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No HUD with the package from PAW-FL //added to #33325
Posted by  BrendaTx of TX on 4/2/06 12:59pm Msg #110399
Re: No HUD with the package
Posted by PAW of FL on 4/1/06 1:45pm
Msg #110264 from logged in user

This is typical with California based lenders and title companies. CA is an escrow funding state, so they often do not prepare a HUD until funding. However, with table funding states, this can (and has) created some problems as the borrowers expect to have a final HUD at the table when all the paperwork is signed.

Generally there are two common ways to finalize a Real Estate transaction.

One is an Escrow Closing the other is generally referred to as a Round Table Closing.

Escrow Closings: These are most common in Western States but are growing in popularity. An escrow company is an intermediary who handles all of the documents between the Buyer, Seller, and Lender and Title Company. In an escrow closing the buyer and seller are scheduled to come in for the “Signing” at different times. Once the documents are signed the Escrow Company sends the loan package back to the Lender for review. The Lender reviews the documents and if all is satisfactory, notifies the escrow company they are ready to fund the loan. The escrow company confirms to the Lender that they are ready to record the Mortgage/Deed of Trust and Grant Deed and receive the funds from the Lender. Once the Escrow Company has the necessary funds from all parties, they record the required documents at the county recorders office and “go on record”. The transaction is now “Closed” and all funds are disbursed to the appropriate parties.

Round Table: In a round table closing the Buyer, Seller, Realtor, Attorneys, Title Company and Lender may all gather around a table to complete the transaction. Thus the Term “Round Table”. The documents are passed around the table for the appropriate parties to sign. The Lender rarely attends these types of closing and instead relies on the Title Company to protect their interest. Remember the Title Company is an agent for the Lender. Their job is to close the transaction. They are not there to give legal advice to the buyer or seller. The buyer or seller, if they choose, may bring legal council with them. Once the documents are signed, the title agent may be required by the lender to fax certain documents to the lender for their review. Because it is very hard to track people down and people are not as motivated after the closing, Lender’s want to make sure that their documents are signed properly. Once the Lender is happy with the documents they release the funds via a wire to the Title Company who disbursed the funds to the Sellers and Realtors. They also are required to payoff any underlying loans or liens.

With round table closings everything takes place at once. Because multiple things are happening at one time it is not uncommon for these transaction to cause more stress to the parties involved, require last minute changes, or take several hours to complete. Some of the common delays that can occur are last minute conditions that need to be signed by an underwriter, delay in wires from lenders, delays in time for lenders to review the documents, and others items. In all cases remember that everyone is trying to do their jobs and close the transaction. Do not let the process frustrate you or let you get aggravated. It’s better to have a small delay and get the job done right the first time then to have problems later on.

