Posted by jba/fl on 12/2/12 7:35am
Msg #445316

A first for me - Master Statement n/m

Reply by jba/fl on 12/2/12 7:42am
Msg #445317

Oops - I did have a question.

Been a long time since I've seen one and at that time I was in finance and not really paying attention to the mtg. dept.

Had a closing, seller side only. Had the RE agent in attendance, with escrow LP on phone. Had my full (nice small) package and all anyone wanted to discuss was the Master Settlement Statement. There was an item in the Sellers side that they wanted on the BO's side, and they were so hung up on that that they would not sign the HUD S.S., which showed the item in the correct place.

To my way of thinking (which I realize I don't get paid to do) the Master SS is the preliminary SS, the beginning of the haggling process. Just want to know, am I correct?

(was hoping to post before Renee came on - think I just missed her. But, there are others equally in the know.)

Reply by ReneeK_MI on 12/2/12 10:34am
Msg #445320

lol - well, so much for looking for MY answer

I have never heard of a "Master Settlement Statement". All I can dream up is that these are the equivalent of a Buyer's Statement and a Seller's Statement, maybe combined? There would be no reason to send any sort of 'prelim' Hud to the table, so my guess is the buyer's Lender wouldn't allow the HUD to read as the "Master" SS did. Not exactly kosher but done - where they give the Lender a HUD spelling things out the way the Lender wants, and they work out the 'real world' math outside/off the HUD (i.e. the buyer would give the seller a personal check for this particular item). Yeah, another sort of thing that would "stay in Vegas".

Without someone to explain exactly what the game was, I'm clueless.

Reply by Linda_H/FL on 12/2/12 11:18am
Msg #445323

The only thing I could come up with was it was the

working copy of the HUD between lender and borrowers/buyers - the "master" one from which the final is derived.

I know this is absolutely no help to you at all Jules - but that's all I've got. And I've seen "prelim" huds in the package that they want signed - why? No idea..it just IS..

JMO

Reply by Linda_H/FL on 12/2/12 11:18am
Msg #445324

Err...should say between Lender and Title..sorry n/m

Reply by jba/fl on 12/2/12 10:14pm
Msg #445358

Re: lol - well, so much for looking for MY answer

This Master SS was not in my package. The RE agent came to the table with the Seller, she had this paperwork. It was similar to HUD SS, though not done on any kind of form....just the formatting. One the left side of the page was Seller's column of what seller paying, on right was Buyer's column and in the middle was the item being discussed, if you will.

They were there ahead of me, already pouring over this and on conference call with TC. The buyers had signed the day before in another county. Now the two with this paperwork were moaning over a $3K+ charge that was shown on the Master in the Seller's column that should have been in the Buyer's column.

More background: my instructions said to go to this closing, the RE agent had the package and was printing it, all I had to do was show up. I had nothing at this point, as the RE agent had not printed the package yet....so I am in the dark. She said she did not have it - so it was re-sent to her. When she did print - I swear to the Almighty, she had no clue how to read it, and was totally hung up on the Master. I saw it immediately on the HUD, but she could not let go of it, and further complicated the issue for the seller. The TC said just sign the TC docs, get that done, leave and we will deal with the seller. We will issue a new HUD, blah,......

So, I did my thing and left.

To my way of thinking, this was a preliminary form the RE agent had for her use - a template of sorts? But, if that were true, what they were arguing over would have never been in the seller's column anyway. (Loan origination fees)

This whole mess had me SMH and begging to get out of this den of incompetents. I don't leave early - I want full fee, none of this returning to the same den at a later date with only 1/2 now. It took me an hour, and I was done so it really wasn't that bad.

Since I don't have and haven't had anything to do with originating since the 80's, I was just wondering if there was such a form that anyone was familiar with. I'm kind of satisfied with the guesses and the same wonderings I had all along.

Thanks,all. Appreciate the thoughts.

Reply by ReneeK_MI on 12/3/12 3:43am
Msg #445373

Now I'm just more confused

Now it sounds like this 'Master' statement could be a version of Buyers/Sellers statement - which showed $3k origination fee on Seller's side. You had an actual HUD, showing $3k on Buyer's side - buyer signed the day before. Then Title said they'd send a new HUD?

Was the seller paying concessions, and they just used the origination fee for that instead of doing a credit/debit for concessions? Were the bottom lines different? If the HUD was correct, why were they going to revise it?

I guess I don't blame the RE Agents for being up in arms.

Reply by sigtogo/OR on 12/2/12 12:02pm
Msg #445326

yes master is preliminary. too bad the R/E agent or escrow

wasn't explaining that. Sound like too many cooks in the kitchen!! Must have been fun....not!
My suggestion is to always show and sign the HUD first. I realize that isn't always possible as the agent or seller may have been provided the Master before you met with them. In that case, though, I would just stress that the HUD is the final word.
BTW what is escrow LP?

Reply by jba/fl on 12/2/12 9:53pm
Msg #445357

Re: yes master is preliminary. too bad the R/E agent or escrow

escrow LP? - Loan processor

Reply by sigtogo/OR on 12/3/12 1:33pm
Msg #445395

not to beat a dead horse but just to clarify: you had escrow

AND the LP on the phone? maybe things are different in FL but in my world escrow is either a title company or an escrow company that creates the HUD at the direction of the lender. There is no such thing as an escrow LP thus the reason for my query. If I needed explanation of forms I would either contact escrow or the LO but not the LP. (who I would really prefer talking to is the lenders closer or UW but good luck with that!) Loan processors process for the LO but then files go to UW and closing. Typically a LP isn’t involved once file has gone to closing so they may very well have no knowledge of closing documents. That’s how we do it in Orygun!

Reply by BobtheElder on 12/2/12 2:56pm
Msg #445337

Re: A first for me - Master Statement

the "Master Settlement Statement" is a term sometimes used for a preliminary HUD.... your only need to get the Final HUD signed, as the master is usually just a part of the closing instructions.... unless I'm missing something...

Reply by JanetK_CA on 12/2/12 5:48pm
Msg #445348

Re: A first for me - Master Statement

I've found that the preliminary HUD is nearly always followed by another page that asks the borrowers to sign confirming that they have had a chance to review the HUD-1, etc. I remind them that the one that counts is the HUD-1 prepared by escrow that includes all the escrow and title fees (not included on that one) and that that was the first document that we looked at.

Reply by ReneeK_MI on 12/3/12 3:33am
Msg #445371

never heard the term "Master" SS, but ...

if indeed this is the Prelim (Lender's) Hud - why would it be in a seller's side package?

As Bob said, the Prelim is an instructional sheet from Lender to Settlement.