Posted by Gregory/CA on 1/31/13 2:05pm
Msg #453291

Guidance Please: Purch Cash Signing & Purch MTG Signing

All of my signings thus far have been ReFi's and have been ranging approximately 140-160 pages. These, I am very comfortable in doing. I am now signed up with any agency that allows me to enter my own Price for each service as listed within their database. The guidance I need is based on the categories/service they have listed, for which I cannot find a key/definition of their listed service.

Notary Purchase Cash Signing:
- How many pages are generally associated with this type of signing?
- How long does the signing typically take?

Purchase Mortgage Signing:
- I presume it is very similar to a ReFi with all the documents/disclosures.
Is this presumption correct?
- How many pages are generally associated with this type of signing?
- How long does the signing typically take?

I just want to ensure I have a good understanding of the time/documents (pages) involved before I proceed with entering my fee.

FYI, I did perform a search on the Orange Search Button and found a Msg #74945 from 2005 talking about DOTs for a builder when searched for Cash Signing. Not really relevant to this question, IMO.

Searching on Purchase Signing I found several messages Msg #440176, which was helpful, but didn’t distinguish between Cash or Mortgage. I found GOLDGIRL/CA’s g #439631, which was good, too. Other messages were also provided, but didn’t necessarily address the questions above.

Any and all opinions are welcomed.

Reply by Yoli/CA on 1/31/13 2:51pm
Msg #453295

Kind of sounds like the Title Source laundry list. Am I correct?

Purchase Mortgage Signing:
-Buyer(s) side: Yes. You're correct. Very similar to refi, minus RTC but add in the PCOO and a few other. Number of pages depends on lender and Title. Fremont Bank, 80 pages; Citibank, 100 pages; Bank of America, 180 pages (all pages are approximate). Takes about as long as a refi.
-Seller(s) side: Approximately half the number of pages.


Cash Purchase Signing:
As there is no loan (therefore, no loan docs), paperwork and time involved is about half of refi.

Reply by Donna McDaniel on 1/31/13 2:52pm
Msg #453296

Notary Purchase Cash Signing:
- How many pages are generally associated with this type of signing? 10-20
- How long does the signing typically take? 30 minutes

Purchase Mortgage Signing:
- I presume it is very similar to a ReFi with all the documents/disclosures.
Is this presumption correct? yes
- How many pages are generally associated with this type of signing? 100-150
- How long does the signing typically take? 30-45 minutes

If it is the borrower's first purchase, you will have to be patient and take some extra time with them. Bring some cheap pens because they usually want to keep them as a sovenir.

You will have fax backs but you are usually in the realtor's office so you can have them sign the fax back docs first and have the realtor send them while you finish the rest of the signing. That gets the realtor out of the way and you can set the tone with the buyer for the signing at that time.

Reply by Gregory/CA on 1/31/13 3:25pm
Msg #453302

Thx Yoli and Donna. Appreciate Your Time. n/m

Reply by Art_PA on 1/31/13 4:04pm
Msg #453309

Purchase and refi transaction may look about the same if you are just looking at the documents, just as a pug and a wolf are both canines.

Not enough space or time to go into the issues which can arise at a purchase, many of which require knowledge and experience to resolve.

Reply by MW/VA on 1/31/13 5:08pm
Msg #453322

Cash Purchases are usually easy--there's only 10-15 pages.

I've seen quite a few of those, especially for HUD purchases of foreclosures.
Otherwise, anything with a mortgage attached is all about the loan paperwork--same amt. as a refi, etc., and usually take a little more time with the HUD.
Also, I take a little extra time if it's a first-time homebuyer.