First and foremost, if there are two loans, then the document sets must be duplicated. Reason being that one loan may be assigned to another lender, therefore the "package" must be complete for the assignment to be valid.
Given the above, that would cover why there were doubles of most documents. Add to that, that some lenders and title companies both, separately and independently, want compliance agreements and AKA affidavits. So with two loans, there may be 4 of each.
There are often multiple 1003's in each loan package as these are needed to be signed anytime a loan program is requested. So, often you will have an "original" application and then a final, updated application, both of which needs to be signed by the applicants. Multiply by two (two loans) and you have 4 applications.
So, it boils down to 14 notarial acts per loan, which is a bit high, but not uncommon.
As for fixing it, until the entire loan process is standardized more than just the forms being used, there will be no fix. I've seen packages as small as 30 pages (for a full refinance) and as many as 191. So there is a great disparity in the content and methodology used by the lenders and title companies. Standardization is a wonderful thing, but complete "buy-in" would be required. (I'm not holding my breath!) |
