Q: A buyer went through a loan company instead of a bank to buy property. I received
a copy of the Settlement Statement HUD 1, but not a copy of what the, Line 501 "excess deposits (see instructions) were; in other words how the money was dispursed. The buyer's loan officer stated it would violate the buyers privacy, or HIPPA law. Is this correct? I feel i have as much entitlement to see where that amount of money went as much as the buyer. This real estate transaction took place in 2014,before TRID was enforced. I was the seller of this property to the buyer. Again, I feel I should have been entitled to the "excess deposits" information..where and who the money went to.
A: Well the loan officer got it partially correct. It does violate the privacy rules enacted by TRID, which is a conglomeration of laws regarding residential loan closings enacted over the past 5 years. HIPPA is to do with health services. so on that part he was wrong.
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