Posted by carlosnyc on 10/24/04 2:02pm
Msg #10397

Question regarding Ameriquest docs

I need some clarification.
Does Ameriquest have there own variation for the HUD form?????? In the 2 Ameriquest signings that I've done this week there is a form that looks like the HUD but is titled " Closing Instructions, Itemization of Settlement Charges " then a little below that it says "Below is a list of all settlement charges and disbursements applicable to this loan. You must use these figures to prepare your settlement statement" Then on the bottom of this form there is no signature line for the borrower.


I know what a standard HUD form looks like but I'm not familier with this form. Should I have the borrower sign this anyway????? When I called the signing service they told me that if there is no signature line then not to worry about it.

Thanking you in advance for any replies.

Reply by Susan on 10/24/04 2:19pm
Msg #10399

I would agree no signature line, no signing needed.

Reply by Bobbi in CT on 10/24/04 3:17pm
Msg #10401

Closing Instructions, Itemization ...

This is not the settlement statement (aka HUD, HUD-1 or HUD-1A).

It is part of the closing instructions for the title company aka "settlement agent" aka closing agent with the information provided by the lender to prepare the HUD. Loan amount, lender's fees, escrows, and which line to put the information on.

The settlement agent and borrower(s) sign the HUD.

On occassion, I have seen companies that require the closing agent to sign the instructions (proof of receipt of instructions in the event the closing agent screws up [lender can pass blame]). The worst are the lenders that require the borrowers to sign the instructions to the Closing Agent aka title insurance company. This really extends the time at the signing table. Many borrowers don't just sign blindly; they read or at least skim what they are signing. Questions that come up when a borrower has to sign the Closing Agent's instructions: "What are ALTA endorsements?" "What's this about survey coverage? Did I have to get a survey?" "What do they mean ALTA 8.1?" "What does all this stuff about recording mean?" "I gave them my insurance policy already. Why are they asking me about title insurance?"

Reply by Sylvia_FL on 10/24/04 4:30pm
Msg #10407

Let me guess? Ameriquest out of California?
Rarely is there a HUD in the package.

As Bobbi said the borrower does not sign this form.

(And if they put a HUD in there, it is a Preliminary one and rarely are the borrowers happy with it)

Reply by Negretes Notary Service on 10/24/04 10:01pm
Msg #10425

Ameriquest has started a new Policy as of this last week Silvia. They can not release Docs without a HUD from Title or escrow.

Anthony J Negrete
Chantelle Negrete
Negrete's Notary Service inc.

Reply by Sylvia_FL on 10/24/04 10:55pm
Msg #10427

Tony
I am happy to hear this, as I did two Ameriquest last week where there was no HUD for the borrower.
They included a notice:

INFORMATION ABOUT
HUD-1 SETTLEMENT STATEMENT

Notary,
If the HUD-1 settlements statement is not included with the loan docs at the time of signing, please explain to borrower(s), the following:

Upon signing and return of:
Closing Instructions Itemization of Settlement Charges, those documents will be sent to the title company for preparation of the HUD-1 Settlement. Upon Ameriquest getting the HUD-1 back from title, we will have the borrower sign the document.
The options for getting the document to the borrower for signature are as follows:

~ Email _________________________________
~ Fax ___________________________________
~ Over night via UPS to _____________________
_____________________
_____________________

Please have the borrower choose an option above, and provide applicable info for the option.

BORROWER CAN THEN FAX THE SIGNED COPIED BACK TO AMERIQUEST @
1-800-377-1469

THIS IS REQUIRED TO FUND THE LOAN

Reply by Joan Bergstrom on 10/24/04 11:08pm
Msg #10431

Hey Tony is this going to be the first 15 page HUD? I'm just having some fun here!

I would rather have a "root canal" than do another Ameriquest signing. I say this because I don't have to do loans from this company as I have plenty of other signings. If I were a newbie I would do Ameriquest loans (as I did 3 years ago when I started )and glad to get the business.

My problem with Ameriquest is the same problems other notaries have addressed: approx. 30% of the loans do not get signed because of problems between the loan officer and the borrower concering terms in the loan. Very late edocs, problems being paid and I have been hired by signing companies and Ameriquest directly.

Reply by Glena/NV on 10/25/04 5:56am
Msg #10438

That is funny because on two of my signings last Friday, the loan officer said ok to go ahead without them. Yesterday was the same thing.

Reply by Negretes Notary Service on 10/25/04 8:02am
Msg #10441

Sylvia, the Ameriquest barnches that I work with will not even send me docs till they have a HUD. I am not sure if all branches,or just the ones I work with are doing this. If you ever get an educated borrower,they are going to most likely not sign without a HUD.


Anthony J Negrete
Chantelle Negrete
Negrete's Notary Service Inc

Reply by CaliNotary on 10/24/04 10:56pm
Msg #10428

There's no signature line, the signing service told you not to worry about it, and you're still asking if you should have it signed? Do you always create extra work for yourself like this?

Reply by carlosnyc on 10/25/04 12:48pm
Msg #10460

Thanks again for all the replies folks. I really appreciate it. You are all wonderful.