It's a "RESPA Signing" and it's the initial application for the loan - you deliver and have signed all the initial disclosures/documents required to initiate the loan process. There usually are no notarizations involved (except one I had where an A/K/A Affidavit would be needed if applicable) - they're usually about 50 pages, as stated, and you're also usually required to collect the supporting documentation required by the lender/mortgage broker (i.e. bank statements, pay stubs, tax returns, homeowners' insurance) - usually a 30-45 minute process if the borrowers have been consulted and have everything ready for you when you get there. This is where, if you don't have a mobile setup, a small portable copier is a Godsend...IMO
Hope this answers your questions. |
