Posted by oldhippie on 5/17/05 12:35pm
Msg #38339

Helocs

What do people think about doing Heloc's, and what would your price range be?

Reply by PAW_Fl on 5/17/05 12:46pm
Msg #38342

HELOCs are the icing on the cake. (Except in Texas.) Most of them are smaller packages and you can whip through them in no time.

I offer printing discounts for them to my standard customers and some, like NASCO, don't offer full edoc pricing for them because they are small. And most, like CitiBank's, are so predictable in form, fit and function.

Reply by Art_MD on 5/17/05 12:47pm
Msg #38343

Re: Helocs charging

I'm a little flexable with helocs and certain extensions of existing helocs.

If a refi is 2 hrs travel R/T, and 1 hour closing time you have 3 hours invested.
If it were a heloc, you might only have 2hrs +20 minutes.
So, time difference is not that great.
Helocs, in most cases are a lot cleaner - less paperwork, less faxbacks, less questions by borrower.
If through a SS, they get less so they have to squeeze the dollars some.
For close to home I do charge less for a heloc (10 miles). Otherwise, charge the same if >75% of your time is in travel.
JMHO.

I think that the ratio of refi's to helocs in tilting towards the helocs.

Art

Reply by stamper_WI on 5/17/05 2:23pm
Msg #38387

Re: Helocs charging

I have been getting a lot of citibank active account HELOCS. Depending on my travel time, I chrrge only $50. I am at their house about 15 minutes and drop the docks on my way out of town.There is no Faxing, no hud, maybe one or 2 doc's that need my witness. Real no brainer closing!. Countrywide is also really pushing them too but their packets are bigger,