Posted by WendySoCal
on July 6, 2008, 10:21 am, in reply to "Re: IREP"
207.200.116.138
Corrine, This signing-in-the-home was special to California and I think a few other states. It was part of a settlement due to HFC and Beneficial's problems with LO's pressuring the borrowers to sign loans they didn't understand. The feeling was that borrowers would feel more comfortable in their own homes instead of an office situation. The problem was that by following the rules that IREP held, we couldn't meet at outside locations like McDonalds.
--Previous Message--
: I just re-read your email. Are you
: talking about the new materials for
: conforming loans? HFC and Bene are
: now going to be offering regular
: loans. They want you to review the
: new material on their website and sign
: that you have reviewed it. We have
: always been referred to as ILC's.
:
: Wendy - IREP loans are always signed
: at the branch, with a few exceptions,
: like immobility of the client. At
: least in CO, there was a requirement
: at one time that IREP loans were NOT
: to be signed in the borrower's home.
: This was before the ILC program. I
: don't ever remember a requirement that
: they sign ONLY IN THE HOME.
:
: --Previous Message--
: I received e-mail training manual for
: Independent Loan Closers which they
: have asked to have signed confirming
: that we have reviewed the material.
: Any thoughts on this. My problem is
: being called an independent loan
: closer
:
: Pat
:
:
:
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