Not to start a trivial argument, but I'm fresh from a RESPA class given by HUD and bursting with info...RESPA does not require the HUD-1 be signed. At all. It merely requires the form to be completed and given to the borrower for review (see the RESPA section on Uniform Settlement Statements.) FHA loans do require that the HUD-1 addendum be signed, but not necessarily the HUD itself.The tradition (and requirement) of signing HUDs comes from private lenders, not RESPA.I should note though, that having borrowers sign the HUD is often the surest way to avoid any arguments later about whether or not they actually saw the completed HUD-1.
da - Thanks and I agree but as a former lender and a title agent, I didn't want to confuse our readers. You are absolutely correct but real world is that RESPA transactions have lenders who will insist that the HUD-1 be signed. LOL ....so lenders rule cause they have the dough!
If I did not sign a HUD Addendum before my loan closed on a bank owned house, can I gey out of the loan?
The Note that you signed is the promise to repay, not the HUD-1. If you believe the mortgage lender has compliance problems that might allow you to rescind your transaction, you should consult an attorney.
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