Comments on: The Loan Package Dissected

By: Bryanna

Bryanna — Fri, 28 Jan 2011 18:55:37 +0000

Thanks for the response Mr. Risser. I am a recently commissioned notary about to start my business as a Signing Agent and the best way I have found to learn about the loan docs is to learn from a borrower’s point of view because I have no experience with obtaining a mortgage. I will call my local lender to find out about specific docs to my state. Thanks for your article, it’s the only one I have come across that actually explains the documents:)

By: Bill Risser

Bill Risser — Fri, 28 Jan 2011 00:20:01 +0000

Thanks for the comment Bryanna. Some of these forms are state specific, like the Note and Deed of Trust. Many of the forms, however are federal in nature. Best thing to do is check with your local lender…

By: Bryanna

Bryanna — Thu, 27 Jan 2011 23:57:51 +0000

Thank you. I have found this very helpful; however, I am wondering if these documents are standard for every state..?? Thanks in advance

By: Kbcsi - Data Backup

Kbcsi - Data Backup — Wed, 27 Oct 2010 14:54:27 +0000

Really enjoyed this post. You have a good point. I’m now reading on the other post on your blog. Definitely bookmark and comeback again. Thank you very much.

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By: Bill Risser

Bill Risser — Thu, 12 Aug 2010 18:13:20 +0000

Ana – The more you know, the more you can help your clients….

Susan – Are you in California? If possible, you should attend the doc signing to see how the escrow officer is handling your clients…

Thanks for the kind words AVH. I take a lot of pride in my ability to help buyers, especially first timers through the process…

By: Antelope Valley Hous

Antelope Valley Hous — Thu, 12 Aug 2010 16:32:12 +0000

I remember buying my first house. When I began the signing process, I thought I was on candid camera or something.

Nice job on the article Bill, and great follow up too.

By: Susan - Palmdale Hom

Susan - Palmdale Hom — Tue, 20 Jul 2010 12:23:23 +0000

That was a very informative post that are used quite often in real estate, but not often explained in detail. As a real estate agent and not a lender, I haven't had the opportunity to witness these forms being signed by a buyer.

By: Ana - Fort Worth Rea

Ana - Fort Worth Rea — Sat, 03 Jul 2010 08:33:06 +0000

Great Post! I really need to get better at understanding the loan process and this certainly has helped. I'm a Realtor, but still need to know the ins and outs of a mortgage.

By: Bill Risser

Bill Risser — Fri, 28 May 2010 20:39:36 +0000

Lori – The IRS Form 4506 is now taken very seriously by lenders. Just today, a file in our office was held up because the lender had not received information from their 4506 request. As for occupancy, the Occupancy Affidavit is only one area where occupancy is discussed. In the Deed of Trust, their is language that does require at least one year of occupancy. Enforcement of that language is another question…

By: Lori - Los Angeles H

Lori - Los Angeles H — Fri, 28 May 2010 18:13:18 +0000

I found this blog had great detail, and quite interesting in today's loan market atmosphere. I have heard from loan officers that the IRS Form 4506 is merely a formality, not actually followed through on by the lenders. If we as a nation really wish to be strict with home loans, it would be wise to have follow through on this for all home loans. The Occupancy Affidavit is also a silly type of requirement, as it has been said that the owner could officially occupy the property for only one day and then rent out day two. If we all really wanted to be strict with these home loans, would require occupancy of at least a year that would most likely stop the flow of investors obtaining these loans. I have heard this all through the grapevine, don't know what is currently happening with all this. I personally don't really want this level of scrutiny, but just saying…