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TRID Questions-Seller/Closing Agent Signatures

There are a few questions on TRID postings on our LinkedIn discussion group that deserve their own posting, so this will serve as the answer to one set of those questions. I apologize for the multiple posts, but LinkedIn only allows a certain number of words per posting!

I’ll start off with the easiest ones:

1. Has anyone raised concerns about there being no signature and date of the Settlement Agent on the Closing Disclosure?

2. Has anyone raised concerns about there being no signature and date of the Seller on the Closing Disclosure? 

I talked with Diane Evans who is President of American Land Title Association (ALTA)
“A member of the American Land Title Association’s (ALTA) Board of Governors and 2014-15 president, Diane also is a member of ALTA’s Government Affairs Committee, State Regulatory Advisory Committee, NAIC Committee and Agents Executive Section. Additionally, she has served as chair of ALTA’s Abstracters and Title Insurance Agents Section Executive Committee.”


Anyway, Diane indicated that this is the reason ALTA is working diligently to design a standard ALTA Settlement Statement which will allow for signatures of the parties to the transaction. This will have the signature lines to serve as an acknowledgement by the parties for proper accounting and reconciliation.

Of course, She also reminded me that although HUD-1 had signature lines, they were optional. (although I suspect most lenders required it as part of their policy!)

As you have probably noticed from her response, those in DC are well aware that this can create the issue of “I didn’t know that” by ALL parties to the transaction if there is no signature. Certainly this is problematic and it is my hope that through ALTA and other interested parties, we can see this changed in the future. As I’ve heard Diane say before, the buyer is a consumer, but the seller is also a consumer!

Tammy Butler, Master CMB

Author Tammy Butler, Master CMB

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