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#900021 - 02/05/08 04:41 PM Home Equity loan - Disbursement amount
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
We often have home equity loans for bill consolidation, where the loan closes w/ disbursements itemized on the HUD. Between time of closing and time of funding, the borrower makes a payment on those accounts to be paid off, changing the payoff amount. The end result is that more funds go directly to the borrower. Knowing how sensitive the TX Home Equity statutes are, is this a problem when the disbursement funds do not match the HUD?

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#900053 - 02/05/08 05:06 PM Re: Home Equity loan - Disbursement amount Ninky
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
I think the only requirement is that the charges shown on the Settlement Statement must be correct and must be disclosed one day prior to closing. I don't think there is a rule concerning disbursements. Since all documentation for our HELs and HELOCs are prepared in house and are stored in the doc prep software, our lenders would more than likely just ask for a reprint which arrives to the remote office electronically......so no wait for the customer.
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