Posted by paula/az on 5/31/05 10:38am
Msg #41283

purchase vs refi's

Yes, I am a "newbie" as we are so called. Ha! Ha! So I have been studying and studying notes and my NNA book. In the NNA book the sample docs are a purchase. But what I have read here is that a purchase is much more difficult than a refi. Which makes sense to me. However, my ? is do you find that the majority of signing are refi's and not purchases? Anybody in AZ can you tell me a little about doing purchases in AZ vs refi's? or where I can get more info on this.

Reply by SamIam_CA on 5/31/05 10:59am
Msg #41288

Not familiar with AZ. That said - the majority for me so far has been HELOCs and ReFis. Purchases might be "wet" - meaning funds are due at closing and they do not have the 3 day RTC. I was called once (after I had done <10 loans) and told the Title Co. I was not prepared yet. Too much responsibility for a novice - IMHO.

Reply by paula/az on 5/31/05 1:03pm
Msg #41309

thanks so much. I think that's what I will do until I have more experience.

Reply by stamper_WI on 5/31/05 1:19pm
Msg #41312

I did an AZ puchase ...in WI! In April. They were buying a 2nd home ( new consturction/condo). I have a real estate background and found that helped me. Very different paper work ( both the Offer and mortgage) and took longer than a refi ( they were using equity in their WI home). It didn't come back to me so I guess it turned out fine! Good luck in your endeavors

Reply by CMS_NY on 5/31/05 1:26pm
Msg #41315

Check with your local state laws.

Notaries Public/NSA's in New York are not legally allowed to perform signings/closings for a PURCHASE.

This is perhaps due to the fact that monies are to be collected at the time of closing and the distribution of funds to all parties (broker fees, closing fees, title fees, appraisal fees, etc.) are to be given out by an attorney.

...If anyone has heard differently please let me know.

Reply by stamper_WI on 5/31/05 1:31pm
Msg #41317

Mine did not involve disbursements or collections. I think it was all in Black and white. I did a similar loan for myself. I just wrote a personal check to the appraiser when he was here. They may have had any monies wired..which is common

Reply by PA Notary II on 5/31/05 6:13pm
Msg #41345

Why, do you suppose, NY Notaries are not trusted with purchase closing monies ?

Reply by MsRobboPA on 5/31/05 7:36pm
Msg #41358

Most of my experience has been in refi's and HELOCS, but alot of piggybacks (a refie and a HELOC). Even though I have been doing closings for a number of years I would hesitate on a new purchase without reading up about it.

Reply by stamper_WI on 5/31/05 9:26pm
Msg #41367

PA

Maybe they are thinking of a trust or escrow account that is needed for such things in a sale of property. In WI, Real estate brokers and attorneys all have them. Interest earned goes to the State. They are designed so that the money is not co-mingled with any other business or personal money. Is for the sole purpose of holding money for a specific purpose

Reply by Nancy in Florida on 5/31/05 11:08pm
Msg #41376

Puchase closings in NY are usually very formal and very crowded. Usually in NY you can have at a purchase closing the borrowers and their attorney, the sellers and their attorney, an attorney representing the bank as well as a Title Closer. Not to mention the realtors involved in the transaction. When I lived in NY I worked as a Real Estate Paralegal and I conducted all types of closings, purchases, refi etc. At the closing I would prepare the HUD-I Settlement STatement right there during the closing. The title closer would be working up the title bill at the closing table and many times the buyers and sellers attorneys would be still negotiating the prorations on water bills, oil bills etc. The borrowers would come to closing with a certified check for around what the amount due would be, it was usually over the amount needed and a check would be cut back to them. As the paralegal representing the bank I would also write the checks, yes the bank I represented was a very old, very small and very conservative bank and still believed in checks being written by hand. The personal touch so to speak but it was more like writers cramp. I had to be sure that the HUD was correct and I had some checks and balances that I had to conduct to be sure that was the case.

A purchase closing in NY is complicated and requires in depth knowledge of the HUD-I Settlement Statement and how to prepare it and what fee goes on what line etc. So I can see why notaries are not allowed to conduct purchase closings in NY and I do believe it is a legal requirement that Lenders have legal representation at the closing. As far as AZ I do not have a clue what they are like but the purchase closings I have conducted as a notary in Florida have not been that different than refis, maybe a realtor will show up but the HUD is completed for me and if I do need to collect funds I just make sure it is certified and in the correct amount listed on the HUD and I send it with my docs. The docs are really not that much different unless it is a construction loan.