Comments on: Understanding the terminology of “loan docs” http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/ Seattle's Leading Resource for Real Estate Information Sun, 14 Mar 2010 04:50:12 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345237 Rhonda Porter Fri, 05 Mar 2010 03:56:38 +0000 http://raincityguide.com/?p=6021#comment-345237 Tim, I wish that were the case...we've delivered docs to escrow too soon only to have that escrow company (not yours, of course) forget about our docs...apparently we were not the typical last minute rush they are accustomed to. Tim, I wish that were the case…we’ve delivered docs to escrow too soon only to have that escrow company (not yours, of course) forget about our docs…apparently we were not the typical last minute rush they are accustomed to.

]]> By: Rhonda Porter http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345236 Rhonda Porter Fri, 05 Mar 2010 03:54:05 +0000 http://raincityguide.com/?p=6021#comment-345236 marian, it depends on what type of lender you're working with. If it's a mortgage broker, they're dependant on the lender. If it's a mega-bank, it may be coming from a processing center and a correspondent lender can draw their own docs but the set-ups/time frames may vary. What is your mortgage originator telling you? marian, it depends on what type of lender you’re working with. If it’s a mortgage broker, they’re dependant on the lender. If it’s a mega-bank, it may be coming from a processing center and a correspondent lender can draw their own docs but the set-ups/time frames may vary.

What is your mortgage originator telling you?

]]> By: ARDELL http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345232 ARDELL Fri, 05 Mar 2010 00:00:02 +0000 http://raincityguide.com/?p=6021#comment-345232 Tim, Usually I like my clients to have a "float down" option, so I don't want the loan docs to hit escrow to early in case we want too take advantage of a lower rate a week before closing. So I'll take the heat for there being such a thing as docs "too early" :) Tim,

Usually I like my clients to have a “float down” option, so I don’t want the loan docs to hit escrow to early in case we want too take advantage of a lower rate a week before closing. So I’ll take the heat for there being such a thing as docs “too early” :)

]]> By: Tim Kane http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345231 Tim Kane Thu, 04 Mar 2010 23:44:07 +0000 http://raincityguide.com/?p=6021#comment-345231 Ardell, you made me smile because you can never get loan docs to escrow "to soon." LOL. Getting loan docs well in advance of loan lock expiration for purchases and refi's is a great thing and it does happen from time to time. It nice when it happens because it reduces the stress for every party. Further, it would prevent situations where it forces me or Lynlee to sign a client at midnight, which is what we did for a client a few weeks ago so it would be on track close on time and people get paid. Ardell, you made me smile because you can never get loan docs to escrow “to soon.” LOL. Getting loan docs well in advance of loan lock expiration for purchases and refi’s is a great thing and it does happen from time to time. It nice when it happens because it reduces the stress for every party. Further, it would prevent situations where it forces me or Lynlee to sign a client at midnight, which is what we did for a client a few weeks ago so it would be on track close on time and people get paid.

]]> By: ARDELL http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345228 ARDELL Thu, 04 Mar 2010 22:46:34 +0000 http://raincityguide.com/?p=6021#comment-345228 Tim, A lot of my clients have their loan approved within 3 days of offer acceptance. No need to "put pressure" on a loan officer if closing is 27 days away. I don't think we have enough info regarding the close date. Can't loan documents arrive at escrow too soon? What is the standard expiration time for loan documents? I'm thinking 10 days...is that "off". Tim,

A lot of my clients have their loan approved within 3 days of offer acceptance. No need to “put pressure” on a loan officer if closing is 27 days away. I don’t think we have enough info regarding the close date.

Can’t loan documents arrive at escrow too soon? What is the standard expiration time for loan documents? I’m thinking 10 days…is that “off”.

]]> By: Tim http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345224 Tim Thu, 04 Mar 2010 18:58:58 +0000 http://raincityguide.com/?p=6021#comment-345224 Marian, From an escrow perspective, when loan doc's arrive and when they are promised are two different things. The receipt of your loan documents to escrow from your lender depends solely on your loan officer and lenders transaction management. I would (and it sounds like you are) be in contact with your loan officer and put pressure on them to get the real scoop. Best Wishes. Marian,

From an escrow perspective, when loan doc’s arrive and when they are promised are two different things.

The receipt of your loan documents to escrow from your lender depends solely on your loan officer and lenders transaction management.

I would (and it sounds like you are) be in contact with your loan officer and put pressure on them to get the real scoop.

Best Wishes.

]]> By: ARDELL http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345222 ARDELL Thu, 04 Mar 2010 18:32:43 +0000 http://raincityguide.com/?p=6021#comment-345222 Two things you didn't mention that are very important: 1) the appraisal? 2) close date? Loan documents expire in X days (not all are the same) so if everything is "done", including the appraisal, but closing is two weeks away, it's a little early for loan docs to come in. Most often it is within 5 days of closing even if they "finish" all approvals earlier than that. The "standard" time frame for docs is 72 hours, though some lenders have "in-house" ability to produce loan docs, and I have seen those happen as quickly as one hour "when needed". That's for a "purchase loan" vs. a refinance. Two things you didn’t mention that are very important:

1) the appraisal?

2) close date?

Loan documents expire in X days (not all are the same) so if everything is “done”, including the appraisal, but closing is two weeks away, it’s a little early for loan docs to come in. Most often it is within 5 days of closing even if they “finish” all approvals earlier than that.

The “standard” time frame for docs is 72 hours, though some lenders have “in-house” ability to produce loan docs, and I have seen those happen as quickly as one hour “when needed”.

That’s for a “purchase loan” vs. a refinance.

]]> By: marian http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-345221 marian Thu, 04 Mar 2010 18:21:58 +0000 http://raincityguide.com/?p=6021#comment-345221 all these comments are useful,but i still have not the answer im looking for,our loan was approved on Monday,we still have not received the final loan docs that we have to sign and get notarized,my question is after loan is approved and everything is sent to the bank that needs to be sent,how long are you suppose to wait to get those final doc from the bank??? we have already signed and sent back the disclosure papers and my loan officer has submitted all paperwork,what is the delay ,we should of got these loan docs by now right??? all these comments are useful,but i still have not the answer im looking for,our loan was approved on Monday,we still have not received the final loan docs that we have to sign and get notarized,my question is after loan is approved and everything is sent to the bank that needs to be sent,how long are you suppose to wait to get those final doc from the bank??? we have already signed and sent back the disclosure papers and my loan officer has submitted all paperwork,what is the delay ,we should of got these loan docs by now right???

]]> By: ARDELL http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-344102 ARDELL Thu, 10 Dec 2009 03:05:43 +0000 http://raincityguide.com/?p=6021#comment-344102 Hi Sherry, You should ask your lender. It's a pretty easy question to ask and answer as to whether or not you have been approved. If you are in that short period after underwriting and waiting for docs, some lenders just take longer than others. Hi Sherry,

You should ask your lender. It’s a pretty easy question to ask and answer as to whether or not you have been approved. If you are in that short period after underwriting and waiting for docs, some lenders just take longer than others.

]]> By: Sherry http://raincityguide.com/2009/04/17/understanding-the-terminology-of-loan-docs/#comment-344101 Sherry Thu, 10 Dec 2009 02:52:43 +0000 http://raincityguide.com/?p=6021#comment-344101 Thank you so much for this blog. I was worrying that my loan may be still unapproved but reading this helped to understand it is a matter of "when" I get the final papers. Thank you so much for this blog. I was worrying that my loan may be still unapproved but reading this helped to understand it is a matter of “when” I get the final papers.

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