Posted by nt/ca on 3/21/05 8:06pm
Msg #26789

HUD-1 Question

*message qualifiers*
1. No - I've not done a signing
2. No - I'm not scheduled to do a signing anytime soon
3. No - this isn't a test question for a SS test.



I am reviewing some documentation on "how to do a signing". The "how to" book refers to having the borrower sign the HUD-1 statement. The form on the HUD website doesn't appear to have a space for a signature - nor does the HUD manual seem to reference where it should be signed.

I understand that there can be an addendum to the HUD-1 statement that should designate a signature space - although I can't seem to find a version of that addendum on the HUD website.

So, my question is - Is the "how to" book correct and do they actually sign the HUD-1 itself? If so, where? OR is it soley the addendum that is signed? And does anyone know where one can find a sample of the addendum?

TIA

Reply by Becca/FL on 3/21/05 8:16pm
Msg #26794

Well, it depends. There are many variations on the HUD ie: 1 page, 2 page, etc., etc. All of the HUD's I have come across do require borrower(s) signature. Some ask for siggy on pg two & initials on pg 1, some the other way around.

You see, nt/ca, there is no "right" answer.

Reply by nt/ca on 3/21/05 8:21pm
Msg #26799

Thank you.

At the risk of being anal retentive - since there is no specific signature line - is there is a generally accepted spot to place the signature or initials?

Reply by Stephen_VA on 3/21/05 8:44pm
Msg #26806

There *will* be a signature line on the doc you actually get. Find it, and ask the person to sign there.

Reply by JJ_VA on 3/22/05 9:44am
Msg #26909

Stephen_VA

Where are you located in Virginia? Northern, VA? I would like to network with other Notaries in my area.

Reply by Becca/FL on 3/21/05 8:47pm
Msg #26807

There are signature lines on every HUD I've ever seen, or drawn for that matter. Not always a place for initials, though.

You will see sig. lines for the borrowers, sellers & the settlement agent. Most times the HUD is not dated by the borrowers or sellers. The Settlement Agent (EO/TO) signs and dates the doc.

FYI - HUD, HUD 1 & Settlement Statement are all the same thing.

Reply by nt/ca on 3/21/05 8:49pm
Msg #26809

Thank you both very much! That clears things up quite a bit. Interesting that the downloadable form on the HUD site doesn't include the signature piece.

Reply by CarolynCO on 3/21/05 9:04pm
Msg #26816

Re: Do you have your own HUD to look at? n/m

Reply by nt/ca on 3/21/05 9:16pm
Msg #26820

Re: Do you have your own HUD to look at? n/m

Nope - that would mean giving up the joys of being a renter ;)

Reply by CarolynCO on 3/21/05 9:59pm
Msg #26835

Re: Sample

Here is a link with a 2-page sample. are some with places for initials on the 1st page, some don't have initials. This particular link doesn't, but this one does show you on the second page where the borrower sigs would go. Again, this is just a sample and they don't all look like this.

www.hud1.com/hudforms.htm

Reply by CarolynCO on 3/21/05 10:02pm
Msg #26836

Re: Oops.

My second sentence should have said "Some have places for initials ..."

Reply by nt/ca on 3/21/05 10:59pm
Msg #26851

Gracias! n/m

Reply by JoJo_MN on 3/22/05 7:31am
Msg #26887

I've done quite a few HUDs lately that has a separate third page for the signature. They don't have spaces for initials on either of the first two pages, but I usually have the borrowers initial them anyway just to tie them in with their signature on the third page. It makes the borrowers more at ease with signing. I've had a couple question how we know that the title company won't just insert a different HUD with different amounts so they get more money.

Reply by Northern CA signer on 3/22/05 12:29pm
Msg #26975

JoJo:

I hear what you are saying about the initialing, I used to do the same thing. I stopped that practice after receiving orders from many companies stating in no uncertain terms, do not have the borrowers sign, initial, write or breathe on any document where their name is not pre printed.

How do you resolve this?

Reply by Art_MD on 3/22/05 12:35pm
Msg #26979

Two rules of business:

1. the boss is always right.
2. If you think the boss is wrong, read rule #1.

OR

The Golden Rule

He who has the gold, makes the rules.

Really though, follow the companies directions. Some want one way, some another. Some want dates on RTC initialed, some say specifically not to initial.

Art

Reply by JanetK/VA on 3/22/05 5:50pm
Msg #27067

Very true. And I have seen some HUD-1/Estimated Settlement Statements recently without signatures at all, and some with just initials. Ya just never know.... The longer I do this, the more contradictory information I get from different sources, so I tend to follow what's on the document without editorializing, unless it's contrary to my state's laws. And when in doubt, ask, and give them what they want, as long as it's legal. Works for me!