Posted by TaxMan/NC on 11/25/06 3:49pm
Msg #161990

A stupid newbie question...

I got a call last week asking me if I could do a closing and what would be my fee. "It's a 1st and 2nd" they said. Up to this point I've done numerous closings but always through a signing service. I've just ventured out "on my own" to deal direct with title companies, so I'm afraid I'm a newbie to the lingo. I gave a (most likely) lowball price that they jumped at. The closing ended up getting cancelled before I got the docs. So... what is a "1st and 2nd" and how much more work is that than a HELOC? And what are some of the other types of witness-only closings such as reverse mortgages, etc?

Just point me to a link or an earlier message answering this (I'm sure there are lots) and I would greatly appreciate it!!

Reply by Lee/AR on 11/25/06 4:04pm
Msg #161993

2 mortgages... 2 sets of docs. 1st & 2nd mortgage. Sometimes called a double. $175 minimum. More for travel. Usually whatever you'd charge + 1/2. Add'l double print fee if edocs.

Reply by BrendaTx on 11/25/06 4:07pm
Msg #161996

Re: A stupid newbie question...Lee, you are I are about

at the same amount. I did not mention travel. Good point.

Reply by Lee/AR on 11/26/06 7:02am
Msg #162086

Re: A stupid newbie question...Lee, you are I are about

Texas must have a lot more paper/junk to be printed. Rarely see 150 pages in AR. Ameriquest being the exception. And haven't seen any of these lately.

Reply by BrendaTx on 11/25/06 4:05pm
Msg #161994

My experience in Texas, a 1st / 2nd would mean printing 150 (1st) + 150 copies, another 100/100 for the second = 500 pages.

$100-125 - 1st
$50-75 - 2nd
$50 print fee / for / 500 pages

= Low end $200 - High end $300

$250 is a good ballpark figure for a 1st / 2nd in Texas.


In Texas Helocs are as much work as the rest of them. You'll have to look at the page numbers above to figure if this is similar to your circumstance.

Rev morts are a little more work.
Usually 300 pages= orig/copy printed.

Reply by Signing_Doc on 11/25/06 4:06pm
Msg #161995

Ist and a 2nd could be...just like it sounds....a first loan and a second loan...usually referred to as an 80/20 etc. Meaning, instead of just one loan for the full amount of the loan, they had to get two separate loans (with two separate payments)...for you, it means you are doing basically two loans at the same time for the same borrowers. The terms may be different, the rates may be different, but usually the docs are the same. Sometimes, they may refer to it as a 'piggyback', although usually a piggyback is a first and a HELOC etc. I'm sure PAW or BrendaTx etc may give you other advise, but this should ease your brain. Also, check out the old message 33325 (basic "newbie" information)...and use the search button (orange button at the top of the board)....

Good Luck Newbie...and may the good news be yours!!! (yeah, I'm old!)

"Doc"

Reply by PAW on 11/25/06 4:17pm
Msg #161997

75/15 is becoming quite popular

With PMI returning to LTV over 80%, and interest rates of 'little' loans creeping up quicker than larger loans, some lenders (and brokers) are doing 75/15 and 75/25 loans so the note rate on the second isn't out of line. It still is a piggy-back, or 1st and 2nd, or double, since it is still two equity loans, and not an equity line of credit.

Has anyone noticed or done an 80%+ LTV with LPMI (lender [paid] private mortgage insurance)? This also is becoming a bit popular with some lenders to keep the borrower happy, especially with home purchase.

Reply by TomB_SanJose on 11/25/06 6:38pm
Msg #162015

Re: 75/15 is becoming quite popular

Had one today. I had not seen one before. Just one form for the borrower to sign acknowledging that the lender was paying PMI.

Reply by Patti Corcoran on 11/25/06 9:49pm
Msg #162050

Re: For "Doc" who responded to this

I just printed the message 33325 that you suggested: WOW what a gold mine of information! Thank You!! It's going to take me quite a while to follow all that was suggested, but I'm gonna try!

Reply by Carolyn Bodley on 11/25/06 9:36pm
Msg #162045

Re: numerous signings through a signing service

and you've never encountered a 1st and 2nd ???

Reply by TaxMan/NC on 11/29/06 5:33pm
Msg #162818

Wow! I just now got around to checking back to see if anyone had responded to my question I left a few days ago. I had noidea this site was so active. This is a goldmine!! Thanks to all for your help. I'll have to start checking back here more often. Thanks again!!