Posted on: 31st Jan, 2008 12:22 am
wet setlement where it is applicable?
Welcome Varthomas.
Wet settlement is applicable in case of mortgage lending. Just have a look at http://www.mortgagefit.com/predeal/wet-settlementact.html for the details.
Wet settlement is applicable in case of mortgage lending. Just have a look at http://www.mortgagefit.com/predeal/wet-settlementact.html for the details.
Hi varthomas,
Welcome to the forum.
On the day of closing of mortgage transaction, the lender should provide the fund to his client. This is known as wet settlement.
Feel free to ask if you have any further questions.
Best of luck.
Larry
Welcome to the forum.
On the day of closing of mortgage transaction, the lender should provide the fund to his client. This is known as wet settlement.
Feel free to ask if you have any further questions.
Best of luck.
Larry
Larry is correct. It just means that the seller gets their check the same day that the buyer signs the mortgage papers.
Hi,
Wet settlement means that when a person is closing the mortgage loan, the lender has to provide the closing check to the seller either one day prior or on the same day the buyer signs the paper. It actually forces the lender to give the money to the seller without delay.
Wet settlement means that when a person is closing the mortgage loan, the lender has to provide the closing check to the seller either one day prior or on the same day the buyer signs the paper. It actually forces the lender to give the money to the seller without delay.