Posted by Bee_CA on 8/29/13 5:01pm
Msg #482523

Missing page three of HUD

Here's something I haven't seen since the new HUD 1 has been required. Page three is "intentionally omitted" from the HUD 1 (per statement at the bottom of what is usually page four: "The GFE/HUD-1 changes comparison page has been intentionally omitted").
It also states at the bottom of page one of the HUD "this is a non-RESPA transaction (i.e. investment property)". Would that have something to do with omitting page three?

Any thoughts?

Reply by Linda_H/FL on 8/29/13 5:04pm
Msg #482524

Was it a private mortgage? n/m

Reply by Bee_CA on 8/29/13 5:13pm
Msg #482526

Citibank n/m

Reply by Luckydog on 8/29/13 6:40pm
Msg #482542

Re: Citibank

As long as the pages are in sequence, 1,2,3,4 I wouldn't worry about it. If it skips 3 and goes from 2 to 4, I would question it. If you do not, the buyers will, and think something intentional is going on.

Reply by LKT/CA on 8/29/13 6:54pm
Msg #482551

Since a statement on one of the pages declares that another page is intentionally left out, and it doesn't need notarizing, the borrowers can call the TC to find out specifically *why* the page was left out.

Reply by MW/VA on 8/29/13 8:04pm
Msg #482564

That's odd. I thought (maybe incorrectly) that P. 3 of the

HUD was now a requirement in every transaction. I've seen them included on investment property loans, and can't think of any situation in which I haven't seen it included.

Reply by Teresa/FL on 8/29/13 8:29pm
Msg #482569

Are you signing only the seller? If so, pg 3 is for buyer n/m

Reply by Teresa/FL on 8/29/13 8:39pm
Msg #482571

Your OP didn't state the type of transaction.... n/m

Reply by Bee_CA on 8/29/13 11:12pm
Msg #482594

Refi of investment property n/m

Reply by Bear900/CA on 8/29/13 9:01pm
Msg #482578

Certain business and commercial transactions do not come under RESPA.

The HUD and GFE are RESPA forms and not required for those type loans. The HUD works however to list all fees.

The HUD page 3 is a reflection of the GFE page 3 regarding specific tolerances that must be held to in RESPA loans. No reason to declare that since it doesn't apply and can actually create some problems.

http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Numolerances.ber=1719504

Reply by MW/VA on 8/29/13 9:20pm
Msg #482581

Thanks. You help us a lot with more technical answers

to these questions. We usually speak from experience.

Reply by Bear900/CA on 8/29/13 10:20pm
Msg #482586

Your welcome :) n/m

Reply by Bear900/CA on 8/29/13 10:29pm
Msg #482587

The missing link?

http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=1719504

This is the link I was trying to connect to for BankersOnline. Hope it works.

Reply by BobbiCT on 8/30/13 7:44am
Msg #482609

Residential cash purchases & family mortgages also ...

Cash residential purchases are not required to use the HUD-1 settlement statement, also private purchase mortgages (parent to child for example) ...

Although not required, we (title companies and attorneys) use the form for the purchaser/seller closing figures because 1) all parties have seen it before and 2) it is MUCH FASTER to use than manually creating an excel spreadsheet or other program with the same information, and 3) Most Important to Us, the program does most of the calculations that we need (taxes, insurance, recording fees, title insurance premiums, etc., totaling columns and bringing forward to correct Lines).