Posted by PAW Notary Services on 1/12/05 9:00am
Msg #16353
Keeping copies of the HUD
Recently, a poster said, "Always keep a copy of the hud in your file. It is good if you ever need to file a small claims."
I have been advised that we cannot keep a copy of the HUD unless we (by name or by company) are named as a line item on the document. The HUD apparently falls under the classification of personal information and is thus protected under the Privacy Act. Unless the borrowers sign a Privacy Act disclosure from YOU or YOUR company, then you cannot keep the information.
In every package, there is a Privacy Act statement by the lender and title companies. (Sometimes these statements are sent prior to the actual signing of the documents.) Quite often, the borrowers must acknowledge receipt of copies of the statements. Typically, signing agents do not provide these statements, therefore, any consumer information that is protected under the Privacy Act cannot be retained by the signing agent.
I don't see where a copy of the HUD will be beneficial in small claims court, unless you are specifically named on the document. Even then, you can ask for the HUD by a subpoena duces tecum if need be.
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Reply by CarolynCO on 1/12/05 9:44am
Msg #16360
I have a file for each signing company I sign with. The confirmation stays a part of the file, but NONE of the borrowers loan docs are kept in my possession. If I end up with misprinted sheets, they are shredded. If the borrower doesn't sign, the unsigned loan docs are overnighted or shredded.
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