Posted by bowie_MD on 11/16/07 6:46pm
Msg #221742

first FHA closing

Damn what a waste of paper.
I did my first FHA closing today, even though I have been doing closings for 18 months./
I could not believe all the paper and so many were duplicative with just some wording changes.
Unfortunately with the market what it is I may be seeing more FHA work.

Reply by Becca_FL on 11/16/07 7:07pm
Msg #221744

Welcome to the club, bowie.

Sometimes you get lucky like I did last night. I opened the disclosure attachment and said 'oh, $hit. It's an FHA.' Then I opened the loan pkg and it was only 71 pages. 71 pages? Oh joy! The entire pkg including disclosures and junk docs was under 100 pages. Some lenders really have it together when it comes to FHA. I didn't have one dup disclosure in the pkg.

Reply by cassiewi on 11/16/07 7:09pm
Msg #221746

My biggest was 206 pages for one copy

I've also been lucky like Becca and had some that were 70-90 pages. Those are lovely.

Reply by Glenn Strickler on 11/16/07 8:14pm
Msg #221761

Re: Welcome to the club, bowie.

The number of pages seem to vary quite a bit by lender, but most of the ones I have done have been on the large side ....

Reply by LCS_CA on 11/17/07 7:50pm
Msg #221858

I had a great FHA today - it was a Wells Fargo package, and the borrower was an amputee on social security and pension income. She had just had her house totally redone by some group at the local university who came in and outfitted the whole place to work with her wheelchair. She had apparently had some bad credit issues (due to her health problems that led to the amputation) and I was so glad for her to be able to get this loan to pay those items off and be able to stay in her home of many years. No extraneous documents.

I imagine we may be seeing more FHA transactions where home values will permit - this one today, the loan amount was very low compared to the appraised value. I also signed a customer on a conventional loan with PMI last night. Fixed rates.