Its been a little busy lately which is a good thing. Representing lenders is keeping me pretty busy and mostly with refi's although I have noticed a small increase in purchase activity lately as prices continue to drop.
I just wanted to get back into the swing of things by giving some info on Countrywide's CEMA process. Countrywide, through a company called Recon Trust (which I assume is an affiliate of Countrywide) asks that you provide them with a non-refundable certified check of $695.00 to start the process. They will then assign an attorney to handle the rest. The attorney will let you (or your attorney or your lender or the new bank attorney) when the documents are ready and at closing, there is an additional fee of $425.00 to the attorney.
So Countrywide makes it pretty expensive to do the CEMA and so it would only make sense for a fairly large loan. Don't forget that there are other costs associated with the CEMA such as recording fees which could easily be another $400-$500 as well as additional bank attorney fees and possibly other bank fees depending on the new lender's procedure.
Find out all the costs before you start the process because you could end up actually losing money.
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