Posted by Jersey_Boy on 3/20/07 7:19am
Msg #180781

General Lender Survey

Just a general survey: What lender do you think has the easiest loan packages? Any favorite lenders?

I know we've all b**ched about Ameriquest and the like for their horrible loan packages (in terms of paperwork), I am curious to see who everybody's favorites are.

I'll name Ohio Savings Bank as one of the easiest I've seen.

Reply by MistarellaFL on 3/20/07 7:27am
Msg #180782

Few will agree with me, I am sure, but I love CW and FS, as long as they are a FL branch.
I don't have the same fax-back and enormous package complaints many do, but I find they are pretty standard, and ususally less than 100 pages. I find the LO's have properly prepared the brw's IME (like I said, FL branches only).
Outside of FL branches, I don't have the same opinion.

Reply by Ndwa on 3/20/07 7:40am
Msg #180785

Ditto Misty

The two branches I service here are the same, plus their (American Wholesale) division docs are the same. I also have a few others, but off top of my head are National City & Downey Saving.

Reply by PJM/MI on 3/20/07 7:51am
Msg #180789

Title Source (Rock Financial) and Countrywide are my favorites!

Reply by Becca_FL on 3/20/07 8:03am
Msg #180791

Well Fargo n/m

Reply by MistarellaFL on 3/20/07 8:04am
Msg #180792

Re: Well Fargo, yep, and World Savings, too n/m

Reply by marlindog on 3/20/07 8:05am
Msg #180793

Re: Well Fargo I agree but the best ones are the $150 ones n/m

Reply by MistarellaFL on 3/20/07 8:08am
Msg #180794

They are all $150 for me....or better! n/m

Reply by marlindog on 3/20/07 8:21am
Msg #180799

AMEN n/m

Reply by cassiewi on 3/20/07 8:27am
Msg #180803

Countrywide and Wells Fargo

Those are the easiest I've seen. The Citimortgage HELOC is also quick and easy.

Reply by marlindog on 3/20/07 8:31am
Msg #180804

CITI MORTGAGE AND BANK OF AMERICA HELOCS. n/m

Reply by Leon_CO on 3/20/07 8:33am
Msg #180805

>> What lender do you think has the easiest loan packages? <<
-------------------------------------------------------------------------------------
Navy Federal Credit Union.

Documents sent to borrower. 15 - 22 pages. 1 notarization. In and out in less than 15 minutes.

Reply by Pierces Notary Services on 3/20/07 8:42am
Msg #180810

Citibank HELOC and Quicken Loans are my favorite.

Reply by FWP/WA on 3/20/07 9:01am
Msg #180812

I'm still well in the "newbie" category, so I can't say I've had much experience. Honestly, I haven't done a signing for a fee yet. The extent of my experience is a Refi for my sister/bro-in-law, and my purchase of my condo. I just refinanced my Equity Loan, though, and it couldn't have been easier. They (USAA Federal Savings Bank) sent the packet, with an instruction sheet that stated exactly which forms needed to be signed, and which needed to be notarized. So easy, a caveman could do it.

Reply by Dorothy_MI on 3/20/07 9:26am
Msg #180815

With that experience

I can understand the motivating force to become a NSA. HOWEVER, take it from all of us, your experience was the exception, not the rule. Unfortunately, many SS have the attitude that what we do is so easy a caveman could do it and offer fees to match. If you haven't already done so, I'd suggest you read 33325 message (go to orange search button at the bottom and type in that number for message number). It will give you a much better insigt into the real world of loan signing.

Reply by FWP/WA on 3/20/07 9:37am
Msg #180818

Re: With that experience

Please don't take my post to mean I am implying being a NSA is an easy job, or that just anyone can do it. I have read 33325 (printed it actually), and have done quite a bit of other research before asking the usual newbie questions. (Some of which I will NEVER post, such as "what should I charge?," and the usual "im lazy-tell me what I should do to make money easy" questions.

I was merely saying that USAA had provided a sheet saying exactly what I needed to sign, and which needed to be notarized, which made the signing a breeze.

This actually happened just yesterday, and I've been looking at this website (and many other related sites) for about 3-4 weeks now.

Reply by Dorothy_MI on 3/20/07 9:46am
Msg #180820

Glad to hear

you've been doing your homework, grasshopper. No matter how much you learn about this business, there is still always more to learn and that is why most of us are on this board. Welcome aboard

Reply by BrendaTx on 3/20/07 10:15am
Msg #180825

They are all pretty large stacks of docs in Texas when on Texas properties.

I don't really have a preference.

Reply by Dorothy_MI on 3/20/07 10:26am
Msg #180827

My absolute favorite

is the modification agreements. Will take as many as I can get.

Reply by Judith/NY on 3/20/07 10:31am
Msg #180828

LOL - I remember when I was working for my last attorney (shortly before I started doing mobile notary stuff), he came back from a mortgage closing that had taken place at a local broker's office absolutely STEAMED that there were so many documents! Threw the folder on my desk for me to separate out the borrower and lender copies and make copies for his file (since they'd originally been sent to the broker, I guess), muttering about having had to sign documents attesting to having signed other documents, yada yada yada. Turns out it was a Texas lender (if I recall correctly it was the same lender that's now called Nationstar). Yep, there are a lot of documents from Texas lenders -- many more than we New Yorkers are accustomed to. I've since done quite a few Nationstar loans, but I'll take the work and not complain.

On this particular topic, though, I gotta admit that Quicken's loans have been the simplest and fastest, and they get the docs to me or the borrower well in advance, bless their little hearts!

Reply by CJ on 3/20/07 11:57am
Msg #180841

Re: Chase HELOC

Aside from modicifcations, these go so fast. I can do them in 20 minutes, including explaining and hand holding. There is nothing tricky or hidden about them, and they have about 1/4 inch of papers, not all which need signing. The LOs prepare the borrowers too, so they know what to expect.

Reply by Leon_CO on 3/20/07 12:42pm
Msg #180861

Re: Chase HELOC

I agree. I just finished doing a Chase HELOC. The loan officer stayed for a minute to go over the HUD, then left. Less than 30 minutes later we were done. Just 2 notarizations. It helps on a day like today. 3 more to go.

Reply by JanetK_CA on 3/20/07 9:02pm
Msg #180962

I'd have to say BofA (at full fee), hands down! The escrow company, though, has a great deal to do with it. Sometimes the lender docs are a breeze, but the escrow docs are a localized pain - tons to notarize, poorly written or lots of duplications or overlaps. 'Course, some of it, I'm sure, has to do with local legal requirements (when they're from out of state) but that only accounts for a small portion of it. But that's one of the things that keeps this business interesting, no?

Reply by TRG_wy on 3/21/07 7:30am
Msg #181008

Quicken, Citibank, BankOne

Quicken by far because their packages are very small, direct and to the point; usually only about 50-60 pages for refi and HELOC. Textbook perfect with correct name spelling, dates pre-entered, and venue area prepared correctly.

Citibank because of size and again prepared nicely. There a few page fax-backs but goes quickly.

BankOne - ditto with no fax-backs.