Posted by Newbie_CA on 7/21/04 1:36pm
Msg #4743

New Purchase Loans

What is the difference between a dry close and a wet close? I've done signings for new purchase loans but I'm not really sure which one of these it was.

Thank you in advance for your help.

Reply by PAW Notary Services on 7/21/04 5:03pm
Msg #4763

Dry Closings are closings were money does NOT change hands at the table.

Wet Closings are where funds are collected and disbursed at the table.

These terms are usually not used in refinances as pickup up funds due at closing is not considered collection and disbursement.

Reply by Newbie_CA on 7/21/04 5:35pm
Msg #4766

Thank you for answering that questions.

I was filing out an application for Notaries Ink and that was one of their questions. It doesn't sound like that is something that we as notaries should be required to know.

Muchisimas Gracias, PAW. I appreciate your wisdom.