply by Charm_AL on 2/12/05 9:44am
Msg #20365

HisHughness

***There was a mortgage assignment that was dated Feb 15th that they wanted notarized...I didn't***

"Are you sure they wanted >>you<< to notarize it? Usually, such notarizations founder because of backdating, not pre-dating. I have encountered many packets that contained unexecuted assignments; they were there not for execution but for information. "

You know, this was the first I'd seen a mortgage assignment, the thing that confused me was that it was dated the 10th and then where I affirm and notarize 'he appeared before me, etc.,' was dated the 15th. I was just unsure and wondered how he's going to appear before anybody after the recission. The SS didn't know what to do, first he said cross the date out, then he said leave it alone...

Reply by CaliNotary on 2/12/05 11:35am
Msg #20375

Re: HisHughness

You asked the signing service what date you should use on your notarization? Or am I reading that wrong?

If that was the case, that's a mistake on your end. When notarizing anything you MUST use the current date, period. The wishes of a signing service or a title company do not override the law. Remember, most of the SS or title company employees don't know jack about notary law, nor do they care. They just want us to do whatever is going to be to their benefit.

Reply by Charm_AL on 2/12/05 4:49pm
Msg #20405

Re:Calinotary

No I didn't ask what date to use, I know I can only use the date the signing is on. I asked the signing comapny what it was and if it was a mistake, he didn't know and I decided to leave the whole thing blank because it was post dated with the saying appearing before me...

Reply by CaliNotary on 2/12/05 9:23pm
Msg #20433

Re: Re:Calinotary

OK, I just couldn't tell from the way you worded it.

Reply by BrendaTX on 2/12/05 5:06pm
Msg #20406

Re: then there's...

Thank you Charm.

Re: Transfers of Lien and Assignment Deeds

99% of the time, *I'd say*, are not the concern of the NSA.

Once upon a time I was indignant as heck on this board about a TOL in my package.

sue squared me away and told me that it's for the loan, POST-assignment or the handling of the package by the NSA. My best guess is that the loan may be sold and thus the transfer of lien or assignment deed.

I used to see them on occasion. Lately, I see them regularly.