Posted by Kristen Guggerty on 2/27/07 7:00am
Msg #177300

Whose HUD Prevails?

I ran into a sticky wicket last night and would like opinions please. The edocs came with 2 distinctly different HUD"S.....with with the Lender's pack and one from the T/C. The T/C's HUD had an additional $179 in charges. I had the BR call his LO and we finished signing while we awaited the call back. I told him he could sign both, get it straightened it out with his LO since he does have the RTC or option 2, not sign it. He went ahead and signed, the LO called as I was walking out the door and she told him not to pay attention to the T/C's HUD - hers would supercede and the T/C would have to absorb the additional charges.

I don't know if that was true/wise or just plain "tell 'em anything"....anyone know? I know I'm just there to get the signatures but I'm curious.

Reply by Regal/NC on 2/27/07 7:50am
Msg #177305

Curiosity Killed The Cat! I would just move on. JMHO n/m

Reply by Ernest__CT on 2/27/07 5:44pm
Msg #177396

I'm with Regal/NC.

Have the borrower(s) contact the Loan Officer. Never try to provide answers beyond your field of expertise. (And remember what that field is: Notary Signing Agent, not Loan Officer!)

Reply by Becca_FL on 2/27/07 7:55am
Msg #177308

First rule of thumb, LO usually don't have all the answers nor do they normally know what happens once their loan reaches the TC. I completely disagree with what the LO told the borrowers. The TC HUD is the final HUD listing all disbursements and fees. The lender’s HUD is usually a preliminary HUD included with the closing instructions, instructing title where to list fees on the final HUD.

Keep in mind that this is the norm. I have had final HUDs prepared by the lender, but it is an exception and not the norm.

Reply by Pat/IL on 2/27/07 8:11am
Msg #177312

Becca is correct. The lender's HUD is generated with the rest of the loan package, and usually before all fees are known. I'll bet my breakfast that the lender's HUD did not include recording charges or courier fees, costs that are very often unknown at the time the package is generated.

Sounds like this LO was a little bit green (no offense to green people).

Reply by MichiganAl on 2/27/07 11:47am
Msg #177341

Agree with Becca, but still have both HUDs signed

Most lenders still need the preliminary HUD signed

Reply by TitleGalCA on 2/27/07 9:36pm
Msg #177431

Becca is right on

The title company is disbursing all funds. They know what demands they have in their file, they know the terms of the escrow instructions they hold (w/signatures), including any additional instructions.

The TC HUD is by far the most reliable.

Another way to look at it...have borrower see the more reliable TC HUD (with a whopping $179 more) rather than the LO's where the borrower might possibly complain later.

Reply by TitleGalCA on 2/27/07 9:37pm
Msg #177432

correction: "sign" not "see" the more reliable TC HUD n/m