Posted by Notarysigner on 11/25/09 3:35pm
Msg #312219

missing borrowers Settlement Statements...

Anybody out there seeing this trend? You get to the signing and find out the borrower has it but you don't? Time and date stamp on your docs newer? Positive comments only please, tnx.

Reply by Jim/AL on 11/25/09 3:38pm
Msg #312220

I am positive I do not leave w/o HUD, lol. Sorry, but that

is as positive as I can make it. It is almost always the last thing worked on, last thing approved and the last thing sent.

Reply by Frank/NC on 11/25/09 3:44pm
Msg #312221

My understanding with all closings is that you must have the HUD before leaving for the closing. The problem comes when you are not told the HUD is not in the package and that it is coming later. That means you have to go through every package before leaving to make sure. I also wish that everyone sending docs would let us know whether it is a complete package or other docs are coming, especially at EOM when it is busier.

Reply by Jim/AL on 11/25/09 3:54pm
Msg #312224

What is worse is seeing lenders version of HUD and/or preliminary HUD and thinking you have the final. Always best to get confirmation that the whole enchilada has been sent to you.

Reply by Regal/NC on 11/25/09 3:55pm
Msg #312225

Good idea to check package for critical docs b4 going!! n/m

Reply by Notarysigner on 11/25/09 3:59pm
Msg #312226

Thanks Frank, I'm finding that the borrowers has it but I don't. This has not always been the case. When I check and compare my docs verses what the borrower has, I'm wondering what is wasn't in my package that's all. Thanks again for your response.

Reply by Linda Juenger on 11/25/09 4:30pm
Msg #312228

Not understanding how the borrower has it and you don't. Can you explain that a little more?

Reply by Notarysigner on 11/25/09 4:33pm
Msg #312230

As far as I can figure..the lender is sending it to the borrower directly. They are presenting a signed copy of the document to me to send back to TC.

Reply by Linda_H/FL on 11/25/09 4:49pm
Msg #312235

Can honestly say I've never had that happen

IF I get e-docs, I get final HUD - I've had signings where the borrowers have the HUD for review before I get there but I've always had a final HUD in the package sent to me.

Reply by Notarysigner on 11/25/09 4:53pm
Msg #312237

Re: Can honestly say I've never had that happen

yes, for everyone I've ever did also. this just happened!

Reply by Todd/OH on 11/25/09 5:12pm
Msg #312240

Re: Can honestly say I've never had that happen

All the years that I've done closings for other companies and on my own, I have never produced a closing package that didn't contain the HUD. The borrower may have a sample HUD to review but I always had the final HUD. That way I know the date and loan amount match the note.

Reply by Notarysigner on 11/25/09 4:51pm
Msg #312236

Re: more clarifications...

Today I had a loan signing cancellation because the agent presented the Doc at the signing and the borrower saw it and said, "you must be outta your mind" and walked out. I guess they don't want us to disclose certain information to the borrower before we get there. Looks fishy to me

Reply by PAW on 11/25/09 5:25pm
Msg #312244

James,

Since you're in CA often the final HUD isn't included in the package. Instead a preliminary Estimated Settlement Statement is there. (That's because CA is an escrow closing state and the final HUD isn't prepared until disbursement.)

Also, the Lender's HUD isn't the final one. The title company (or settlement company) prepares the HUD to include all the title charges. The lender provides the title company with a lender's preliminary HUD or settlement instructions to prepare the HUD. The HUD is then sent to the lender for approval. It's the title company's responsibility to ensure the borrower gets the HUD.

In table closing states, such as FL, the final HUD needs to be provided at the signing. For those loans that qualify for a three day rescission period, the final HUD may prove not to be truly final, but still must be presented at the time of signing subject to modification during the rescission period.

Reply by Notarysigner on 11/25/09 5:32pm
Msg #312246

The answer!...Thank you Paul very much!

Reply by Pierces Notary Services on 11/25/09 7:19pm
Msg #312252

I had this tonight with a BOA closing. The borrower already had the signed HUD.

Reply by PAW on 11/25/09 7:54pm
Msg #312262

Signed by who? Title (settlement agent) or Lender?

Reply by Pierces Notary Services on 11/26/09 6:23am
Msg #312278

Signed by the borrower - but I had one with the package too.

Reply by Jim/AL on 11/25/09 4:33pm
Msg #312231

Public apology. Sorry James, misunderstood the question. n/m

Reply by Notarysigner on 11/25/09 4:36pm
Msg #312233

Re: Public apology. Sorry James, misunderstood the question.

Come Jim, as many times as I've showed up at a hockey game with a baseball bat LOL. We're alright!

Reply by Notarysigner on 11/25/09 5:29pm
Msg #312245

Tnks Gents & ladies, that's what this forum is 4, answers.

Happy Thanksgiving everyone

Reply by MW/VA on 11/25/09 7:22pm
Msg #312254

Re: Public apology. Sorry James, misunderstood the question.

You must have EOM brain drain like I do, Jim. I've been doing the same thing the last couple of days--misreading a post. Happy Thanksgiving!

Reply by Pierces Notary Services on 11/25/09 7:18pm
Msg #312251

If I'm not mistaken the borrower's will have to have the HUD 1 day prior to closing starting 1/1/10 due to the new HUD rules. Needless to say I hope that eliminates waiting for HUD approval right before the closing. I attended two webinars on the new HUD rules and was very enlightening as I am responsible for preparing the HUD for the attorney I work for. We are supposed to have it to the bank the day before the scheduled closing.

Reply by PAW on 11/25/09 8:11pm
Msg #312264

Not exactly

>>> If I'm not mistaken the borrower's will have to have the HUD 1 day prior to closing starting 1/1/10 due to the new HUD rules. <<<

There is no change to the existing rule (that I'm aware of) concerning the furnishing of the HUD 1 day prior to closing. As the rule currently stands, the HUD needs to be provided only if requested at least one day prior to closing. With refinances that have a rescission period, the closing isn't until the day after the expiration of the rescission period. So there's nothing new in that regard from what we've seen in the past decade.

However, the new rules do require more accurate GFE's and that they are to be provided to the borrower after three days of the application and then on a schedule depending on changes to costs and fees. Further, the new HUD-1 and 1a will need to be used that shows the comparison with and where to look on the GFE.

So, it boils down to the borrower having a GFE that should look like the HUD they see at the signing, but doesn't remove the issue of 'no HUD at signing' for escrow funding states.

Reply by MW/VA on 11/25/09 7:29pm
Msg #312256

That's a new one. It must be about "no surprises at the closing table" issue. I wish that were true. I've had 3 HUD surprises this week from that major lender. First one, the loan amt. was $9K less than it was supposed to be & borrower was supposed to come up with $4K instead of getting $4K (didn't sign--it was a redraw). The next one was a streamline VA refi. They came up with $500 due to close (didn't sign the HUD, and it was adjusted). Last scenario, borrower was refi-ing for $4K cash out. Loan drawn again for a lower amt. & no cash back. It's had me scratching my head all week as to what the H#$l the lender is thinking?????? In all cases the borrowers were given no prior notice that there were changes in the loan amt. or costs. I thought things were going to get better--ha!

Reply by Notarysigner on 11/26/09 7:23am
Msg #312279

That's what I was experiencing also, borrower found out they had to pay twice as much as they were expecting. It really make the Notary look incompetent since we have no clue of what's going on.