Posted by SarahBeth_CA on 6/2/06 7:41pm
Msg #123776
Question for Tx
In ca all the purchases and refi's I've done that I can remember have had either an Impound Account Authorization or a doc waiving an impound account. I just got docs for a purchase in Tx and there is neither doc. I'm stumped. Is this a Tx thing when it comes to purchases? I'm worried that it's not an impound account which is what is wanted. Lo is gone for the evening.
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Reply by Becca_FL on 6/2/06 7:58pm
Msg #123779
Look on the HUD...
are they collecting for escrows/impounds? Is there an escrow/impound account disclosure in the pkg? What about the first pmt letter?
I've done loans w/o an authorization, but if escrow/impounds are being held, there must be a disclosure.
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Reply by SarahBeth_CA on 6/2/06 9:09pm
Msg #123795
Re: Look on the HUD...
Becca they took out for 14 months hazard insurance, and 9 months taxes. There is an initial escrow account disclosure, but the first payment letter only shows p&i. I'm hoping that it is but if not well we will just have to deal with it.
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Reply by Becca_FL on 6/2/06 9:24pm
Msg #123802
Hmmm...
sounds like someone screwed up. Escrow had the impounds and the lender didn't, yet the lender would have had to approve the HUD. Oh well, nothing you can do but leave messages.
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Reply by Missy_Lulu on 6/2/06 9:43pm
Msg #123807
Re: Look on the HUD...
Is it possible this is to pay off back taxes? Probably not since there is an initial escrow account disclosure, huh?
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Reply by PAW on 6/2/06 9:50pm
Msg #123812
Re: Look on the HUD...
14 months hazard insurance? Hmmmmmm..... Sounds like they wanted the insurance paid for a full year, which isn't all that uncommon, but they don't hold out the years worth plus a 2 month reserve. Every HUD that I see here in FL, shows the 1 year payment on line 903, not in the 1000 section.
1st payment letter sounds like it wasn't prepared correctly. Was escrow added after the initial contract?
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Reply by Becca_FL on 6/2/06 10:06pm
Msg #123819
Re: Look on the HUD...PAW
Insurance may be due in August so they collected 1 year (12mos) to pay in August + an additional month for 2007. Take out the aggragate (sp) and there you have it.
It depends on the TC and the Lender. I've seen the Insurance paid on the 1300 line before. Not how I would do it, but I'm not drawing docs anymore-thankfully.
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Reply by PAW on 6/2/06 10:43pm
Msg #123824
Re: Look on the HUD...PAW
If insurance was due in August then they would load for 10 months plus 2 reserve, for a total of 12 months, not 14 months. With 14 months paid (and two months reserve), then the insurance would be due in June 2006. This is very possible, but according to my title policies manual, that's not the way it's done on purchases, considering they're closing the purchase in June, then the insurance commencement date will be June, not August, and should be recorded on line 903 as an item required to be paid at closing, along with the June interest on the note.
I've never seen HO insurance in 1300, but that doesn't mean someone won't or hasn't done it.  It really belongs on 903, that's what that line is designated for by HUD.
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Reply by Becca_FL on 6/2/06 11:58pm
Msg #123830
Re: Look on the HUD...PAW
Today I had a refi of a construction loan the CO'd on 5/25. HO Ins. paid (POC ) Escrows collected for 10 months, ins. due 5/07. Okay, you're right again. Math is NOT my forte.
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Reply by PAW on 6/2/06 9:53pm
Msg #123814
Re: Look on the HUD...
A disclosure wouldn't be in the package if it was predisclosed. Some lenders require impound with reserve, 1 year hazard insurance paid POC or from settlement, in which case they often include the impound agreement with the predisclosures.
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