Posted by LynnNC on 6/20/08 7:49pm
Msg #252338

Venting - 190 page FHA loan!!!

I agreed to handle a refinance loan on Saturday for $150. I get the docs and the package is 190 pages!!! I call the Title Co and ask if the package is both the lender and borrower sets and she said "No, it is an FHA loan and they have a lot of pages". I told her I have handled many FHA loans and none of them have had more than 150 pages, and usually not nearly that many. I told her I am not happy and that $150 is not enough to handle a loan of 190 pages. She said that she would let her supervisor know on Monday.

I am not a happy camper and feel that I have been taken advantage of. I know that there are more FHA loans now, and I guess I will have to say when I quote my fee, that if the package is over 150 pages, my fee will increase by $50...an additional $15 print fee and $35 for the additional time to close.

FYI...the lender is Amerisav

Reply by MW/VA on 6/20/08 7:53pm
Msg #252339

Yes, I have encountered the same issues. Many companies are not willing to pay more.
There is a lot of FHA work around--they are about the only loans getting funded.

Reply by Linda Juenger on 6/20/08 8:17pm
Msg #252343

One of my regular TC's is now doing a lot of FHA and the pkg's are huge. 160+pages. I did the first one at regular price, but they understood that I had to raise my fee to cover the extra printing and time. These loans take at least 1/2 hr longer, so plan accordingly.
In these loans also there is a lot of duplicates. Ex: There is an occupancy and a Primary residence doc. Same thing, just worded different. Pointless IMO, but who am I?

Borrowers think its a bunch of bull also, all these docs to sign that say the same thing over and over. I've had a couple borrowers get down right angry. There oughta be a law. If you can't say what you mean in say 50 pages, it can't be that important is what I was told.

Reply by Charles_Ca on 6/20/08 8:54pm
Msg #252356

Unfortunately it is the law! It seems that lawmakers have

to look like they are responding to a problem whether the response is effective or not. Then you have lawmakers in different jurisdictions piling on. The burden comes to bear on the borrower and the closer and no one else really gives a damn. As an originator I only have to add about 20 pages to the package that are mandated. Unfortunately it is the law.

Reply by NCLisa on 6/20/08 9:33pm
Msg #252366

Re: Unfortunately it is the law! It seems that lawmakers have

Mtg Brk's may have to add pages, but why are the brokered loans 180 to 200 pages when the loans originated by CW or WF are smaller than their normal refi packages (which is less than 80 pages)?

Also, on the brokered FHA refinance loans, what is the deal with the 20 pages of docs that are for a purchase only, and have no reason to be in a refi package?

Reply by Charles_Ca on 6/20/08 11:22pm
Msg #252383

From my perspective it appears to be an attempt to comply

with all the regulations. Perhaps some just do it more clumsily than others. I agree with you. I know that when a file leaves my hands there are only about 10 pages in it regardless of the lender.

Reply by NCLisa on 6/20/08 8:28pm
Msg #252346

I've had no luck getting more than $150 on an FHA. I now only accept them if things are slow or they are very close.

Reply by Therese on 6/20/08 8:44pm
Msg #252350

I was taken advantage of on one of these as well. 200pages last minute docs no one to get ahold of at SS. I went ahead and completed it for the BO's sake. SS charged 250.00 and I received half of that. Never again!!!

Reply by Hugh Nations Signing Agents of Austin on 6/21/08 4:11am
Msg #252402

Nowadays when I quote my fee to a new customer, I make it plain that the fee is for a document package of no more than 140 pages, and anything above that is to be renegotiated. Spooks some, some understand, but I no longer have 192 page closings at my standard fee.

Reply by Lee/AR on 6/20/08 8:46pm
Msg #252351

180 page Refi today... non-FHA/VA loan!!!

I am pretty ticked, too. This did NOT have the 23 pg. Escrow Instructions or an Appraisal. Just 180 pages of 'stuff'... many docs were quadruplicates. Plus there was a 'special e-mail' that specifically stated that these were not sent in error. Every one of 'em needed to be signed. It's getting to be quite the 'cute trick'. I ask how many pages and they don't know... just a 'normal' refi. 180 pages with quads of many docs is NOT normal.

Reply by MikeC/NY on 6/20/08 9:00pm
Msg #252358

Re: 180 page Refi today... non-FHA/VA loan!!!

"I ask how many pages and they don't know... just a 'normal' refi. 180 pages with quads of many docs is NOT normal."

Maybe the best way to handle this is that when they just say "normal", YOU define what normal is and let them know what you're expecting. That might give you some leverage to renegotiate fees (or walk away).

Reply by pan/nd on 6/20/08 8:48pm
Msg #252352

I too got stuck on an FHA that was 200 pages.

Contained more garbage than the landfill.

Repitition in duplicate, triplicate, quadruplicate, ad nauseum.

Did another FHA for Bank of the West 72 pages total including the title docs.

So, one never knows.

Reply by Susan Fischer on 6/20/08 10:01pm
Msg #252372

Local banks get it. BTW, is that the bank with a

Golden Bear mascot? If so, I worked at a branch for a spell as a teller. Great job. Except back then, coulottes, even taylored, were considered 'pants,' and verboten. <eyeroll>

Reply by pan/nd on 6/20/08 11:55pm
Msg #252392

Re: Local banks get it. BTW, is that the bank with a

Susan,

Their mascot is a plain black bear..pure and simple.

Maybe it was golden in the past...but, if so, obviously the gold has worn off..or it never was

solid gold in the first place.

Reply by Jack Tri on 6/20/08 11:56pm
Msg #252393

Most FHA loans the seller is paying all closing cost for buyer..Most SS co s will tell TC.. 200 to 250 for this job......... 50 more is fair.

Reply by CF on 6/21/08 8:40am
Msg #252412

It seems to me that the Lender has their own "required" FHA docs and that the TC has their own "required" FHA docs. So when you put that together there are many duplicates....and many that are for seller/ buyers when this is a re-fi transactions. Of course, no one wants to be the person that leaves out a regulated doc during the process. It is very frustrating to the BO and to the notary. The last FHA I did was 186 pages. I think that there was about 30 notarizations of the same things over and over again. I called and re-negoiated more of a print fee. I tried for more but they refused with an extra fee for more time. So BEWARE...ask if it is an FHA b/c that is what a lot of loans are now and they take more in resouces and longer in time- as everyone else has said. Also, these take a long time to get to the table- so BO's will have waited to see you!!! And we all know that they may expect us to have a lot of answers for them. Urgh....

Reply by Loretta on 6/21/08 9:07am
Msg #252415

VIP Close called me yesterday to do a signing. An FHA loan with 164 pages for $100 (edocs). That's 324 pages total printed! I told him I needed more than that. He said he would have to call me back.
He did call back and could do $125. He got someone else to do it. Not me.

Reply by BrendaTx on 6/21/08 9:04am
Msg #252414

Re: Venting - 190 page FHA loan!!! Jack Tri sure

seems to know a lot about signing services not to work for them.

How does Jack know that "Most SS co s will tell TC., 200 to 250 for this job..........50 more is fair."?

Just how DO you know what MOST signing services tell title companies, Jack?

Reply by snoopdogMs on 6/21/08 1:42pm
Msg #252436

Received a call to close a 400 page piggy-back

So the total would have been 800 pages. At least the scheduler warned me of the document size so I could price accordingly. Also I never hesitate to ask for more if the package is not a typical package. I have yet to be turned down for the added fee when I consider that it is fair to ask for the increase. I think it has a lot to do with how you approach the person about the needed increase.