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Regular Contributor
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Registered: ‎04-15-2009
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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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Registered: ‎01-09-2013
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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
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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
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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?

Lender Pull EQ 745 EX 734 TU 722
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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
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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
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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
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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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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
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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 8/12), Mortgage Pull(3.0%, 5/1 ARM from Local CU 2/2013): 725(EX), 757(TU), 772(EQ); 775(EX, Amex 8/14)
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