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Renee
Michigan
549 Posts |
 Posted - 12/08/2006 : 6:35:50 PM
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The NOTE, and any accompanying Note Riders supercede all other documents, with regards to the loan terms (amount, rate, length of loan, etc). The NOTE is THE legal, binding contract between lender and borrower. There is only ONE Note for each loan, and only ONE copy should ever be signed.
While it would be at lender/title discretion - almost any other document can be corrected/revised during the recission period.
The software used to generate loan closing documents is designed (with the half-dozen or so that I've used)so that each piece of data is entered in ONLY ONE PLACE, and then all documents using that piece of data can NOT conflict. For example, the loan amount is entered ONCE, in one field, and that entry is 'pulled through' the entire file and all documents showing the loan amount have that same entry.
The HUD, however, is usually generated by the title co/settlement agent, on THEIR software, as well as their own closing docs. Those can then contain an error that is specific to those docs.
Additionally, with brokered loans - the broker generates THEIR own docs on their own software. Most often it's their own 1003, and sometimes a GFE and a few odds/ends. THESE can conflict for two reasons: 1)they can simply contain an error and 2)they (1003/GFE)are using data from the initial origination of the loan, which may/may not have changed upon final approval. (Borrower might have applied for 200,000 loan ... but was approved for $170,000; etc, etc.)
Summary: By studying the loan docs, you'll learn to decipher where each doc originated from (lender, title, or broker). Broker docs (1003/GFE)often won't match final terms, really is regardless other than this - borrower should make sure the income on 1003 is real/true. Title docs - easy phone call should anything need to be fixed/revised.
LENDER DOCS - if you have two lender docs with conflicting data, first make certain you know what you're looking at (not confusing Note rate with APR, for example). THEN, compare LOAN NUMBER on the two conflicting docs - could be one doc is from wrong loan (for example, when a person RESCINDS a loan and goes back to close on a revised loan, it will be a NEW LOAN, and NEW LOAN NUMBER. It should be easy to tell which doc is 'odd man out', and help w/ the call to have fixed. Other possibility which the loan number discrepancy will show is that you're looking at two loans - as in 1st/2nd, and docs were mixed up by whomever printed/scanned them. |
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jbelmont
California
3106 Posts |
Posted - 12/08/2006 : 4:35:30 PM
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| If the figures on the docs are not consistant, which docs override? The 1003 loan app often has all kinds of wrong information. I believe that doc is not binding while the HUD is the most binding. Any other people have any knowledge on that subject? |
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crtowles
California
553 Posts |
Posted - 12/08/2006 : 12:55:16 AM
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For the new folks. What do you do when you find that you have conflicting doc's? (you know like the names are different throughout, figures say one thing on note but the Deed reflects a different loan amount, etc.)You call whoever hired you and let them know immediately. I usually check my doc's BEFORE I go. But if the borrowers have them and we find out at the table, we stop and call; Title, Signing Servie, loan officer, etc. If you are lucky enough to be at your office or home when you discover it then the loan may be able to be salvaged.
~Carmen |
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Conflicting Doc's
