Posted by meme on 6/10/05 12:39pm
Msg #43797

money to settlement

How do you tell if the borrower has to bring money to settlement? And what is the only form of acceptable payment at settlement?

Reply by Art_MD on 6/10/05 1:03pm
Msg #43805

Usually the borrowers know ahead of time the rough amount. Most TCs have a limit of what is acceptable in the form of a personal check. Often $500. Over that amount, they will request a cashier's check. Varies from company to company.

Check line 1601 on hud. Ususally this is the amount they bring.

On some versions, the line saying "cash to/from borrower" will have either to or from crossed out. If to is crossed out, the amount is due from borrower. Check closing instructions re: amount above which the check must be a cashier's check.

Art

Reply by Toni (NY) on 6/10/05 1:11pm
Msg #43808

Also, you should make sure to check the lenders policy on collection of checks. There are some lenders, such as Ditech, that don't allow signing agents to pick up checks - even though the HUD-1 will say there is money due from borrower.

Toni

Reply by Dave_CA on 6/10/05 2:17pm
Msg #43829

My experience is it is on line 303 of the HUD.

Reply by meme on 6/11/05 8:08am
Msg #43934

Thank you Dave, for your help.

Meme

Reply by meme on 6/11/05 8:11am
Msg #43936

thank you toni for your help

Reply by meme on 6/11/05 8:10am
Msg #43935

Thank you for your help