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Clcsct081209, Home Buyer in 10940

who prepares the hud1 in ny state? And should all fees be listed on it for closing?

Asked by Clcsct081209, 10940 Tue May 31, 2011

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In GA, the HUD-1 is always prepared by the closing attorney's office. They prepare the HUD based on the lender's clsoing package. That is normally send out anywhere from one day prior to a few days before the closing date. The lender's closing department cannot send out the closing package until your loan is 100% Clear to Close by the Underwriter. If you still have any outstanding conditions, then your loan is not yet ready. You will not be given a copy of the HUD-1 until the lender has reviewed and approved it.

All fees associated with the closing must be listed on the HUD-1. This includes all closing costs, pre-paids, prorations, and real estate commissions.

Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Wed Jun 1, 2011
The attorney prepares the HUD-1 after he has received the closing package from the lender. The closing instructions that are in the lender package instruct the attorney how to prepare the HUD-1. Ideally the attorney should receive the closing package from the lender at least a week prior to closing, giving them time to enter in all the data into their system and create the HUD-1. Once the attorney creates the HUD-1, they send it back to the lender that prepared the closing package and the agents involved in the transaction for approval. If everyone signs off on the HUD-1 then the closing is scheduled. The funds are wired for the closing typically the day before or the morning of the closing. Once all the closing documents are signed at the closing, a copy is e-mailed or faxed back to the funding lender for approval and a funding release is given to the closing attorney. If all the stares line up and there are no delays then everyone walks away happy. The problem arises when the closing is rushed so that everyone is scrambling to get everything done, 95% of all closings are rushed and slammed through the system. Rushed closing's always cause problems. Underwriting a loan has reversed itself to what it used to be, with underwriters requiring everything but a DNA sample.
0 votes Thank Flag Link Wed Jun 1, 2011
In GA, it is prepared by the closing attorney and MUST disclose all fees, paid or to be paid in that transaction.
0 votes Thank Flag Link Tue May 31, 2011
Usually the attorney's prepare the Real Estate Settlement Procedures Act (RESPA). The Respa requires the HUD-1 form be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans. RESPA states borrowers should be given a copy of the HUD-1 at least one day prior to settlement, although entries may still be coming in a few hours before closing. Most buyers and sellers study the form on with their real-estate agent and the settlement agent. The more people who review it, the greater the likelihood of detecting any errors.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Tue May 31, 2011
It can be prepared by your attorney; The HUD-1 form is used to itemize all charges.
0 votes Thank Flag Link Tue May 31, 2011
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