I feel you are exactly right on a purchase transaction Roger. knock on wood, When I have gone into a purchase transaction, 95 percent of the time either the loan officer or the agent has gone over it with the borrower because of funds to close. But I have been there where all the purchaser was told. " Here is the amount of funds you need to close and make certified funds payable to XYZ" and if I am there representing the title company, guess who they expect to explain the settlement statement.
Now I know the original start of the link was a purchase but what would you do with a refinance transaction? Go over it with the borrower or just throw it out there and say " Review this for me and sign?"
I agree with you on the note. The only thing I add is the late fee term. FHA/VA is 4 percent versus 5 for a conventional and some lenders will have a 10 day grace versus a 15 day. Will vary based on a portfolio loan or one being sold to Freddie/Fannie or loan program type and I feel they need to see that cause it might be different then what they had in the past. |
