Thread Options
|
#401947 - 08/11/05 08:46 PM
RESPA Settlement Statement -Two Loans-One Closing
|
Power Poster
Joined: Aug 2001
Posts: 7,351
|
I know that it is standard practice in a situation where there are two loans against one property, both being signed at the same closing table, for the closer to provide one Settlement Statement outlining all fees associated with both loans. Where, in RESPA, does the reg say that this is allowed?
OR
Is it allowed????
_________________________
The more you sweat in training, the less you bleed in battle.......
|
Return to Top
|
|
|
|
#401948 - 08/11/05 09:17 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
100 Club
Joined: Apr 2004
Posts: 161
The hat rack
|
When we close a simultaneous 1st and 2nd mortgage, we handle each transaction separately with fees or costs for each shown on their respective HUD-1s.
|
Return to Top
|
|
|
|
#401950 - 08/12/05 11:46 AM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
Anonymous
Unregistered
|
Dave, if one HUD-1 is used for the transaction and properly reflects the loan proceeds of each loan and the costs associated with each loan all into one HUD-1, why could that not suffice? As a lender, we allow this and place a copy of the settlement statement in each loan file.
|
Return to Top
|
|
|
|
#401951 - 08/12/05 12:26 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
|
Someone from Texas may want to opine, but when we had a wholesale branch in Texas, the settlement agent we used stated that for piggybacks, both loans had to be on one settlement sheet.
|
Return to Top
|
|
|
|
#401952 - 08/12/05 01:42 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
10K Club
Joined: Nov 2000
Posts: 18,762
Central City, NE
|
Quote:
Dave, if one HUD-1 is used for the transaction and properly reflects the loan proceeds of each loan and the costs associated with each loan all into one HUD-1, why could that not suffice? As a lender, we allow this and place a copy of the settlement statement in each loan file.
Because the regulation REQUIRES one disclosure per loan. It's that simple.
|
Return to Top
|
|
|
|
#401956 - 08/12/05 03:42 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
|
Squiggles, we had used Black Mann and Graham.
For closings, they prepared the HUD-1 identifying each charge as 1st or 2nd mortgage so we could get the Til's correct. We had questioned the single HUD-1, and (I believe) they indicated a single form was required.
|
Return to Top
|
|
|
|
#401958 - 04/10/06 10:10 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
Member
Joined: Jan 2005
Posts: 65
|
|
Return to Top
|
|
|
|
#401960 - 04/13/06 12:03 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
10K Club
Joined: Jul 2001
Posts: 83,227
Galveston, TX
|
A closing statement is a closing statement. I have seen hundreds, if not thousands of multiple loan closings on a single statement. I see nothing wrong with it nor have most of the banks that I have seen this at had any problems.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
|
Return to Top
|
|
|
|
#401961 - 06/01/06 01:57 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
New Poster
Joined: Jun 2006
Posts: 5
|
A different twist. Can one HUD-1 be used to close two loans for different lenders as long as both lenders are listed and the items are accurately described?
|
Return to Top
|
|
|
|
#401962 - 06/01/06 11:14 PM
Re: RESPA Settlement Statement -Two Loans-One Closing
|
10K Club
Joined: Jul 2001
Posts: 83,227
Galveston, TX
|
I don't see why not. The settlement statement is prepared by the settlement agent (normally a title company) and there is no need to separate all the charges by bank. Each bank should know what charges belong to them.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
|
Return to Top
|
|
|
|
|
|