Varies because of what each lender wants in its file to protect itself. Don't overthink adding a signature or questioning scheduling service, title company or lender. Unless you KNOW it's really bad, just follow instructions. If you ask, just get a written record of who stated what for your personal records so a possible error doesn't come back to bite you - like those "fee deductions taken from your check" for a lender or title company error because you followed the hiring party's instructions.
The is no federal requirement for the Borrower Closing Disclosure or Seller Closing Disclosure to be signed ... or for the figures on the CDs to match the checks that crossed the table. Unlike the old HUD-1, the CFBP specifically does NOT want certain costs on the CD and NO ONE wants changes. For example on purchases, day before of day-of-closing last minute heating oil or propane gas adjustments and escrows for "oops the mover put a hole in the sheet rock or dug a gouge across the wood floor" are NOT on the CD, it's a personal check across the table and funds held by the settlement agent because no one wants to deal with the lender re-reviewing the CD and probably coming up with another 3-day waiting period.
The no signatures required is why the FBI and other agencies HATE the CD; almost impossible to use in a fraud case - no signature, no requirement the $$ match up with the real deal. Unlike the HUD-1, the seller, purchaser and settlement agent do not sign "under penalty of perjury" that the Closing Disclosure actually reflects the real deal. The CD is also time sinkhole for data entry for paralegals working on it who have to gather and enter all that contact information, including license, telephone, fax and cell phone numbers. But, as stated, "This is to protect the consumer. We never said it wouldn't cost the consumer more money." Apologies for the vent. |
