Not true, Dennis. I had two refis today that were only 60-65 pages total, including junk docs. Nice, easy A paper closings. Received the calls directly from TCs and got top pay for them. One nice thing about the subprime implode...mortgage professionals are focusing on the A paper deals again.
Now FHA does have HUGE pkgs, but 450 pages? Let me guess, an FHA for a NY TC (3 Mtgs & 3 Notes), brokers pre-disclosures & final disclosures, 45 pages of junk docs including the commitment, payoffs, etc. and the 20 page appraisal. Am I close?
There would be no way in hell that I would do a closing like that for $125...No Way! |