Posted by Monique Edwards Robinson on 2/5/04 11:35pm
Msg #885

Different Loan Types

I am filling out an information sheet for a signing agency, and they asked if I had ever performed a "wet" or "dry" close? What are they? What is the difference?
Also, has anyone ever worked with Notaries Ink? Any feedback would be helpful.

Reply by Tina_MA on 2/6/04 7:30am
Msg #887

Wet = funds to be exchanged.
Dry = no funds exchanging hands.

Reply by Monique on 2/9/04 12:32am
Msg #906

Thanks. Did you know that the gurus at the NNA didn't know this? Shouldn't they know all the lingo when it comes to document signings? What is the sense in telling us to ask them questions if they don't have the answers?

Reply by pan/nd on 2/6/04 9:15am
Msg #889


Monique,

I did a couple for them last fall. No trouble. Paid in a timely manner

Reply by Monique on 2/9/04 12:30am
Msg #905

Thank for the info. I would hate to send an application in to a deadbeat company.

Reply by MATT T./NY on 2/11/04 6:06pm
Msg #922

Here in NY a "dry" closing means that there is no money at the table either because of a late wire or a buyer or seller is short funds. You should that at a dry closing the title closer will then hold transfer documents and checks in escrow pending receipt by the parties of funds. A "wet" closing means that the loan has been funded.