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Is it required for a mortgage company to receive the HUD settlement statement before setting a closing date? We were supposed to close on April 15th, but underwriting wasn't finished at that point. We have now been cleared by underwriter and are being told we cannot schedule closing until they receive the settlement statement. Time is ticking, and we're being charged $68 for every day past original close date by builder. This is frustrating the heck out of me and I don't know what to do.
Is it required for a mortgage company to receive the HUD settlement statement before setting a closing date? We were supposed to close on April 15th, but underwriting wasn't finished at that point. We have now been cleared by underwriter and are being told we cannot schedule closing until they receive the settlement statement. Time is ticking, and we're being charged $68 for every day past original close date by builder. This is frustrating the heck out of me and I don't know what to do.
Usually the attorney/title co will send the HUD to the mortage company once the package has been sent to them. They can't complete the HUD without information from the mortgage company such as amount financed, loan fees, pre-paid deposits, etc.
We are using a Wells Fargo broker, and was under the impression that the closing date could be finalized without the settlement statement, but am being told by broker that they can't. So, I assume then that if this is the case, then our closing hinges on how fast the HUD statement gets sent back to broker?
We are using a Wells Fargo broker, and was under the impression that the closing date could be finalized without the settlement statement, but am being told by broker that they can't. So, I assume then that if this is the case, then our closing hinges on how fast the HUD statement gets sent back to broker?
Sounds like you need to contact the attorney/title office to see what they can do. I don't know how it works in your state but where I am, it doesn't work in that order.
Is the Wells Fargo Broker part of the builder's program or are you using a custom builder and got your own financing through Wells?
Sounds like you need to contact the attorney/title office to see what they can do. I don't know how it works in your state but where I am, it doesn't work in that order.
Is the Wells Fargo Broker part of the builder's program or are you using a custom builder and got your own financing through Wells?
We obtained our own financing through Wells Fargo. Did not use builder's program. Thank you, I will contact the title company and find out.
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