Posted by 101livescan on 8/14/11 9:02am
Msg #393568

HUD Loan Packages

I did the first HUD loan I've signed in years for a couple on Friday. it was a whopping 185 pages with lots of redundancy, and 33 pages from escrow. Then a copy for the borrower. They had been in the process for six months, took a class on how to apply for HUD financing with little money down. They were first time buyers too.

It took over an hour to go through the package and to double check the entire package before shipping it out. I did not get enough money for this assignment, I was so busy last week that i failed to ask how big the file was prior to agreeing to the fee.

You know the drill, you can't go back and ask for more once you've accepted the job. Shame on me for not practicing what I preach. Since there are bound to be more of these coming down the pike, just a reminder to everyone it's wise to find out if it's going to be a fast WF file or a broker originated loan which always has lots of redundant documents and disclosures, affidavits and 1003s.



Okay, well, I'm done ranting, going out to water my grapes and plant a few new vines before it gets too hot to be out there.