Posted by yoshaCA on 8/30/11 10:48pm
Msg #395813

California HElOC

Whatever your rate for refi and purchase is, do you charge a premium for HELOC? I have now done a few hundred refis and purchases, but I was just asked to do a HELOC for the first time. I could not do it as it was a time conflict, but I want to know for next time. How many pages on average, more or less work? Thanks

Reply by Bob_Chicago on 8/30/11 11:45pm
Msg #395817

Don't know about CA , but I have seen HELOC pkgs of

about 20 pages, 4 or 5 signatures and one stamp. Have also seen them with nearly as
many pages and dox as a standard re-fi.
Usually somewhere in between. Usually take well less than half the time and paper of a typical refi.
I get a fair amount of Kraft Credit Union HELOCS , as their world headquarters in in my area. They are very easy and quick. Used to get a bunch of Chase HELOCS, but think that they are doing most of them in branches now. Also used to get a ton of WAMU (of blessed memory) HELOCS.
Many NSAs charge a additional 50% +/- for a simultanious HELOC. You are there anyway, and don't need to re identify the signers.

Reply by Notarysigner on 8/31/11 1:18am
Msg #395822

Re: California HElOC Aree with Bob

Not as large as a Refi, sometimes referred to as a piggy-back. The property is refi and in addition there is a line of credit (granted but not yet used). Very easy.

It is not the same as two separate loans so I wouldn't charge like it was.

Reply by Notarysigner on 8/31/11 1:18am
Msg #395823

meant to say Agree with Bob n/m

Reply by jba/fl on 8/31/11 9:42am
Msg #395851

Many times they are a whole product unto themselves. n/m

Reply by Alz on 8/31/11 9:50am
Msg #395855

For a good part of this year, Wells would call me to

notarize their customers' HELOCs at the bank. No printing, but the package appeared to be 25 or more pages long. More oftern than not, the banker would pull out the documents to be notarized.

In answer to one of the questions, I don't think charging a premium would be appropriate. IMHO