Posted by Sue D. Luker on 6/27/07 6:29pm
Msg #197265

RESPA

First I must say how much I've learned from this website! What a great resource! Thank You!
Monday I conducted a RESPA. The borrowers were put off that they were being asked to sign so many documents when they hadn't even commited to a loan package. Do you have any insight into what the lender's rational is?

Reply by Lee/AR on 6/27/07 6:38pm
Msg #197272

'lender' & 'rational' is an oxymoron. But... hey, it's their money and if you want to borrow it, you play by their rules.

Reply by Charles_Ca on 6/27/07 6:51pm
Msg #197278

With all due respect, how do you conduct a RESPA is it

kind of like doing a notary??? RESPA is the acronym for Real Estate Settlement Procedures Act: I would submit that conducting it might just be an unnatural act

Reply by Rachel/ORWA on 6/28/07 12:50am
Msg #197361

Re: This made me laugh out loud... I was called and asked if

I could "do" a RESPA. It was my first week or two of being a signing agent, and I didn't want to turn anything down, so I said "sure, no problem," and then frantically googled and searched this site. I had previously seen "RESPA" listed in people's profiles, along with HELOCs, Refis, etc., so I figured it must be some special kind of loan. I finally figured out that the act applies to loans in general and a RESPA signing was basically a supervised application process. It made me laugh then, too.

BTW: Before reaching the above conclusion, I asked an NSA friend, with about a year's experience, what a RESPA was. She didn't know, but when I reported back to her my findings, she said, "Oh, I've done those before!" Scary.

Reply by Lee/AR on 6/28/07 8:29am
Msg #197396

Re: This made me laugh out loud... I was called and asked if

I'd call it a misnomer; but I also feel that way about Notary Signing AGENT. I'm nobody's agent; I 'represent' nobody but myself. I lost this skirmish, too.

Reply by Marlene/USNA on 6/28/07 10:52am
Msg #197426

Just curious, Lee, how do you refer to yourself? n/m

Reply by JanetLA on 6/27/07 6:55pm
Msg #197279

RESPA Signup Packages

They call all the time in my area of Louisiana for these RESPA signup packages. Not mortgage closings at all but rather a verification process for people applying for a mortgage. I don't like them because they generally come from a company that is a low ball slow paying company. Have a great week to all.

Reply by Charles_Ca on 6/27/07 6:58pm
Msg #197281

Re: RESPA Signup Packages. Janet, are these the

verifications with regard to owner occupied properties and other representaions that the borrower made in their 1003? I have heard that federally backed loans were going to start doing that but here in California most of the pricing is way out of reach of the federally backed maximums. I'm not even seeing a lot of SBA stuff lately.

Reply by Todd/OH on 6/27/07 8:31pm
Msg #197319

RESPA Signup Packages

The borrower has to sign certain disclosures and "CYA" docs after committing to a loan. The packages get thick - you deal with it. With luck, you get the closing too.

Reply by JanetLA on 6/27/07 8:50pm
Msg #197331

Yes, Verifications of 1003

They are generally not large packages here. They have not ever required any notarizations, but rather just verification of the person/person's identity, getting the proper signatures and sending back the docs. It has been my experience (ONLY MINE IN MY AREA) that they have been with borrowers that are not in the tier one credit level and are having a more difficult time finding a loan... They have only been for low fees, typically $75 with $25 print fee. Not worth it HERE. (only in my experience again).

Reply by Charles_Ca on 6/27/07 8:56pm
Msg #197334

Thanks for the clarification Janet...

I love your State. I was n New Orleans a few weeks ago and was sorry to miss some of the upcoming festivals in Cajun Country. Years ago I was in a place called La Place in the vicinity of Lake Pontchartrain for a refinery project and all the people were so nice. I had a fabulous time while I was there and ate myself silly(got to shake hands with the Governor too!)

Reply by NoteWorthyOR on 6/28/07 12:05am
Msg #197356

Re: Thanks for the clarification Janet...

Thanks for all your input on this. It makes sense that folks with "ify" credit need to jump through more hoops.

Reply by JanetLA on 6/28/07 8:06am
Msg #197391

New Orleans Louisiana o/t

Yes, New Orleans is the best.I plan to move there soon if things get better. My daughter will go to grad school there. Great food music and fun. Hopefully more folks will come visit and help rebuild the city. The French Quarter is going strong so it is difficult to imagine that there are still 200,000 or more not in their homes in the New Orleans area. The city official report says that the city lost half it's population after the hurricane. It was much worse than anything they could show on TV. But on a lighter note, still some of the best times to be had in New Orleans. Everyone should visit.