Posted by Nancy in Florida on 5/20/05 10:36pm
Msg #39439

HUD-I waiver Acknowledgement

I had a signing today for Ameriquest and in the package was a document called HUD-I waiver acknowledgement. It basically stated that the borrower was waiving receipt of the HUD-I at time of closing and agreeing to get the HUD-I with the proceeds of the loan. There were other docs in the package that did breakdown the costs and the net amount to the borrower. We called the lender and they didn't know about it either? It was the Title Co that sent this doc. This borrower is an investor who was refinancing his primary so we had an RTC and he is a regular Ameriquest borrower so he signed anyway but has anyone ever heard of this before? I have been in this business a long time and it was never acceptable to not have a HUD at closing.

Reply by ERNA_CA on 5/20/05 10:53pm
Msg #39444

I am doing a lot of signing which only have an estimated hud in the package. I presume they will fax the Hud-1 to borrower before closing. Never seen a waiver.
Had a funny one today. Title instructions had this stated in excrow instructions.
Notary: Borrower is aware of that notary fees will go directly to XXXX
which was not the name of the ss that hired me. Estimated closing costs had Notary fee to same xxxx. Makes me wonder.

Reply by Jay on 5/20/05 10:54pm
Msg #39445

I had one recently & the brs already knew what it was & were willing to sign everything. Brs were not novices at mtg's. So I figured if they were happy, I was happy. I've already been paid so guess everything was fine. Like yours, it did have a breakdown of costs & net to br.