Posted by Teresa/FL on 10/29/10 8:09pm
Msg #358874
I set a new record today
REO purchase closing:
4 HUDS (16 pages total)
13 pages of lender docs
3 pages of title docs
32 pages total
I have never had such a small loan package. It was a Trustco conventional loan. Trustco does not sell their loan servicing, but keeps all the loans they originate in their own portfolio.
It took 15 minutes to close the loan, but two hours total driving time (1 hour each way).
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Reply by Claudine Osborne on 10/29/10 10:45pm
Msg #358900
Thats really good. I hate to rain on your parade..But I had a cash closing the other day..1/2 hr drive time each way and only 1 HUD to sign thats it! No notarizing or other printing. Didnt even have to drop the HUD just scan and shred the original..Sweet deal!
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Reply by Teresa/FL on 10/30/10 11:52am
Msg #358957
This was the smallest loan package I have ever seen
I didn't even have to print because they overnighted the docs to me. Four or five years ago I closed some private mortgages that were almost as small, but have never seen such a small package from a financial institution.
Instead of a note they had a "Bond", then the Mortgage and 4 other docs totalling just 13 pages in the lender package.
I have had cash deals with fewer docs.
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Reply by Susan Fischer on 10/29/10 11:29pm
Msg #358903
That's all they should be. That's a goal for Elizabeth
Warren, who pioneered the Consumer Financial Protection Bureau, and is now Special Advisor for it.
I suspect that once the wheat and shaff (sp?) are separated, we will see more and more streamlining of we consumers' financial transactions, with docs far easier to read and understand.
I say horray!
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Reply by jba/fl on 10/31/10 7:32pm
Msg #359073
chaff (fyi - not sp. police) n/m
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Reply by Dennis_IN on 10/30/10 7:25am
Msg #358932
Cash Deal Mon: 9 pages...love these n/m
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Reply by trnsa_IL on 10/30/10 10:25am
Msg #358954
Me, too! I could close those all day! =) n/m
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Reply by HisHughness on 10/30/10 8:55pm
Msg #358990
In Texas it takes 32 pages just to confirm the appointment.
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Reply by CF on 10/31/10 7:19am
Msg #359002
Too bad most companies think that you will do these for $50! n/m
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