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We are a couple of days from closing. Our HUD-1 statement shows a lower credit for our rate chosen compared to our Good Faith Estimate. It means our adjusted loan origination charges are higher now than in our GFE. We thought these charges cannot increase. We are asking the mortgage broker to explain and fix it. What if they refuse to fix it? How should be proceed?
Many times Title reps forward an initial HUD to the buyer or realtor, and they look at an unfinished product, and freak out. Your FINAL settlement statement is the important one. Has your LENDER told you that this is your final Settlement statement?
We are a couple of days from closing. Our HUD-1 statement shows a lower credit for our rate chosen compared to our Good Faith Estimate. It means our adjusted loan origination charges are higher now than in our GFE. We thought these charges cannot increase. We are asking the mortgage broker to explain and fix it. What if they refuse to fix it? How should be proceed?
There can be a change if there was a circumstance that created a Change of Circumstance. The list is long what could have triggered the COC, but a 2nd GFE should have been issued to you. Your HUD should match the last GFE issued. Is it possible it is somewhere in your emails? If you are certain you have the most recent HUD, wait for your broker's response. If they refuse to make it whole, ask them to put in writing what happened. Now you are at the point deciding if this is going to stop you from closing. If it's not going to stop you, close and then report the incident.........but make sure you are not missing a GFE.
There can be a change if there was a circumstance that created a Change of Circumstance. The list is long what could have triggered the COC, but a 2nd GFE should have been issued to you. Your HUD should match the last GFE issued. Is it possible it is somewhere in your emails? If you are certain you have the most recent HUD, wait for your broker's response. If they refuse to make it whole, ask them to put in writing what happened. Now you are at the point deciding if this is going to stop you from closing. If it's not going to stop you, close and then report the incident.........but make sure you are not missing a GFE.
Page 3 of the HUD-1 settlement statement shows the comparison to the GFE on record. The adjusted origination charge is higher. I am not aware of any change of circumstance. I did not get a new GFE letter. If a new GFE letter was issued, shouldn't the buyer receive it within a certain number of days? Not receiving the updated one is itself is a violation if I am not mistaken.
I am assuming we will get the final settlement statement at closing. I don't know if the credit will remain the same as the GFE I have in my record. My broker said the difference will be refunded to me after closing. I am not sure if the broker or the lender will refund. I don't know how legal this is either but I do want close on time. I suspect the broker might not be all that truthful to me but if I get refunded at the end than I am not too bothered by it.
Did my broker try to get a larger commission and think I might not notice the difference? I am almost sure I will get refunded but I don't really know what is going on.
Yes, they would have Re-Disclosed and sent you a few pages detailing the changes. If it is the Final Settlement Statement, it's a pretty blatant attempt. Are you working with a bank, broker, big Bank?
If I had a dollar every time someone said they didn't get something.......then, they amazingly acknowledge, yeah, they did get it when I resend it to them. 99% of lenders out there get permission to send docs electronically. Proving a negative (that you didn't get it) is difficult if they show it going out on their end.
You can push it as hard as you want, but if they won't back down, you are going to have to make a choice, close and report it later or not close. I've seen 2 estimates with violations (one with $2000) where BofA basically told them to take a hike. They closed and it's still unresolved. Know what your priorities are, you may not get your way in time for closing.
If I had a dollar every time someone said they didn't get something.......then, they amazingly acknowledge, yeah, they did get it when I resend it to them. 99% of lenders out there get permission to send docs electronically. Proving a negative (that you didn't get it) is difficult if they show it going out on their end.
You can push it as hard as you want, but if they won't back down, you are going to have to make a choice, close and report it later or not close. I've seen 2 estimates with violations (one with $2000) where BofA basically told them to take a hike. They closed and it's still unresolved. Know what your priorities are, you may not get your way in time for closing.
I am sure I didn't any updated GFE or change of circumstance. My broker already acknowledge that there is a difference. My broker will refund me. I just want to know what exactly happened since my broker may not be telling me everything. I am not going to let this affect the closing. I just want to know what my rights are.
Chances are it's nothing more than a simple mistake. If there's a violation, they are required to "cure" (refund) the mistake. Enforcing a violation (requirement to cure) is another matter altogether. Know in advance how you want to proceed because it sounds like there's a good chance it may not be resolved when you close and the remedy will come after closing.
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