Closing Tomorrow 4/30/2020 URGENT

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    So, the lender BOA and/or NACA did not supply my closing documents 3 days prior to closing according to law. I received my closing documents today a few minutes before closing of normal business hours. In reviewing the documents I had tons of questions and concerns.

    #1 Home Purchase price is incorrect, it was up $88 from the contract agreement amount.
    #2 The items that I shopped for prior to closing are not listed.
    #3 The seller’s contribution was $10 less than the amount that the seller and I agreed upon.

    Because someone either on NACA’s end or BOA end screwed up the purchase price amount, the seller was kind enough to offshoot the error by crediting me the difference in closing costs which came out to an $88 credit. THe seller forwarded NACA and the title company the information regarding the $88 credit. When I received my CD, I noticed that the amount contributed was reduced by $78. I assumed it was another error and contacted NACA and the title company. The title company informed me that they took $10 to cover the fee for the wire transfer. This wire transfer is not listed anywhere on the closing disclosure. This is real sneaky and fishy to me. I asked the title company of the seller was aware of this and they said yes. I emailed the seller to verify if they were aware. I’m awaiting for the seller’s response.

    Can the title company use the seller’s contribution to cover the cost of a wire fee without my consent? The seller said it would go towards my closing costs. After being very adamant with the title company about the whereabouts of the missing $10, the title company then concocts an addendum to illustrate that the $10 was used to cover a wire transfer fee. The addendum didn’t have any signatures on there from the seller nor myself. So, how can this be allowed? Is this a violation of any sort?


    I think you have things flipped. The law is the loan estimate is mailed out with a postmark within 3 days of receipt of the loan application.

    For the closing documents there is no law I am aware of. Usually what happens is the title company or closing attorney receives them no earlier than 2 days prior to closing. Quite often as was in my case they are sent over night the night before. There are reports of recieving them 30 minutes before closing.

    Honestly I think you are stressing over nothing. The only thing that is final is the paperwork on the closing table. Everything else including the contract in the 3 homes I have purchased is a guideline only and expected to change a few dollars here or there. What you should look out for are big changes of thousands of dollars like in the case of @bakerthebaker. 10 and 88 are well within the standard deviations. Just relax. You are a homeowner.


    You are upset and want this escalated over $10?


    The date has already passed but for the benefit of others who might land on this thread down the line, I agree: don’t sweat the small stuff.

    But also, we DO have to give the right amount of money, no?

    On the technical side, real estate laws passed in 2015 (called Truth in Lending RESPA/Integrated Disclosure or TRID) do require that final closing disclosures be sent at least 3 days prior to closing. That’s because of problems in the past with changes being made right up to scheduled closing date and closings then not able to happen because people didn’t come with the right amount on their certified checks. Actually, the new laws required that the closing disclosure be sent 7 business (postal) days ahead if sent by snail mail, and 3 if sent electronically. But in your bank application process, you will likely sign a waiver of this TRID requirement. (We did.) You just have to trust that you’ll get the email in enough time to get the check cut (or wire sent).


    So based both on my experience and what I have seen on this board that makes sense. The INITIAL closing disclosure is usually sent a week or two prior to closing. I have not been made aware of any initial closing disclosures for existing homes sent out any earlier than a week prior to the TENTATIVE closing date. The final closing disclosure for existing homes however is rarely sent any earlier than 2 days before the actual closing and quite often just hours before and even after business hours.

    Take note the closing date on the contract is not often honored by bank of America, the closing date on the initial date may be different and the final closing disclosure might have a third date. For example you could have a contract to close date of may 1. You might not receive the initial closing disclosure until may 4. The closing date on that may 4 CD might be may 11. On may 13 you might receive a final closing disclosure with close date of may 14.

    The timelines are different with new construction.


    My apologies. We didn’t waive the TRID disclosure — we waived the right to receive the appraisal by mail. And that turned out fine. We got it by email about a week before we got it by mail, but in the meantime the loan process could proceed.

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