That wasn’t a snide comment at all. It was a fact. Due to the nature of complaints about the document I thought it would be helpful for everyone to know the why. Fannie/Freddie never presented this as being faster/easier for anyone. Knowledge is power, any attitude otherwise indicates a huge issue in my experience.
Like I said, many of us really don’t care about the why, we’re just there to get a job done and move on.
Iverson, Thank you for your insights on this. It’s much appreciaqted.
Some do care, move past it if you don’t / easy as that, no need for nasty comments.
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We have mostly ALL been around long enough to KNOW…when something is improved…it means its either cheaper or made more complex. Thank you LAWYERS. In Florida real estate purchases were ONE (1) legal page, with a large blank space for anything added. Things still seemed to get done.
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John,
The typical Refi in Texas us usually 160+ pages, Seller package is around 50 pages, I’ve see VA Refis that were 280 pages. Sometimes there loans can take over 1.5 hour to close. If the signer wants to read the package line by line or has questions you feel like you’ll be there until the second coming.
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Yep. Ain’t it great? Would I be aging myself if I mentioned that it was a front and back from on legal size paper when I hand-typed them in the '80s? I would have loved to have had some training on the new 1003, but I seem to have done OK on the few I’ve seen so far, so…we’ll see.
I started in 1990 and I think I remember that! I definitely remember hand typing settlement statements ugh!
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OMG! Then you surely have hand-typed FHA 92900/VA 1802 (1820?) with the carbon papers. Fun times. Anyway, thank you so much for the link. “Redesigned to improve borrower and lender experience;” now THAT’S funny!
Heh…I worked for an attorney back then - remember typing full mortgages and notes - and you could NOT have any typos on the note - no whiteout or strikeovers allowed
Get all the way to the end and make a mistake…ugh
Good times
When organizing docs for this new form, I make sure to place a post-it initial flag so I don’t miss signers initialing 2 pages within this form. Forgot which title company it was but they were very good about pointing out this area. Hope this reminder helps.
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Thank you for the info!!
Printing a package today for a major bank lender, two borrowers, married to each other, property in a trust. The four 1003’s in this package are 42 total pages. FORTY TWO PAGES. This defies logic or explanation by any stretch of the imagination, and I don’t care what the reasons are. It is plain stupid to replace what used to be accomplished with 6 pages with something that is now 42 pages. Only morons in the regulatory agencies can call this making a process better.
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Thank You, iverson, for elucidating the backdrop on the new 1003.
It was quite insightful as well to review the Quick Guide (referenced on the page from your direct url link). 
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