but am I the only one that goes over the HUD-1 Settlement to the customer be it a purchase or a refinance?
I know in the perfect world that all our title companies and loan officers follow RESPA guidelines to the T and provides the settlement to the borrowers 48 hours before closing (used to be 24 hours before the last settlement change) and goes over with them.
It's not that hard to say Line 202 is your new loan amount, line 103 is your total settlement cost which i will go over what goes into that on page 2, Line 803 is your appraisal fee and so forth.
I am not "explaining" just making sure they see the line item and the dollar amount associated with it and if there are questions then they need contact the loan officer.
Sorry this is the topic that pushes my buttons. In these 3 pages, if you do it right and how it should be done, it makes for an easier closing. We have all had the the borrower ask " how much is this loan costing me and what is my payment?" It can be answered in those first three pages. |
