I am scheduled to close this Friday. Not my first date choice, but was the soonest. I have seen on the emails going back and forth between the lender and the title company about the HUD-1 worksheet. I know what the sheet is for, but I am wondering where it comes from? IRS, HUD..... And how long does it usually take to come in after it has been ordered.
Thanks so much. The process has been pretty smooth so far and now that I am this close to finishing, I am getting pretty anxious about having to wait for a form to come in.
The HUD-1 is your closing statement.
You lender sends the title company the loan package with the loan figures and the title co prepares the closing statement. In addition to the loan figures there are other third party expenses added to the closing statement such as title fees, government fees, surveys etc. You would have received a Good Faith Estimate from your lender when you applied for the loan showing your costs to purchase. The HUD-1 is the official reconciliation of your cost to purchase. Once the title co prepares the HUD-1, then the lender reviews it, approves it and then you close. An extra page is now added to the HUD showing the comparison of the figures on the HUD to the original GFE so you know that the lender is in compliance.
The whole process doesn't take long for the approval of the closing statement.