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Closing Disclosure

New Contributor

Closing Disclosure

Is Settlement Statement means the Closing Disclosure ? Does it needs to be signed and send back to title company who emailed or should be signed at closing table? 

Message 1 of 8
7 REPLIES
Established Contributor

Re: Closing Disclosure

I got a settlement statement at closing but didn't have to sign it.
Message 2 of 8
Moderator

Re: Closing Disclosure


juniebrunner wrote:
I got a settlement statement at closing but didn't have to sign it.

The name "settlement statement" may be called something else in your area. Here they are called ALTA's since oct 2015 when the CFPB  changed the process and many of the names of the paperwork.

 

They (the settlement statement/HUD/ALTA)  have to be signed and returned to the lender for review before the lender will allow the funds to be disbused by the title company or closing attorney. This is the paperwork that shows all of your costs + all of the credits + the seller's costs and proceeds.

Message 3 of 8
Established Contributor

Re: Closing Disclosure


StartingOver10 wrote:

juniebrunner wrote:
I got a settlement statement at closing but didn't have to sign it.

The name "settlement statement" may be called something else in your area. Here they are called ALTA's since oct 2015 when the CFPB  changed the process and many of the names of the paperwork.

 

They (the settlement statement/HUD/ALTA)  have to be signed and returned to the lender for review before the lender will allow the funds to be disbused by the title company or closing attorney. This is the paperwork that shows all of your costs + all of the credits + the seller's costs and proceeds.


When I was an escrow officer, we called them HUD 1's.  At that time you still had to sign them.  When I closed Wednesday I was given the SS, asked if it was in line with the CD I had signed, said yes and that was that.  Didnt have to sign it for them.    I only had to do a wet signature on the final closing disbursement that the lender had sent them.

Message 4 of 8
Moderator

Re: Closing Disclosure


juniebrunner wrote:

StartingOver10 wrote:

juniebrunner wrote:
I got a settlement statement at closing but didn't have to sign it.

The name "settlement statement" may be called something else in your area. Here they are called ALTA's since oct 2015 when the CFPB  changed the process and many of the names of the paperwork.

 

They (the settlement statement/HUD/ALTA)  have to be signed and returned to the lender for review before the lender will allow the funds to be disbused by the title company or closing attorney. This is the paperwork that shows all of your costs + all of the credits + the seller's costs and proceeds.


When I was an escrow officer, we called them HUD 1's.  At that time you still had to sign them.  When I closed Wednesday I was given the SS, asked if it was in line with the CD I had signed, said yes and that was that.  Didnt have to sign it for them.    I only had to do a wet signature on the final closing disbursement that the lender had sent them.


That's really odd that you didn't have to sign it. I attend several closings a month and they have to be signed here. The last closing I attended was last week and the ALTA had to be signed.  Maybe it is different by region?  I don't know. I am in a table funding state (Florida), so that might make a difference too. 

Message 5 of 8
New Contributor

Re: Closing Disclosure

My title company said I need to signALTA form at the closing table. I'm in IL state. Perhaps.. different state different rules.

Message 6 of 8
Established Contributor

Re: Closing Disclosure


StartingOver10 wrote:

juniebrunner wrote:

StartingOver10 wrote:

juniebrunner wrote:
I got a settlement statement at closing but didn't have to sign it.

The name "settlement statement" may be called something else in your area. Here they are called ALTA's since oct 2015 when the CFPB  changed the process and many of the names of the paperwork.

 

They (the settlement statement/HUD/ALTA)  have to be signed and returned to the lender for review before the lender will allow the funds to be disbused by the title company or closing attorney. This is the paperwork that shows all of your costs + all of the credits + the seller's costs and proceeds.


When I was an escrow officer, we called them HUD 1's.  At that time you still had to sign them.  When I closed Wednesday I was given the SS, asked if it was in line with the CD I had signed, said yes and that was that.  Didnt have to sign it for them.    I only had to do a wet signature on the final closing disbursement that the lender had sent them.


That's really odd that you didn't have to sign it. I attend several closings a month and they have to be signed here. The last closing I attended was last week and the ALTA had to be signed.  Maybe it is different by region?  I don't know. I am in a table funding state (Florida), so that might make a difference too. 


Table funding here too (Texas).  At least with the builders; their preferred lenders wire the money in advance, the buyer signs a certain stack; closer leaves the room to fax off to said lender for approval, then I signed all the other million pieces of paper. 

 

Who knows; no big.

Message 7 of 8
Frequent Contributor

Re: Closing Disclosure

Here in CA they made me sign the settlement statement provided by escrow and the CD provided by the lender at closing.

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Message 8 of 8