Mortgage Doc Draw

prao1 · Posted: Tue Dec 18, 2007 11:41 am Post subject: Mortgage Doc Draw

Hi All,

Can someone please explain me the exact definition of Mortgage Doc Draw which will be done by the lender as soon as they receive the closing package from Broker/Loan Officer.

Thanks,
Purna

gmakerley · Posted: Tue Dec 18, 2007 1:54 pm Post subject:

this won't be "exact" but should be close enough. the lender must "draw" the documents needed for your closing; i.e. prepare the documents.

this is simply a matter of getting those documents ready for your closing.

brad · Posted: Tue Dec 18, 2007 3:14 pm Post subject:

George is correct but it is also a term used to charge a junk fee in a lot of cases. I have noticed that a lot of other lenders charge a Doc Prep or Doc Draw fee its just a reason to charge another fee. Let me know if you have any other questions. I am always here to help!

adonis · Posted: Wed Dec 19, 2007 2:14 am Post subject:

Welcome Brad,

You seem to be new here. Hope you'll like the community. i find it very lively!

I wasn't quite aware of the doc fee, so you mean another fee added to the long list of closing costs just for the preparation of the doc. is it really fair?

Guest

Hi All,

Thanks for the information. Now I understood the exact meaning of doc draw. Its simply a matter of preparation of closing stuff. Please correct me if am missing something here I mean the closing package should contain Homeowner Insurance, Flood Certification, Final apps & gfe & any outstanding conditions for prior to doc or prior to funding. Is my understanding correct here? Please advise....

Thanks,
Purna

brad · Posted: Wed Dec 19, 2007 6:27 am Post subject: doc draw

Purna,

You are correct it will include all of those things as well as any state or lender specific disclosures

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