Think it depends on reason for redraw. If the HUD-1 is wrong, then it has to be recalculated and approved with new figures. That, IMO, takes time as all parties involved have to concur.
I had a redraw last week for a refi. During scheduling call, I was told it would be 1 signer. I placed my confirmation call and left v/m msg. TC told me to print and proceed to signing regardless of contact with borrower (same day signing). I was prepping docs when borrower returned my call. During that prep, I noticed certain docs named another signer (NBS). I asked borrower if other person would also be available with proper ID. She informed me the main reason for the refi was to remove the other person. Asked her to call her LO immediately and that I would also reach out to TC. I was determined loan docs would have to be redrawn and I had them in less than 20 minutes.
I was, of course, paid a print fee for original incorrect docs plus the agreed-to fee. In fact, just received check today.
JME&O |
