Posted by CaSigner on 5/23/05 3:30pm
Msg #39746

Settlement Statement

Where on the settlement statement will it inform me that I am to collect money from the borrower to return with loan package? If at all.

Reply by SamIam_CA on 5/23/05 3:32pm
Msg #39747

Is this a test question or do you have docs in front of you & are getting ready to hit the road to meet with the borrowers?

Reply by ERNA_CA on 5/23/05 3:32pm
Msg #39748

It will say money due to or from borrower.

Reply by ERNA_CA on 5/23/05 3:33pm
Msg #39751

Re: Settlement Statement opps didn't think test :)

Reply by Charm_AL on 5/23/05 3:33pm
Msg #39750

line 301 and 303 will tell you what money to collect if any

Reply by CaSigner on 5/23/05 3:35pm
Msg #39754

No, it's not a test and yes I am getting ready to head ot. I always thought it was lines 301 but an SS last week told me I didn't get a check from a borrower. Luckily it was edocs so I pulled up the statement and there was nothing in lines 301 or 302. I just wanted to make sure before I left today for another signing with the same SS.

Reply by Sylvia_FL on 5/23/05 3:39pm
Msg #39757

If you have done signings previously and done them correctly, then you would know where the amount due to or from the borrower is on a Settlement statement, because that is one thing we point out, the amount they are getting back - or the amount we need to get from them.

Reply by CaSigner on 5/23/05 3:49pm
Msg #39767

Sylvia, maybe when you have a moment to come down off your high horse you can answer who the "we" is in "because that is one thing we point out". Regards. Thank you by the way to those who just answered the simple question without the added baggage of a superiority complex.

Reply by Sylvia-FL on 5/23/05 3:56pm
Msg #39771

That is one thing we - as signing agents - point out.

"This is your settlement statement, this lists all your fees associated with the closing and this (pointing) is the amount you will be receiving after the rescission period"

Reply by CaliNotary on 5/23/05 5:20pm
Msg #39815

Funny how you expect Sylvia to do something you're not willing to do. She gave a straightforward and appropriate response to your question. YOU'RE the one who is being unnecessarily bitchy.

Pull the stick out of your butt and learn to recognize solid advice without getting hurty feelings over it.

Reply by Ernest_CT on 5/23/05 6:47pm
Msg #39845

Sylvia consistently gives good advice, even to people who may not have treated her respectfully. She DID answer your question. You were very rude and owe her an apology.

Reply by SamIam_CA on 5/23/05 3:49pm
Msg #39765

Good thing you still had the e-docs - are you going to call the SS on it? I'd be worried about working for them again...

Reply by CaSigner on 5/23/05 3:52pm
Msg #39769

Re: SamIam

I told them on the phone that I had edocs and there was nothing mentioned (I even pulled the docs up while on the phone). They called back withing 10 minutes with an apology. I knew I did the right thing but I always like to learn from possible mistakes and I wanted to ask those who have been there. Thank you for your answer.

Reply by Stephanie/CA on 5/23/05 6:16pm
Msg #39834

I think it's line #305. Not sure exactly; I'll check later and post the precise line #.

Reply by PAW_Fl on 5/23/05 6:52pm
Msg #39849

Amount due to/from borrower is generally lline #303 on the HUD-1 Settlement Statement.

On the HUD-1A, line 1601 is check due FROM the borrower and line 1604 is disbursements TO the borrower.

Reply by Mysti_FL on 5/23/05 7:18pm
Msg #39858

Actually, I was taught by the NNA (here we go!) that the information within the HUD isn't my responsibility since I don't actually settle the loan. Therefore, I don't typically peruse the HUD. I only explain that this is the document that explains where all the money in the transaction comes and goes, and point out the amount coming to the borrowers. Maybe I just have not had any signings (I'm new) where a check needed to be picked up.

Anytime I have had to pick up documents, such as insurance paperwork, they tell me up front.

I just received a call from a local lawyer's office, looking to use my services in the future. They "interview"/"train" you on explaining documents, before they will hire you to do the job. They do a lot of "hard equity" loans.

So, after this particular message thread, I am looking forward to his "training"!!!

Mysti

Reply by ERNA_CA on 5/23/05 7:23pm
Msg #39859

Every time I had to collect a check from borrowers I would receive instructions to do so. Now on the other hand I have had borrowers that were surprised as they had not been instructed to have the check ready for the notary. Communicating everything to everyone dose not always happen.

Reply by PAW_Fl on 5/23/05 7:35pm
Msg #39865

Very rarely am I told whether or not I am to pick up a check from the borrower. Usually, I have an instruction that reads something like, "if the borrower is to provide funds for closing, the check needs to be a certified check if over $500 (or some other amount) and made out to the TITLE COMPANY".

You do need to familiarize yourself with the HUD as there is lots of information that you can glean, like knowing if there is an escrow (impound) account, seeing if they are paying off some other loans, which may indicate there will be payoff letters or statements in the package.

You may be able to answer the borrowers questions without crossing into UPL if you know where the numbers are. As to "how" the numbers were calculated, or "why" a number is what it is, you probably cannot offer an explanation, a call to their broker or LO would be in order.

Reply by Mysti_FL on 5/23/05 8:13pm
Msg #39877

In that case, PAW, I'd better start looking it over tonight. I really don't want to mess up any closings. Should I verify with SS or Title or Mtg company when I pull the HUD, if I am to pick up anything? Specially right now since I am so new at this.

Mysti

Reply by PAW_Fl on 5/23/05 8:44pm
Msg #39886

As soon as you get the HUD, look to see if the borrowers need to bring money to the table. (Usually they do NOT.) If they do, you will need to know if a certified check needs to be used. That should be in your instructions. Then call the borrowers and let them know what they need to provide at the table: copies of ID's (verify the names match your documents while you have them on the phone), copy of the declaration page to their insurance policy (if required), certified check in the amount of XXX (whatever it says is due FROM borrowers), and anything else, which should be listed in your instructions. Usually, only the copies of ID and the check is needed.

If you have any questions, feel free to give me a call.

Reply by Sylvia_FL on 5/23/05 7:24pm
Msg #39860

Hi Mysti
Lost your e-mail address, can you e-mail me? I have a question for you

Reply by Mysti_FL on 5/23/05 8:10pm
Msg #39876

Sent!
Mysti

Reply by Sylvia_FL on 5/23/05 8:20pm
Msg #39879

Got it - thanks