Posted by Art_MD on 1/14/05 12:57pm
Msg #16742

Payment cycle

Someone correct me if I wrong....

Funding can't occur until everyone listed on the HUD-1 is paid.
The Title Co. or SS is listed on the HUD.
The Title Co or SS is paid before funding which is normally 5-7 days after closing.
How can a SS say "we haven't gotten paid" so often when few loans recind.

Art

Reply by Lori/California on 1/14/05 6:00pm
Msg #16785

Art,

Funding is when everyone DOES get paid. Recording is usually the next day and that is when the loan is recorded on the property by the DOT.

Title Company funds loans and it is my understanding the next day is when the check is in the mail (when the loan records). It is put into snail mail and you will receive in 2-7 days.

Hope his helps.