Posted by Belinda/CA on 5/25/11 9:27pm
Msg #384327

Modification Size

Just got a call from a company requesting me to do a modification. She said there were "only a few pages." Didn't pin her down - am in a learning curve. Received the brief instructions and gave the borrower a call to confirm appointment.

Was curious at the docs she had and asked her to read to me the title of the doc pages. Happily she read off: Loan Modif Agree x 2, Borrower Ack, Loan Ack, Mort Ack, Fixed Rate Ack, Cert of Ack.

My question is, is this a typical loan modification? Is sounds like quite a bit more paperwork and notarizations for a modification than I have seen mentioned here on this site. Was I bamboozled?

Reply by Alz on 5/25/11 10:28pm
Msg #384329

Interesting...Most of the loan modifications

I have completed are generally 24 - 32 pages long, which includes a copy for the BO. The agreement can be 5 - 8 pages excluding the ack.

As with any loans, these agreements appear to lender driven. JMHO

Reply by CopperheadVA on 5/26/11 6:59am
Msg #384334

I have done some mods for Wells Fargo that were 2 or 3 pages X 2 copies, overnighted to me and already signed by the lender. The problem? WF refused to send the mod to the borrowers ahead of time for review and this caused extra time at the table with phone calls and it was very difficult to get a hold of someone.

I did a BOA mod the other day and it was (edocs) 6 pages X 3 copies (two to sign and one for B to keep), a Clarity Commitment for the B to keep, a Welcome Letter for the B to keep, and an optional ACH form. With the shipping label it was 27 pages, but the only thing the B signed was two copies of the six-page loan mod.

I suspect that as more of these get approved by the various lenders, they will start adding more CYA docs to the package.

Reply by Les_CO on 5/26/11 10:03am
Msg #384354

What’s your time and travel worth? How long did it take you and what did you charge?
Only you know if you charged enough.

Reply by Belinda/CA on 5/26/11 10:53am
Msg #384364

I believe I charged enough. I was just wondering if this package size was typical. All I see on the forum about modifications is that they are very small with 1 or 2 notarizations. This has eight signatures to obtain. My take is starting to be that there is no such things as typical in our profession. Thanks all -

Reply by Alz on 5/27/11 12:26pm
Msg #384526

This profession is quite dynamic. Just when you think

something is typical.......it changes....My suggestion is to always be prepared and know your worth.