Years ago a person called me early morning and said that he needed a second mortgage on a rental property FAST. I took the loan application, called title and called the appraiser. The title company got me the preliminary title report before noon. I signed the loan by 2 PM - before the appraisal was completed, the loan to value was very low. We funded the loan by 4 PM the same day.
Took the application in the morning and funded the loan the same day. There was no recission because it was a rental property. Can you imagine doing that in todays market?
Customer got a great rate and fast service. If I remember correctly he only had to sign 5 or 6 papers. Today it takes me more than a day just to figure out the RESPA !
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