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Regular Contributor
playboy
Posts: 208
Registered: ‎04-15-2009

When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

Hello there.  JM or DallasGuy or anyone else, I'm looking for some guidance.  I'm scheduled to close on Thursday 2-22 after I complete my walk through.  From what I've read online most buyers are given the HUD-1 statement at least 24hrs before closing in order to review it.  My agent has asked the title company rep to send us the HUD-1 24hrs before closing, but my agent told me that it's not standard practice in the industry.  I would like to know what my final setttlement costs are at least 2 to 3 days before closing so that I don't walk in suprised having to pay way more than expected.

 

Can someone tell what would constitute good business practices in terms of providing the buyer with the HUD-1 statement?

 

Thanks,


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New Contributor
BCullum
Posts: 157
Registered: ‎01-09-2013

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

I'm getting mine tuesday, and im scheduled to close wednesday. 

Lender Pull EQ 745 EX 734 TU 722
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

I didn't get mines until I arrived at closing because I was on a very short timetable and everything was rushed but the title company rep spent a good time explaining it to me. Usually, you get it 24 hours before closing.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
BCullum
Posts: 157
Registered: ‎01-09-2013

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe


MovingForward_2012 wrote:
I didn't get mines until I arrived at closing because I was on a very short timetable and everything was rushed but the title company rep spent a good time explaining it to me. Usually, you get it 24 hours before closing.

Did you have to bring any money to the table with you?

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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

Yes. I had to bring $133 to closing and I was able to write a check because the amount was under $500.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
BCullum
Posts: 157
Registered: ‎01-09-2013

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

I'm having to bring 81,000 dollars to closing with me...so a HUD before we goto the table is kinda needed.

Lender Pull EQ 745 EX 734 TU 722
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

Ummm...yeah definitely! LOL! I'm sure they will provide it at least 48 hrs ahead of time. If you don't receive it by then, I would call your loan officer to inquire about it. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
playboy
Posts: 208
Registered: ‎04-15-2009

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

Thanks guys.  I have to bring $2k to the table and I know that some numbers can change, but I'd like to not be caught off guard with some obscene change in the numbers.


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

I think you will know 24-48 hours in advance OP because you will have to get a cashier's check prior to closing.

My HUD-1 came in a few minutes after I sat down at the closing table. Before that, I was waiting at home for the phone call to tell me when to start driving to the title company. My closing was supposed to be at 2:30 pm but I got a call shortly before that telling me to stand by because they were still getting everything together and that they were dealing with a computer glitch. So I waited anxiously at home with the phone in my hand. While I was waiting, I got a few false calls...one from my realtor saying we are still waiting. Then about 1.5 hours later I got a call from my LO telling to start driving down to the title company and that my realtor was already on the way down. So I summoned my family and we all zipped down to the title company.

When I got the call to head down to the title company, my LO knew my cash to close was going to be under $500 and that I would be able to write a personal check and that is why I was able to close on the day they were still readying the paperwork instead of after all the paperwork was complete. It was a little weird sitting at home waiting for THE PHONE CALL. LOL!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
cschick
Posts: 29
Registered: ‎01-19-2013

Re: When Should I Be Able to View the HUD-1 Statement? Industry Standard Timeframe

I got the first one about three days ahead of tome. it had a mistake on the mortgage. The second one was a day later. The third and final edition came at the closing table with a lower amount due.

FICO: 782(Ex, AMEX), Mortgage Pull(3.0%, 5/1 ARM from Local CU 2/2013): 725(EX), 757(TU), 772(EQ)
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Goals: TBD, possibly a mortgage refi to a fixed rate or better adjustable

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