Is it possible to formally request a copy of the HUD-1 a few days before closing? A friend of mine told me they had a good faith estimate but when they got to closing there is a big discrepancy and they had to pay quite a bit more money and thought they were a bit cheated.

I would like to avoid the same, not that I have any reason to suspect my lender will play any games, but is it a good practice to ask for a copy of the HUD-1 ahead of time to make sure there is no suprises? if I do does the lender have to comply or can they refuse by saying something like they wont have it all together until the day of the closing, I like to compare that with the good faith estimate they provided previously.

Thanks,

PF

It should be available, but sometimes it just *isn't*. Keep on your lender to make sure they have everything they need on time, so that their loan documents are ready several days before closing. That is the best way to make sure that the closing table isn't the first place you see the HUD-1.
--A

Simply ask your lender to go over the HUD with you before the closing date to make sure there aren't any surprises. Asking this will keep your lender in check.IMO

Hope that Helps,

I always ask for the HUD-1 ahead of time before my client(s) go into signing. why? that way I can review any possible discrepencies or catch any red flags before they sign. If I do see a problem with something than I explain that to my client before they go into signing or clear it out before they see it. Referals that is how I survive and as the interest rates go up well that is how I will live.

As usual the lender is doing everything at the last minute so it will be difficult to get the HUD in Advance. As a mortgage broker I always tell my lenders we are closing at 8AM so they will get the package to the title company at a decent time. However I always stress not to let the buyer come to the closing in a U-Haul truck. Everybody wants to treat what will most likley be the largest purchase of thier life as a McDonalds drive thru.

Well said, Goldenbearloan.com.

I have asked but all I got was "sure you can, we will send it to you as soon as it is ready". Closing is this Friday so I don't expect to see it yet, but I have this sinking feeling, because two weeks ago they did the appraisal and I asked for my copy of the appraisal every other day and all I got was "sure I will forward a copy to you by email" and so far it has been two weeks and nothing. This does not inspire confidence.

Can I request a copy from them and request the closing be 24 hours AFTER I received my copy? How can I insist upon a copy if all they have been doing is "sure we will..." and nothing happens?

PF

did you pay for the appraisal? if so you do have a right to the appraisal report. in fact you can call the appraiser themselves and ask them to send you a copy email, hardcopy, fax. Hud-1 statment is usually ready about 24-48 hours before closing.

if you feel the run around than go and meet them in person if local or contact the manager if national.

I paid for the appraisal. In fact the lender order the appraisal, the appraiser was waiting for a check from them when time was running out, I then contacted them and gave them my credit card number to get over the waiting problem. But the appraiser sent the report to the lender, and when I asked for a copy from the appraiser they said they cannot give it to me because I was not the one who contracted with them (yet they can take my credit card!!!) and when I asked the lender I got the "sure right the way" but nothing happens. Also I am supposed to get a $400 check from them to reimburse me for the appraisal fee and two weeks - nothing.

PF

The misconception is that although the borrower did pay for the appraisal they do not own it. By USPAP guidelines an appraisal is made for the broker and lender. By the borrower paying for the appraisal, it serves as a good faith commitment to both the broker and lender. Sometimes an LO or a broker will issue a copy of an appraisal to the borrower out of kindness.

My 2 Cents,

Yes, you are entitled to a copy of the appraisal, but he is right you have to get it from the lender. And yes, you should get a copy of the HUD-1 in advance.

Please tell your lender that by RESPA [pronounced the way it's spelled] regulations you have the right to request the HUD one day before closing. That should get them more motivated to provide it to you.

My understanding is that the broker or lender has 45 days AFTER the loan closes to furnish you with a copy of your appraisal. It sounds like this loan officer is just protecting his interests (you as his borrower) by not releasing it before the loan closes. As long as he delivers on what he promised then it isn't an issue. As far as the HUD, it is rare to have it more than a day before closing. Even if you have a clear to close and the closing department has it in plenty of time, title companies usually drag their feet till the last minute to get it out. What you can do right now is ask the loan officer if any of his lender fees have changed since the good faith estimate. Those are the only fees he can control. If he tells you no, then you have alot of warranted complaining to do on friday or thursday when he does go over the HUD with you. 90% of loan officers are honest hard working folks who are just making a living but the 10% out to make a quick buck ruin it for all the honest ones. I would give him the benefit of the doubt but make sure you ask him right away if his lender fees have changed. If they have, play the "well thats a good thing I started this loan process with 2 loan officers just in case this happens" line on him. That will eliminate any new lender fees. Goodluck!