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what is wet settlement act?

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jav4 Guest	Posted: Thu Mar 29, 2007 12:11 pm    Post subject: what is wet settlement act? Like 0 Dislike 0 what is wet settlement act? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Hoberman Guest	Posted: Thu Mar 29, 2007 12:31 pm    Post subject: Like 0 Dislike 0 According to this law, settlement agents are required to disburse the funds on or before the closing date.
carnahandavid Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)	Posted: Thu Mar 29, 2007 2:16 pm    Post subject: Like 0 Dislike 0 At the time of settlement sellers want their money as early as possible after signing the deed. Most expect to receive a check at the settlement table. This law was enacted for preventing delays by lenders in sending the funds to the settlement attorney. Previously what use to happen is that settlement attorney used to hold the closing & then send closing documents to lender for approval. After the documents were reviewed & approved, lender normally used to send a check to settlement attorney. This process used to take 1 or 2 days but in some instances it can also happen that it takes almost 2 weeks. Wet Settlement Law forces lenders to provide the funds at or before closing in the form of wired funds, cash or certified check at the time of settlement. In return lenders require that the settlement attorney does not disburse the funds until mortgage lien is recorded in the land records. David
Maria Bello Guest	Posted: Thu Mar 29, 2007 4:17 pm    Post subject: Like 0 Dislike 0 Sellers are benefited because of this law as now they are assured that they will receive the funds within two days after the settlement. Nowadays most of the lenders wire money to the settlement office which helps settlement attorneys to disburse the funds on the day of settlement or the next day. This law has helped in the overall settlement process. Maria Bello
neuberg Guest	Posted: Thu Mar 29, 2007 4:35 pm    Post subject: Like 0 Dislike 0 This law varies from state to state. Like in Virginia, the settlement agent is required to distribute funds within 2 business days after the funds are deposited in their trust account. While in District of Columbia, the funds are required to be disbursed within 1 business day. And in Maryland lenders are required to provide the funds on or before the day closing occurs to settlement company.
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Thu Mar 29, 2007 10:58 pm    Post subject: RE: Wet Settlemet Act Like 0 Dislike 0 Hi Jav, Welcome to the forums. The term Wet Settlement means that when a person attends the closing in a mortgage loan transaction, the lender or closing agent should be ready to provide him with the funds. Many states such as Maryland, Virginia etc have enacted laws on Wet Settlement. For example, in Maryland, the Wet Settlement Act requires that the lender must provide the funds at the day of closing itself. Thanks, Sara
Jane Guest	Posted: Mon Jan 12, 2009 6:12 pm    Post subject: Wet Funding States Like 0 Dislike 0 Are the States of Washington and Idaho Wet Funding States
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Jan 13, 2009 2:24 am    Post subject: Like 0 Dislike 0 Hi Jane As far as I know, States of Washington and Idaho are not Wet Funding States. Thanks.
Church Lady Guest	Posted: Fri Jan 16, 2009 8:45 pm    Post subject: Wet Settlement Law in Maryland Like 0 Dislike 0 Does this law apply to a construction loan for a roof replacement where the out of state lender is requiring that a Morgage/Deed of Trust be in hand before distribution of funds can take place?
Guest	Posted: Fri Jan 16, 2009 11:35 pm    Post subject: Like 0 Dislike 0 Yes you will be getting the facility of wet settlement laws in case of construction loan in Maryland.
Mary/PCT Guest	Posted: Thu Aug 26, 2010 11:06 am    Post subject: wet settlement state? Like 0 Dislike 0 Is Wyoming a Wet settlement state?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Aug 27, 2010 1:57 am    Post subject: Like 0 Dislike 0 Welcome Mary, I don't think Wyoming is a wet settlement state. _________________ Procrastination is the enemy of your financial success
Y21SSS Guest	Posted: Wed Sep 15, 2010 2:03 pm    Post subject: Table Funding Like 0 Dislike 0 Does Tennessee law require table funding
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Thu Sep 16, 2010 2:38 am    Post subject: Like 0 Dislike 0 Hi Y, Your query has been replied to in the given page: http://www.mortgagefit.com/tennessee/closingloan-tablefund.html Take a look at it. Hope it helps you. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020

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