Posted by kmo on 3/30/07 7:43pm
Msg #183049

Proceeds Form

I need some help. I did a closing tonight and the closing package did not contain a proceeds letter for the borrower to fill out for wiring instructions. I have searched for a generic form but have been unable to find one. If anyone has a link for a form please let me know. Thank you for your help, Maureen

Reply by MistarellaFL on 3/30/07 8:31pm
Msg #183062

Not every package will have proceeds letter.
Sometimes the TC will make these arrangements oustide of closing.
Talk to your hiring party to see if it is necessary.

Reply by Sylvia_FL on 3/30/07 8:56pm
Msg #183065

It would be UPL for us to determine if a particular form is needed and to provide one.
Not all closing packages have wire instructions.

Reply by Linda Juenger on 3/30/07 9:01pm
Msg #183067

As I was walking out the door from a closing, the Mr. asked me how he was going to get his money. There was not a proceeds form in the pkg. He then tells me that his LO told him to send a voided check along with me. We went back inside and he gave me a voided check. I attached it to the pkg with a note to it stating to wire proceeds into this account. Have done this a couple of times. Haven't had a problem doing this. Its my understanding also that the proceeds will be mailed, overnighted to the property address.

Reply by kmo on 3/30/07 9:17pm
Msg #183068

Thank you to all for responding. The TC and LO said the form was left out, so I collected a voided check and al bank info. LO said he was going to e-mail me a form tomorrow. Just want to cover all bases. Again thank you and have a great night all, I knew I could depend on the NotRot group.

Reply by Ernest__CT on 3/31/07 7:06am
Msg #183135

Never take it upon yourself ...

... to decide whether wire transfer is an option! Not all lenders offer the choice of wiring funds instead of overnighting or even snailmailing a check.

Always have the borrower(s) call the Loan Officer. From the signing table would be best.