On occasion with a round table closing you might have a situation come up called a “Dry Closing”. This term generally means that all of the documents are going to be signed but for one reason or another the seller will not receive their money while at the table. This condition is most often caused by a wire from a lender not reaching the title company prior to signing all of the documents or the lender wants to review all of the documents before sending their money. While it might irritate the seller who is expecting his money right away, it should not bother you as the buyer. Once again everyone is working to make sure everything is correct. Usually this delay is resolved by the end of the day or by the following day. The one downside for the buyer on a “Dry Closing” is the seller will probably not allow you to take possession until they have their funds. If you are expecting to take possession of the property the day of closing, ask your lender the chances that you will have a “Dry Closing” so you can plan accordingly.
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Messages in this Thread
 Almost everything you need to know to become successful - Dorothy/MI on 4/22/05 11:00am
 Good job, Dorothy-MI! n/m -  Brenda Stone on 4/22/05 11:07am
 Thank you again, Dorothy and Brenda, et al!! - Mary Mantz on 4/22/05 4:42pm
 further evidence of a slow down - anon on 4/22/05 11:48am
 Loan Signer Training - Anya/LA (CA) on 4/22/05 1:04pm
 Re: Loan Signer Training - MaggieMae_CA on 4/22/05 3:23pm
 Re: Loan Signer Training - Mary Mantz on 4/22/05 4:45pm
 Added to thread #33325-Counter-point View- NSA training -  BrendaTX on 7/13/05 9:06am
 Re: Loan Signer Training - Carlos/CA on 12/10/10 12:10pm
 Re: further evidence of a slow down -  Stephen_VA on 4/22/05 2:51pm
 Re: Almost everything you need to know to become successful - chelleCA on 4/22/05 2:11pm
 Re: Almost everything you need to know to become successful - Knotaree DC on 4/22/05 3:49pm
 Re: ALMOST everything you need to know to become successful - JanetK/CA on 7/18/05 12:33am
 Details and Accuracy are Important - adding to #33325 -  BrendaTX on 7/14/05 11:00am
 Re: Almost everything you need to know to become successful -  Laura_NH on 4/22/05 10:50pm
 Re: Almost everything you need to know to become successful - Sansan7 on 5/18/05 9:11pm
 Re: Almost everything you need to know to become successful - David Woodul on 5/30/05 5:30pm
 CA-Almost everything you need to know to become successful - Elda Garibay on 6/1/05 2:17pm
 Re: Almost everything you need to know to become successful - sweetpea, al on 6/1/05 5:50pm
 Re: Almost everything you need to know to become successful - nkroyall on 6/7/05 4:17pm
 Additional information - Not an entitlement - Dorothy/MI on 6/13/05 8:57am
 Bookmark 'em - BrendaTX on 6/13/05 9:32am
 Re: Additional information - Not an entitlement -  Judith_VA on 6/13/05 3:00pm
 Re: Additional information - spell check - SamIam_CA on 6/13/05 3:27pm
 Recommended Reading: As a new NSA..here is my perspective - BrendaTx on 6/13/05 9:32pm
 Re: Recommended Reading: Added Nicole to #33325 thread n/m - BrendaTx on 6/13/05 9:33pm
 Re: Additional information - Not an entitlement - NJDiva on 9/29/10 10:00pm
 Adding to "Success" thread #33325 - Here's eDoc practice. - BrendaTx on 6/13/05 9:36pm
 HP Printers/Printer Command Language (PCL) by PAW_Fl - BrendaTX on 6/17/05 8:51am
 Re: Adding to "Success" thread #33325 - Here's eDoc practice. -  katsr_CA on 8/31/05 2:40pm
 Re: Adding to "Success" thread #33325 - Here's eDoc practice. - DTNotaries on 3/16/06 6:59pm
 Re: 2nd link doesn't work any longer - Jodith/WA on 1/2/10 6:25pm
 Jodith, this is a very old thread (4 years) -  BrendaTx on 1/2/10 6:31pm
 Re: Jodith, this is a very old thread (4 years) - Jodith Allen on 1/2/10 6:39pm
 Re: More advice from Brenda/TX - Dorothy/MI on 6/16/05 9:55pm
 Beginner's FAQs (Compliments of AngelinaAZ) -  BrendaTX on 6/17/05 5:13am
 Making the Confirmation Call...by Iris-WA -  BrendaTX on 7/12/05 2:56pm
 What Ernest CT says about the Confirmation Call - BrendaTX on 7/12/05 2:58pm
