Posted by SReis on 2/16/12 5:32pm
Msg #412004

NV - Estimated HUD's only?

Have a closing on a NV property & was told by title that they only do Estimated HUDS in Nevada. They do not do final HUD's. Does anyone know if this is true?

Reply by MW/VA on 2/16/12 7:57pm
Msg #412014

I've seen a few. Appears to be like CA. There they consider it "estimated" until they actually fund & disburse.

Reply by Jillian Hinrichs on 2/17/12 1:56pm
Msg #412109

I always ask via email to make certain that the Estimated is the final HUD1 to use, and print the reply out to give to the borrower. This way they have it in writing from someone else, and it makes them feel more comfortable.

Reply by Susan Fischer on 2/17/12 11:19pm
Msg #412150

Wowser. Not here in Oregon. Final HUD emailed by

Title today to enable time for wiring small amt due from B that will satisfy the Tues funding after signing tomorrow.

No ifs, ands, or buts. Dad, of course, wanted more 'time' to ponder, but finally acquiesced (sp?) to the ample time-frame for review and compliance with B's responsibilities.

No reason not to have a Final HUD prior to closing. None. I sure wouldn't sign that "deal."

jmnsho

Reply by Linda_H/FL on 2/18/12 12:24pm
Msg #412216

Unfortunately, that's how escrow states work

(a la CA) as opposed to "table-funded states (CT, FL, etc). Escrow states hold everything until the security instrument is recorded so estimated statement is what's used. Table funded the final HUD must be at table. Looks like either NV is headed that way or is already there and this is new to notary.

IMO this "escrow state" status should be explained to borrowers by LO at inception of loan.

Reply by Linda_H/FL on 2/18/12 12:27pm
Msg #412217

Should add I'm sure Shannon knows this..:) n/m