Initial Disclosure Package (IDP)

Happy Friday Everyone,

Is the Initial Disclosure Package just a fancy word for “Application”? I have one scheduled so I checked Google and it looks like it’s just the application. I’m just worried that I didn’t charge enough for this signing.

Thanks in advance!

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You’re pretty much correct. It’s just the initial terms of the mortgage application. If you don’t mind me asking, what are they offering you.

After I got the documents yesterday I realized, yes this is just the application, and OMG I really don’t like doing them. The customer has way too many questions and had to stop and call the Lender. Don’t get me wrong, I understand the borrower’s point of view, and if the figures are not along the lines you were quoted, then by all means do what you need to find out why, even though in my mind I know those figures are gonna change a few times before closing. It’s just time consuming for me, because at least at the actual closing the customer understands the charges a bit more especially if the Lender has done their job well.
Another reason I really don’t care for this part of the process is the Checklist Items. Of course the borrower had to search and search for the documents required on the checklist. :roll_eyes:
Luckily it was 2.6 miles from my home for $60.

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$60 is way too low for one of these. The packages are pretty good-sized and the borrowers almost always have questions; that along with having to wait for them to gather the docs they were told to have ready (I can count on one hand the number of times borrowers actually did have them ready for me) - my fee for these was the same as my signing fee - $125-$135, and payable net 30, not when the loan closes and funds.

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Soo True Linda… The loan may NEVER close. It’s only the application.

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