 Why people are reluctant to post TC info from Nd_WA -  BrendaTX on 7/21/05 8:10am
 Re: Why people are reluctant to post TC info from Nd_WA - tfarmertx on 7/23/05 8:02pm
 Acronyms regarding loans by Brian/CA -  BrendaTX on 7/21/05 9:07pm
 Re: Acronyms regarding loans by Brian/CA - linda/ca on 7/23/05 9:51pm
 Re: Acronyms regarding loans by Brian/CA - linda/ca on 7/24/05 3:19am
 End of Month - Bonnie/FL Explains -  BrendaTX on 7/24/05 12:48pm
 Accepting an Assignment / Quoting Fee / EOM (+ to #33325) -  Brenda Stone on 7/26/05 4:13am
 Small claims court for #33325 by Nicole & by Melody -  BrendaTX on 7/26/05 5:05am
 Quoting your fee to SS's...ASK like THIS - TCMN on 7/26/05 5:19pm
 Birth, Labor & Delivery of a mortgage loan - by Renee Kovacs - BrendaTX on 9/19/05 1:07pm
 Clues to spotting a Signing Services to void by Charles_CA - Iris Grayson on 9/19/05 4:11pm
  Pricing and Fees by NorCalDar on 10/7/05 -  BrendaTX on 10/7/05 1:47pm
 Re: Pricing and Fees by NorCalDar on 10/7/05 - Nathan Ellsworth on 10/19/05 11:19pm
 I disagree - the $10 @ is justified - ALL SONOMA MOBILE NOTARY - Judith Neeley on 2/19/08 9:13pm
 Required Reading - NSA 101-Orientation by Roger OH -  BrendaTx on 11/14/05 3:56pm
 Required Reading - NSA 101 - UPDATE to #33325- by Roger OH -  BrendaTx on 5/17/06 5:24pm
 Adding #76283 to the thread of Message #33325 - BrendaTx on 1/27/06 12:21pm
 Jersey Boy's 2 cents... Adding to #33325 -  BrendaTx on 2/3/06 10:21am
 Re: Almost everything you need to know to become successful - Brenda Stone on 2/5/06 3:50pm
 For Income Tax starting place, see Msg #94550 - BrendaTx on 2/5/06 3:52pm
 A Lesson on Attitude for New SAs... - BrendaTx on 2/9/06 3:00pm
 A Lesson on Attitude for new SA's .... by JanetK_CA - TitleGalCA on 2/9/06 8:27pm
 above post by JanetK_CA, not TitleGal N~M - TitleGalCA on 2/9/06 8:28pm
 Posted from msg 95364 - Brenda_TX - Newbie Msg for Today - Dorothy_MI on 2/10/06 2:37pm
 Re: Posted from msg 95364 - Brenda_TX - Newbie Msg for Today - lulu on 2/10/06 3:11pm
 Msg List - Going Mobile - adding to #33325 (From BeccaFL) -  BrendaTx on 2/13/06 10:20am
 Mobile Office - adding to #33325 (From BeccaFL) w/ Keywords -  BrendaTx on 2/13/06 10:25am
 From CharlesCA - Adding to 33325 - True Professional Society -  BrendaTx on 2/13/06 3:07pm
 Tina of MA re: Fees - When to renegotiate a fee -  BrendaTx on 3/28/06 4:06pm
 The Other Side of the Coin (back by popular demand) -  BrendaTx on 3/28/06 5:04pm
 Discussing the title company solicitation....added to #33325 -  BrendaTx on 3/31/06 2:55pm
 No HUD with the package from PAW-FL //added to #33325 -  BrendaTx on 4/2/06 12:59pm
 Signing errors through the lenders eyes by Renee Kovacs -  TitleGalCA on 4/5/06 11:31pm
 Re: Almost everything you need to know to become successful - Anonymous from 71.66.111.249 on 4/30/06 6:24pm
 Deed of Trust/Mortgage by Atty - Kevin/CT added to #33325 -  BrendaTx on 5/2/06 12:28pm
 Re: Deed of Trust/Mortgage - PAW - Added to #33325 -  BrendaTx on 5/2/06 12:30pm
 Notary Certifying Copy - See Thread beginning w/Msg #117135 n/m -  BrendaTx on 5/2/06 12:32pm
 Additional Info -- especially if you live alone -  Dorothy_MI on 5/5/06 1:28pm
 Manufactured Homes / Finding Info by Lawrence OK -  BrendaTx on 5/7/06 7:55pm
 Adding to #33325 - My First Signing & Marketing by eboughey -  BrendaTx on 5/11/06 7:43am
 Adding to 33325 - StamperWI - Standard Fees Calculation -  BrendaTx on 5/12/06 9:18am
 Msg to New Signing Agents from Sylvia_FL added to #33325 -  BrendaTx on 5/17/06 11:44am
 Demand for payment letter - adding to 33325 by droman_IL -  BrendaTx on 5/18/06 7:22am
 New Signing Agents-Read This First! Adding to #33325 Marlene -  BrendaTx on 5/19/06 9:24am
 Signing prior to printed date ReneeK - added to 33325 -  BrendaTx on 5/19/06 9:32am
 Re: Signing prior to printed date BarbaraL-CA added to 33325 -  BrendaTx on 5/19/06 9:37am
 How to get help on this forum - CaliNotary added to 33325 -  BrendaTx on 5/19/06 4:48pm
 About Backdating... by ReneeK adding to 33325 -  BrendaTx on 5/22/06 1:59pm
 Professionalism and Responsibility -  BrendaTx on 5/27/06 2:22pm
