Congratulations. We are now requesting figures from the title company so that we can send final loan documents and get to Step #10
What to expect:
We send figures to the title company so that they can prepare a final HUD document. The final HUD document has all the final figures for your loan including:
- Cash to close
- Credits from the seller
- Final Loan Amount
- Exc.
This process is normally 1 - 3 days. Sometimes there corrections with credits and accuracy of the way the costs are allocated between the buyer and seller. Please be patient while we work with the title company to complete your final HUD.
Borrower receives HUD prior to signing:
As soon as we get the final HUD approved and is accurate we will send you a copy for review prior to signing your loan documents. This is an important process because we want to make sure the figures are accurate according all parties involved prior to signing
We do not want you at the signing and feeling that the numbers are not accurate. After reviewing the HUD please let us know if you have any questions or if any corrections need to be added.
After HUD is completed:
Once the HUD is completed Loan Simple will also perform an audit to insure the final HUD fits with in the agency and investor requirements. This Audit is required prior to allowing the borrower to sign their final loan documents. The audit takes 3-4 hours to complete and sometimes sooner if needed.
Next Step:
Signing Final Loan documents
Possible Delays:
- Title Company
- Sometimes the title company can get behind and might take longer to get the final hud back from the title officer. If it takes longer than 24 hours for to receive the HUD after sending figures this would cause a delay in your loan.
- Loan Changes
- At this stage in the process if there are any changes to the loan this may cause a delay in the loan closing. Sometimes changes are needed when the file comes out of underwriting. For example: Underwriter requests that we send the loan to a different investor. This can sometimes cause a 24-48 hour delay in closing.
