Reply by dickb/wi on 4/24/06 9:35pm
Msg #115632
timely question......read the article from NAR.............
Late HUD-1 Settlement Sheet Frustrates Practitioners
(April 24, 2006) -- Real estate professionals say their No. 1 complaint about the mortgage process is the failure of settlement officers to provide a copy of the settlement sheet a day or more before closing, according to a new survey.
Associates told surveyors that HUD-1 settlement sheets rarely arrive in advance, thereby denying home buyers the opportunity to know before they come to the table what they will owe.
Nearly 1,800 real estate professionals participated in the study, which was sponsored by industry newsletter Inside Mortgage Finance.
Borrowers have no guaranteed right to see settlement sheet numbers before coming to the settlement table, says attorney Phillip L. Schulman of Kirkpatrick & Lockhart Nicholson Graham, an expert on federal real estate regulations.
Schulman says the buyers must ask specifically for a pre-settlement review and then the closing agent is required only to “provide whatever figures (the agent) actually has received up until that time” from other parties involved in the transaction.
“The fact is that some of these numbers come in very late in the process,'' hours or even minutes before the scheduled settlement, Schulman says.
Source: Washington Post Writers Group, Kenneth R. Harney (04/22/06)
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