Posted by notarydi/CA on 11/8/13 9:35am
Msg #491945

speak up or zip it???

did a signing last night. 90% LTV. All kinds of forms about private mortgage insurance is required. Impounds for taxes and insurance mandatory. There was no charge for private mortgage insurance on the HUD-1. Or impounds for private mortgage insurance. The taxes and homeowners insurance was fine. Buyer has already wired her funds to close before I even got there last night. Client is one of my best escrow clients. Speak up or zip it?

Reply by MW/VA on 11/8/13 9:42am
Msg #491947

I'd zip it. We're not involved in the loan. n/m

Reply by Linda_H/FL on 11/8/13 9:43am
Msg #491948

Possible no up-front premiums? All premium payments

start with first mortgage payment?

Won't hurt to call and make sure ... if HUD is wrong and more money's due she can do another wire before the rescission period expires....

I, personally, don't scrutinize the HUD that closely - it's not my business and that's up to borrowers - but if you do and have a legitimate question about it, I don't see where it will hurt for you to call and make sure.

JMO

Reply by SOCAL/CA on 11/8/13 9:45am
Msg #491949

Not your concern n/m

Reply by Blueink_TN on 11/8/13 9:51am
Msg #491952

Not your job to question the MI

Many different options for MI. It can be lender paid and included in the interest rate - invisible to the borrower (and you).

Reply by notarydi/CA on 11/8/13 10:08am
Msg #491954

thanks everyone.....

I usually don't scrutinize the HUD-1 either. This was a first time buyer last night and she was going over everything line item by line item. I did not say a word about the MI. And, will continue to keep it zipped. Thanks for the input.....