Posted by Katherine Zozos on 9/8/04 11:56am
Msg #7546

Hud

Hello,
I have a silly question, but I was wondering, what is the difference between a signing that has a HUD generated and one that doesn't?
Thanks for any information!

Reply by Oldbie_CA on 9/8/04 12:47pm
Msg #7550

The HUD is the estimated closing costs for the loan. To do a signing without one is difficult because the borrower doesn't know the fees they are being charged.

Hope this answers your question.

Reply by Paul_IL on 9/8/04 7:44pm
Msg #7564

The Correct Answer

The HUD1 or Settlement Statement reflects the actual closing costs. The Good Faith Estimate contains the estimated closing fee's. There are times where exact closing figures are not know at time of signing. A settlement statement is usually e-mailed or faxed to the borrowers to sign before the loan funds. HUD1 figures can be adjusted up to date of settlement.

Reply by sue on 9/8/04 2:29pm
Msg #7553

no, the HUD contains the final figures. CA is the only place where I've ever seen one of those estimated settlement statements. the HUD can be adjusted somewhat during the 3 days but the figures on it are final. when you do a closing without a HUD, it is usually a HELOC where the borrowers aren't paying any costs; although some companies still prepare a HUD with all 0s on it.

Reply by KimE / NJ on 9/9/04 8:47am
Msg #7580

I have done several signings where 'Estimated' is watermarked on the HUD.

Reply by Allison Braren on 9/9/04 1:55pm
Msg #7599

Many companies will generate one of these watermarked ones to represent the costs associated with the loan. The final HUD will have all final charges associated with the transaction. on both sides.