THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: FL000056
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Bulletin: FL000056
Dear Associates:
A question has arisen with regard to the preparation of the HUD-1 and HUD-1A Settlement Statements, specifically lines 1201 through 1205.
Regulation X (Real Estate Settlement Procedures Act), 24 C.F.R. Part 3500, as amended, effective August 9, 1994, provides instructions for completing the HUD-1 and HUD-1A Settlement Statements. The instructions for the preparation of lines 1201-1205 are as follows:
Lines 1201-1205 are used for government recording and transfer charges. Recording and transfer charges should be itemized. Additional recording or transfer charges should be listed on Lines 1204 and 1205.
Therefore, the charges listed on Lines 1201-1203 should reflect the actual cost to record deeds, mortgages, releases or whatever other documents need to be recorded in connection with a closing. Any other charges associated with recording the deeds, mortgage, releases or other documents should be expressly itemized on Lines 1204-1205.
You are instructed to advise the members of your staff who prepare HUD-1 and HUD-1A Settlement Statements accordingly.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None