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 Help with different loan packages		  New Topic  Reply to Topic
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36768

California
9 Posts
Posted - 03/07/2016 :  3:19:53 PM  Show Profile  Visit 36768's Homepage  Reply with Quote
Very good info. Thanks for taking the time to answer me!
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LindaH

Florida
1754 Posts
Posted - 03/07/2016 :  09:31:31 AM  Show Profile  Reply with Quote
Other than the HELOC, most of the other loans are similar with maybe some subtle differences in the docs you'll see. REverse mortgages many times have two note and two mortgages/deeds of trust. Regular refis are standard sized packages (like yours) - the others may be larger. The HELOCs are smaller packages, so less printing and time, but they are unique in that the HUD and TIL are all combined in one document (or at least they were - not sure if that changed when the regulations changed in October, 2015.)

My suggestion to you is to take another certification course that can help you with this. I would suggest you look into Notary2Pro - Carol Ray's course is one of the most popular and most extensive. Yes you have to pay for it but she has the basic course, an advanced course, and she also has a reverse mortgage certification course. I have never taken any of her courses but I hear they are very good courses, she helps her students find work with companies after they finish, she has post-course support for her students and backs them up.

Good luck to you.


Linda
http://www.columbiacountynotary.webs.com
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36768

California
9 Posts
Posted - 03/07/2016 :  07:34:08 AM  Show Profile  Visit 36768's Homepage  Reply with Quote
I'm a new NSA. The class at the NNA doesn't quite prepare you for what you will see in a loan package, just the critical docs etc.

Can someone here answer my questions about the differences?
I've done so far HUD/FHA which was a very large pack and I'm familiar with Refi as I have 2 of my own sitting here for reference

1. HELOC?
a. How many pages
b. What is unique in pack?
C. How long to complete appt approx?
d. Common mistakes?
e. Difficulty level

2. Reverse Mortgage
a. How many pages
b. What is unique in pack?
C. How long to complete appt approx?
d. Common mistakes?
e. Difficulty level

3 VA Loan
a. How many pages
b. What is unique in pack?
C. How long to complete appt approx?
d. Common mistakes?
e. Difficulty level

4 Commercial Loan
a. How many pages
b. What is unique in pack?
C. How long to complete appt approx?
d. Common mistakes?
e. Difficulty level

5. Jumbo Loan
a. How many pages
b. What is unique in pack?
C. How long to complete appt approx?
d. Common mistakes?
e. Difficulty level
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