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Posted by Joan-OH on 5/12/05 2:46pm
1. Lots of documents, 120+ pages when you finally get all the title docs.
2. Most of the time the loan is a 2 fixed/28 adjustable. At least half that time, the borrower has only been told it was fixed without anyone telling them it starts adjusting after 2 years. When the loan officer is called, they are told "OH don't worry about it. We'll refinance in 2 years and waive all the fees". Of course there's a 3 year prepayment penalty and when it comes down to it, there is NOTHING in writing saying the fees will be waived on a refinance or that prepayment will not apply. I have never seen one where the fees have been waived.
3. The LAST one I did - the borrower worked in the lending industry and was from out of town. He told me he didn't feel comfortable signing documents when he hadn't seen the GFE yet. - Yes, the GFE (Good Faith Estimate) is supposed to be sent out within 3 days of application.
After the last one, I decided the liability risk was not worth it. When the borrowers go belly up and a lawyer gets a hold of it, they aren't even going to know who the signing service is, but MY name is on the Mortgage. Any smart lawyer would throw out a wide net, including me.
4. The docs are relatively easy, just a lot of them. If you've done a half dozen of these, you can do them in your sleep.
Joan-OH |
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