I had a closing on Friday for which cash was due from the borrower in the amount of 43 cents. I put a red sticky tag over the amount to remind myself to collect it from the borrower.
When I got to the table I showed the borrower the HUD Settlement Statement, and pointed out that he has to pay 43 cents.
He reached in his pocket to see if he had any change. We both chuckled a bit because the amount was so small. He even made a joke about how should the coins be placed with the documents.
Then I pointed out that the funds due should be in the form of a check, made out to '______'.
He looked at me as if to ask, 'Are you serious?' He said that he has never written a check for such a low amount in his life.
I assured him that they really want the 43 cents. He wrote out a check.
I have been in this situation before in which the borrower had to provide a check for a few cents. And if I hadn't experienced it before, I wouldn't have believed it. But I know that when I look at the HUD Settlement Statement and see: 'Cash due FROM borrower' -- they really have to provide those funds.
Even if it's 43 cents.
P.S. I'm surprised he didn't ask me if he could wire the funds.
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