Posted by VioCa on 5/22/10 4:00pm
Msg #337734

Two signed Hud-1s required for funding

Hello everybody,
Why would a lender not fund the loan in time if there was only one HUD1 signed by the borrowers
and they require two copies. 45 days later I found out that I am not going to be paid for the signing because the lender could not fund the loan in time. I am guessing it is "bs" but I would like to find out from others if there is any lender in this country that would not fund without two copies.
First off, I wasn't even instructed to have the borrowers sign two copies of the Hud. When I received the docs there was a separate attachment with the note and DOT and instructions to have those also sign (so a total of two copies) They left out the hud and somehow I deleted that e-mail so I do not have any proof that it is their mistake. But I remember very well this scenario only because this is not very common here in California to have two notes and two DOTs signed.
I checked with the county and the DOT was recorded 10 days after the signing. Considering the three days right to cancel and the weekend, it recorded the most two days later.
Thank you in advance to those that are going to answer my question

Reply by Notarysigner on 5/22/10 4:30pm
Msg #337736

There is only one HUD1 I'm sure I've seen two ( I always check the bottom right hand side of the Doc for the time and date stamp to make sure I have the latest one) but that was for a different reason. This didn't answer your question but still I've never experienced your scenario. Sorry!

Reply by Yoli/CA on 5/22/10 4:52pm
Msg #337738

2 notes, 2 DOT's - was this a reverse? n/m

Reply by GOLDGIRL/CA on 5/22/10 5:26pm
Msg #337740

Vio - this is very confusing to me. First of all, the lesson learned here is never trash ANYTHING

Reply by GOLDGIRL/CA on 5/22/10 5:29pm
Msg #337742

Woops!! Continued ...

until you've been paid. Second, I didn't think that a deed could be recorded until the loan had funded? And why are they withholding your entire fee for one alleged missed signature? What kind of agreement did you have with them? Sounds like you are getting totally screwed. Was this a SS?

Reply by Notarysigner on 5/22/10 6:29pm
Msg #337750

Re: Woops!! Continued ...

Sounds like U.S.Certified Signers

Reply by Linda_H/FL on 5/22/10 5:27pm
Msg #337741

"I checked with the county and the DOT was recorded 10 days after the signing."

Can you get a copy? Recorded DOT tells me the loan did, in fact, fund and someone is pulling your leg.

Reply by VioCa on 5/22/10 6:09pm
Msg #337746

It was not a reverse mortgage, single loan refinance.

Lesson learned, yes, I always keep the e-mails until I get paid, this one I deleted by mistake

They are withholding payment because I argued with the owner of the ss after his threat to reduce my fee. (upon my inquiry regarding payment status 40 days after the signing did take place) The reason for the reduction of the fee was that the loan could not fund in time because of my mistake. Now this is a first one for me never heard of such thing and that is why I would like to know if this second Hud would have made a difference. It does not make any sense to me. The borrowers signed one copy, so why wouldn't they fund the loan

As far as I know they could have faxed one to the borrower and have him fax it back, or they could have called me to go back and there is no problem with me to do that when needed
What makes me angry is that I have not heard from them ever since the signing took place until I asked when am I going to get paid.

They are also claiming that I had to collect one more pay stub from the coborrower.
Well, I got the package one or two hours prior to the closing time so all I could do is to inform the borrower to provide the pay stub because it is under the funding conditions and this being said I have done my job, I do not think that I have to follow up on funding conditions, it is the loan agent's job.

Reply by CopperheadVA on 5/22/10 6:15pm
Msg #337748

If the Mortgage/DOT was recorded, then the loan funded. It sounds to me like they are trying to pull one over on you... If anything was missing then they should have contacted you at the time they received the package back.

Reply by CopperheadVA on 5/22/10 5:46pm
Msg #337745

If the loan funded, you should be paid. Report the title company to the state and also to the state Land Title Association for failure to fulfill their end of the contract. That should get their attention.

Reply by JulieD/KS on 5/22/10 8:41pm
Msg #337768

It sounds to me like they think they can buffalo you and keep your fee. If something was wrong, they would have called you to go fix it on your dime. Since they didn't, and since it recorded, I think they are trying to screw you out of your fee.

I have a very good, very effective, collection letter. Email me your email address and I will send it to you. It has never failed me!
Julie/KS

Reply by Moneyman/TX on 5/22/10 9:21pm
Msg #337770

What is the name of the SS company? n/m

Reply by John/CT on 5/22/10 9:55pm
Msg #337772

Nail em' in SC! n/m

Reply by cadmonkey/CA on 5/23/10 1:27am
Msg #337784

Re: Nail em' in SC!

yeah, if you have already burned your bridge with this SS, we might as well know about them too!

Reply by VioCa on 5/23/10 3:03am
Msg #337792

Re: Nail em' in SC!

I would prefer to be able to post in SC but for this I have to call NotaryRotary on Monday and see why when I try to add the company it gives me the message that the company already exists even though it does not show up on the list

If anybody wants to find out the name of this company please send me a PM and I will respond

Reply by Moneyman/TX on 5/23/10 11:04am
Msg #337808

You can rate in SC without " n/m

Reply by Moneyman/TX on 5/23/10 11:17am
Msg #337809

Sorry -- hit wrong key by accident. Meant to say

You can rate in SC without "burning bridges" as it only shows your state. This is what allows us to honestly rate companies.

I chose to rate a company when each job is completed (so that anyone looking at the company can see an updated comment and not one from when I first began working with them), I also update comments on low ball companies when they call with ridiculous requests.

I think it is only fair that if a company is low balling, and shopping for just a "notary," that they receive a rating that reflects that. After all, they have contacted me and the rating I give is based upon the contact I have with that company.

I have yet to be able to figure out some SA's ratings of 2-Stars for companies that they have had to hound them down for payment, send demand letters or the such. And all for a $60 check and in some cases even non-payment. Just what would a company have to do to earn a 1-Star rating for these SA's? Oh well, to each their own.