I agree that packages have gotten much larger over the years. When I started doing this in 2002, the average size package was about 75 to 85 pages. I think the biggest contributor to package size, though, is the lender and title company. That seems to be more of a factor than the state the property is in. When I get packages from other states, I also notice disclosures I'm not familiar with. Every state has their own unique laws and disclosure requirements.
I also agree with Yoli about all the contributing factors she mentioned. Plus, we have the lenders who manage to have three versions of the same document (e.g. the appraisal waiver, etc.). Then there's all the credit disclosure docs. And some small escrow/title companies will have less than half a dozen docs to be signed while others will have at least a half dozen that have to be notarized, plus a whole bunch of others to be signed. |
