Posted by ME/NJ on 11/11/10 3:14pm
Msg #360826

Loan packages have grown in the last year

Maybe it's me, but I did a couple loans this week and the first 2 were normal 80 pages. The signings tonight each copy 150+ and one has apprasial with it 180 pages. 4 loans killed my toner cartridge.

Reply by Linda_H/FL on 11/11/10 3:18pm
Msg #360827

I have a purchase signing for 2 tomorrow

They keep telling me the package is really bit...haven't seen it yet and don't know lender...but....

I'm getting nervous...

Reply by Linda_H/FL on 11/11/10 3:19pm
Msg #360828

Good grief...that should be 2:00 tomorrow

and the package is really biG...

going to go take a nap

Reply by Jason Berger on 11/11/10 3:29pm
Msg #360829

Re: Good grief...that should be 2:00 tomorrow

I was saying the same exact thing the other day...also questioning why some companies can accomplish a refi in 80 pages and others need 180...especially with Affidavits that I'm told have n relevance to the state I'm in.

Reply by enotary/va on 11/11/10 3:41pm
Msg #360833

I've had 6 this week.. 2 of them had 45 page for the title co. instructions that did not pertain to me at all.. I have 3 on Friday, two I do not have docs yet, one I have the docs and it is a reverse with 211 pages. Packages are way to big.

Great !!! just checked and my other two are Chase.... with 78 pages in both...
Why can't they all be that size...

Reply by SOCAL/CA on 11/11/10 4:02pm
Msg #360848

Charge a fair fee and you will not be whinning about the size of the loan package. JMHO.

Reply by Jason Berger on 11/11/10 4:04pm
Msg #360852

I agree about charging a fair fee, but in my unfortunate position, I'm not getting enough work to argue, but it's too much work. I need the money, but it almost lacks profitability. These are companies who are $75 or bust. Damned if you do, damned if you don't.

Reply by SOCAL/CA on 11/11/10 4:20pm
Msg #360858

Jason, so you are in business to not make a profit, huh? It's called desperaration!

Reply by Jason Berger on 11/11/10 8:27pm
Msg #360913

Unfortunately, after reading all the posts on what people get, it seems that way, lol. I do get a few signings for $100 to $125, but most are in the $75 to $85. Doesn't matter, there isn't, it's really slow around Jersey, and I don't have another job, and this isn't paying enough, so I may have to walk away from this for now and resume at a later date. Either way lol

Reply by CopperheadVA on 11/12/10 5:46am
Msg #360942

IMHO, it's tough to make a decent full-time living doing loan signings, especially if you have a family to support. A few people on this forum have accomplished doing just that, but I suspect they are the exception rather than the rule.

Reply by Linda_H/FL on 11/11/10 3:55pm
Msg #360839

Well, they weren't kidding...230 pages!!

When I asked for more money for printing that beast twice they told me only make a copy of the criticals for the buyer....they're sending me a list....

Reply by Linda_H/FL on 11/11/10 3:59pm
Msg #360844

OH!! AND it's a POA signing..... n/m

Reply by John Schenk on 11/11/10 4:13pm
Msg #360855

230 pages? I'd charge more anyway...

even if I didn't have to make a full copy. You still have more face time with the borrower on the HUGE packet, plus the POA. Just copy the criticals? And whose time is it going to be taking to go and pull those criticals out of that 230 pages?

Hope it goes smooth!

JJ

Reply by CopperheadVA on 11/11/10 5:24pm
Msg #360873

gree w/John - that's like signing two loans! n/m

Reply by CopperheadVA on 11/11/10 5:24pm
Msg #360871

OY VEY! n/m

Reply by ReneeK_MI on 11/11/10 5:29pm
Msg #360875

I can't even imagine what's IN that pkg?!

LOL - I'd ask you to tell us, but ...it would take an hour to list it all! Guess it's looking like a pizza dinner tomorrow, eh?!

Reply by Linda_H/FL on 11/11/10 5:46pm
Msg #360880

ROFL...yep...not sure if it's pizza but

I won't be home to cook....and will be too whooped to cook when I *do*get home - probably too tired to even eat!!

It's a VA loan - pkg has every document you can possibly imagine together with the contract, addenda, etc., etc...even title couldn't believe how big this thing was...

If she's a reader I'll just shoot myself....

Reply by Victoria_NJ on 11/12/10 11:09am
Msg #360978

Criticals only for the borrower?

RESPA says the borrower is to receive ALL docs they sign at closing - in fact they are actually supposed to receive SIGNED copies of everything executed. (and yes, RESPA CAN hold a Notary only, responsible for violations of law)

If the LENDER is stating to make only critical, GET THE AUTHORIZATION IN WRITING for your file. (This is NOT a title agency/broker/signing company call - the LENDER must approve it).

An alternative would to be to call the borrower in advance and ask them if they would like a copy of their loan pkg emailed to them vs hard copy. Just make sure you have the "paper trail" in your file that they agreed to that.

Whenever our clients send excessively large pkgs (exceeding 100 pages per print out), they are charged an additional $25 print fee. Just set that up in advance with your clients.

Reply by Linda_H/FL on 11/12/10 6:24pm
Msg #361063

Signed package was scanned and e-mailed to

title for funding....she's being provided a copy of that signed, scanned package. And at the table she got copies of her Note, Mortgage, Riders, TIL, Itemization, Escrow Analysis and Payment Letter/Coupons.

We're covered.

Reply by ReneeK_MI on 11/13/10 5:51am
Msg #361137

I question your statement re: RESPA & required copies

I did refresh my memory & read the RESPA; HUD/Settlement Statement aside, it says nothing about borrowers or buyers receiving copies of the other closing docs, signed or unsigned. The GFE, Affiliated Business Arrangement & HUD Handbook are required disclosures or literature, but are pre-closing.

The RTC & the TIL are part of the TILA - copies of those are required, but would be in the "critical" documents.

Curious to know if there's an actual statute you can site?

Reply by parkerc/ME on 11/11/10 6:17pm
Msg #360892

Big difference between title companies. Usually do JPMorgan Chase for one title company, short closing instructions and only 3 docs to notarize with 2 borrowers, reasonable sized package. Got another identical type Chase last week, different title company, 12 RTC's, 23+ pgs Closing Instr, and 9 docs to notarize for 2 BO..all those darned affidavits, oh, and initial every sheet of paper! Just venting also. I does what I'm told, but beginning new year am raising my fee on the second title company.

Reply by LindaD/NJ on 11/11/10 9:00pm
Msg #360918

Welcome back Michael. Yes, some have grown larger and more tedious. BUT, once you are back in for a little while, you will be pleasantly suprised to see alot of smaller, stream line pkgs. NICE! I just printed 3 for tomorrow morning.