Posted on: 19th Sep, 2011 01:46 pm
Who tallys and completes the final HUD document before closing? If an error is made regarding the realtor's commission, is the seller liable for that error?
Angus
Angus
Hi Angus!
Welcome to forums!
I don't think the seller will be liable for that error. As far as I know, the underwriter checks all the required documents before the loan is closed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think the seller will be liable for that error. As far as I know, the underwriter checks all the required documents before the loan is closed.
Feel free to ask if you've further queries.
Sussane
Hello angus?
An estimate of the fees due at closing for a mortgage loan that must be provided by a lender to a borrower within three days of the lender taking a borrower's loan application. :idea:
An estimate of the fees due at closing for a mortgage loan that must be provided by a lender to a borrower within three days of the lender taking a borrower's loan application. :idea:
The HUD-1 form is a disclosure to the buyer of all the closing costs. It is prepared by the escrow company or title company handling the closing. Since they are disclosing all the costs to you, any mistake or issue must be raised by you prior to closing. Otherwise, you accept the payouts as presented in the HUD-1. In other words, the buyer is responsible for any mistakes in the HUD-1 after closing.
The Loan Officer is responsible for reviewing the HUD-1 before it becomes final. However, the Realtors are the ones who provide their specific information to the Escrow company (the Escrow company creates the HUD-1), so I don't know if their information is accurate when I do my review, but I'm in control of all the other figures, and confirm they're correct before the HUD-1 becomes final. If a Realtor's commission is incorrect, find out who provided the figure to Escrow, and you'll learn who made the mistake.
