Posted by Lynette Dashner on 3/17/06 5:09pm
Msg #106381

Newbie question- 1st signing

I was asked to do a 820 signing. I do not know what that is. Where can I go to get info. Also what is the general fee for this?. THere are 2 sets of docs to sign.............THis will be my first signing so I wanted to be TOTALLY prepared.

Thanks

Reply by BrendaTx on 3/17/06 5:13pm
Msg #106385

Re: Newbie question- 820 signing - I have never heard of

this. I am all ears.

Reply by Korey Humphreys on 3/17/06 5:16pm
Msg #106390

Brenda...

notice the rude post below directed to PAW and I. More then likely this person is the one who causes trouble occasionally throughout the board. Normally he/she/they/it posts as anonymous.

If I am wrong, then forgive me. But I think I'm right. The 820 signing is probably that the signing is 8:20 PM.

Just a hunch and my personal opinion.

Reply by Blueink_CA on 3/17/06 5:17pm
Msg #106392

80/20 perhaps? Piggyback (1st and 2nd)

Reply by Anonymous on 3/17/06 5:20pm
Msg #106398

Duh! 80/20 Purchase

Nothing you need to know except you will be at the table for a long, long time.

Reply by SarahBeth_CA on 3/17/06 5:24pm
Msg #106402

Re: Duh! 80/20 Purchase

Yes 80/20 purchase. 2 sets of docs. Charge base+print+discount base+print. So if your base is 75, print is 25, and 2nd discount is 50. You would charge $175.

Reply by BrendaTx on 3/17/06 5:25pm
Msg #106405

Re: Duh! 80/20 Purchase - Thanks SarahBeth. Great. NM n/m

Reply by BrendaTx on 3/17/06 5:25pm
Msg #106403

Re: Duh! 80/20 Purchase - Thanks, Anon. You are rude, but

a blind hog finds an acorn every now and then. Thanks again.

Reply by Lynette Dashner on 3/17/06 5:32pm
Msg #106407

Thank you for the info

Yes I meant to type 80/20.........Thanks

Reply by eXpedN_TX on 3/17/06 6:34pm
Msg #106444

Lynette...

There is some great info. about what the 80/20 loan is on bankrate.com. If you are unsure about how it works, I would read up on it. When you are asked to sign one of these, you may want to charge extra because it is a piggyback loan - as you stated. The borrower takes out two loans, one for 80% of the purchase price, the other for 20% of the purchase price. Since they are piggybacks, there are usually more docs to print and it takes longer to sign. I would follow Sarabeth's calculations with charges. Good luck!!!

Reply by Kelly M Robertson on 3/18/06 6:41am
Msg #106499

Re: Lynette - you can easily charge more

Purchases definitely (usually) take much longer because the customer does not have a 3-day RTC so they may want to look over the fees/docs more carefully. If you sign the docs inhouse, the customer might also want to discuss line items with their escrow officer, therefore taking even longer to sign. $175 seems a bit low to me but it was nice of SarahBeth to give you such a helpful fees guideline. I've signed many 80/20's in-house and usually get $225 and I'm not printing anything out -- they are waiting for me at the escrow office.