 Apostille (or apostilles) Adding to #33325 [by Gerry VT] -  BrendaTx on 5/31/06 5:55pm
 Addition to 33325 - First & Second by ND-WA and CMS-NY -  BrendaTx on 6/1/06 10:39am
 By BrendaTX 5/26/06: *...for those who understand business* -  Ndwa on 6/2/06 4:20pm
 Id on the Amish - Stamper/WI - adding to 33325 -  BrendaTx on 6/6/06 7:04pm
 Newbies - a lesson on attitude by Janet K - adding to 33325 -  BrendaTx on 6/8/06 10:54am
 Date Clarification - Roger OH - adding to 33325 -  BrendaTx on 6/23/06 2:52pm
 Considerations for getting started/Dorothy MI /add to #33325 -  BrendaTx on 7/9/06 1:15pm
 For the Newbies.. Things to carry with you/ADDING TO 33325 -  Brenda Stone on 7/17/06 1:24pm
 More Things to carry with you/ADDING TO 33325 -  BrendaTx on 7/17/06 1:41pm
 Re: More Things to carry with you/ADDING TO 33325 -  BrendaTx on 7/17/06 1:55pm
 Re: More Things to carry with you/ADDING TO 33325 - Brad/AZ on 4/3/07 2:30pm
 Slow down in Business - Surfers or Signers - add to #33325 -  BrendaTx on 7/19/06 2:11pm
 Adding to 33325 - From One Newbie to Another - Great advice -  BrendaTx on 8/12/06 12:05pm
 Re: Adding to 33325 -Check list of compter needs for working -  hcampersFL on 10/30/06 7:10am
 From one Newbie to another…Sharon Nunley -  BrendaTx on 2/9/07 6:43am
 Re: From one Newbie to another…Sharon Nunley -  BrendaTx on 2/9/07 6:44am
 History of the loan industry and how it affects NSAs today - Laura Vestanen on 3/18/07 6:36pm
 If you're a newbee and take $50 signings, PLEASE read - Laura Vestanen on 4/2/07 7:54pm
 Update to Famous Message 33325 - Tim_Mphs/TN on 4/28/07 3:02am
 Re: Almost everything you need to know to become successful - Stella Gonzales on 5/3/07 7:23pm
 Dressing Professionally - by kcg/IN - adding to #33325 -  BrendaTx on 5/4/07 12:12pm
 All of the VA Crespa questions - by Shannon Va- +'d to33325 -  BrendaTx on 5/28/07 9:18am
 First, learn the basics of signing. Added to #33325 -  BrendaTx on 9/4/07 6:41am
 Important for NSAs in Illinois, Maryland, So Carolina, Mass - Laura Vestanen on 11/11/07 5:35am
 Before you think about starting - by CJ in CA - add to 33325 -  BrendaTx on 11/15/07 2:47pm
 NSA Professional Standards -  MistarellaFL on 8/16/08 11:36am
 The Client/Vendor Relationship -- a MUST see video!! -  Marian_in_CA on 5/31/09 4:28pm
 True skinny: Notary advocate / presentment / honor-dishonor - Laura_V on 10/1/09 5:54pm
 Re: True skinny: Notarial protest / certificate of dishonor - Robert/FL on 11/12/09 11:51am
 Believe in yourself! -  John_NorCal on 10/24/09 10:22am
 Forgot to add..... -  John_NorCal on 10/24/09 12:52pm
 Our fees + their relevancy to state of industry - Laura_V on 10/29/09 11:25am
 Re: What is a good rate to set and keep? - Laura_V on 11/25/09 11:57am
 A perspective on our business Posted by JanetK_CA 1/5/10 - Laura_V on 1/5/10 6:34pm
 Post by Les CO re the current state and probable future of.. - Laura_V on 1/12/10 10:05am
 Better is not always cheaper & Cheaper is not always better -  Moneyman/TX on 12/4/10 1:11am
 You are an Independent Contractor...not an employee... - Lee/AR on 4/12/10 8:16am
 Buddy's Lessons - For New Notaries 101 -  BrendaTx on 6/2/12 9:03am
 SS&TC Research Our Industry-We are Certified for God's Sake - bygrace/PA on 6/21/12 6:33pm
 Decide if you are a Checker, Poker or Chess Player - bygrace/PA on 6/21/12 6:37pm
 Tipsabout using signing central and NR forum from NJDIVA -  SheilaSJCA on 8/23/12 11:07am
 Please send information to... - Olivia Mosley on 1/13/15 11:56am
 Olivia Mosley - you are in old files - jba/fl on 1/13/15 8:05pm
 Sequence of events - Lender to NSA by Deborah Breedlove -  BrendaTx on 9/27/12 10:15pm
 Re: Almost everything you need to know to become successful - Janice Stephens on 10/19/12 12:36pm
 Don't work for Low Ball, No Pay Companies -  BrendaTx on 10/20/12 1:46pm
 Sample Loan Document Package -  BrendaTx on 11/25/12 3:58pm
 Re: Sample Loan Document Package -  HisHughness on 11/25/12 4:23pm
 LOL~! n/m -  BrendaTx on 11/25/12 7:45pm
 Key Tools for Maximizing NSA Success (adding to 33325) -  BrendaTx on 2/4/13 6:32am



 
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