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Mortgage Doc Draw

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Icon Mini Profile prao1





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Post Posted: Tue Dec 18, 2007 11:41 am    Post subject: Mortgage Doc Draw
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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
Icon Mini Profile gmakerley
gmakerley
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Location: bloomfield, ct
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Post Posted: Tue Dec 18, 2007 1:54 pm    Post subject:
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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.

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George M. Akerley
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Icon Mini Profile brad



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Joined: 17 Dec 2007

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Location: Florida
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Post Posted: Tue Dec 18, 2007 3:14 pm    Post subject:
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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!
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Bradley D. Gertz
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Icon Mini Profile adonis
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Post Posted: Wed Dec 19, 2007 2:14 am    Post subject:
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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?

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Purna

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Post Posted: Wed Dec 19, 2007 6:18 am    Post subject: Clarification
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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
Icon Mini Profile brad



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Joined: 17 Dec 2007

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Location: Florida
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Post Posted: Wed Dec 19, 2007 6:27 am    Post subject: doc draw
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Purna,

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

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Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com
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