Form 500

[Karen]

My lender is asking for a form 500 from my dealer. My dealer doesn't know what one is or where to get one. We have heard that it is a Palm Harbor form that is not widely used. Anyone know where I can get a blank one for Wells Fargo Bank, the longest loan ever procurred in the history of banking! I guess they still transmit via Pony Express, as I have been working on this construction loan since March 1, 2004. I am telling everyone about it because Well Fargo obviously doesn't need the business and I wouldn't want anyone else to experience the underwriters painful stalls. (no pun intended)

[rmurray]

Obvoiusly your dealer is not very experienced...This might be the problem with Wells Fargo's progress.....

A "Form 500"..has nothing to do with Palm Harbor...It is a designation of a particular form of purchase agreement that is sold by Jenkins Printing Company..It is a packaged purchase agreement that the majority of dealers in the country use...Palm Harbor included..

All your originator needs is a valid purchase agreement between you and your dealer with all details of the sale listed...all figures complete..Go back to your dealer and get one..Actually you should already have one..

[Karen]

Actually, our dealer filled out a purchase agreement, two of them. Well's Fargo wanted the actual form that said Form 500. Since my post, Wells Fargo has come around and decided that the purchase agreement that my dealer used would be acceptable. Is the form 500 by Jenkins Printing another version of a purchase agreement or is it the industry's standard?

[Keith]

I will be glad to fax you one, that you can blank out what you want to.

The Form 500 is a Standard from in the industry and most every dealer should have one. It is sumarily a "purchase agrement" detailing the items conrtracted with the dealership, and the prices charged.

You can cll me at 1-888-721-5411 and give me a fax # and I will send you one.
thanks,
Keith R White

[Shawn Fussell]

I work for Transland Financial. We offer financing for manufactured homes and modulars. Also, we have construction loans which are a one time close. Please call me with additional questions. 866-763-4625 x219

[Melissa]

Actually, I have worked for a dealer of Manufactured Housing for 7 years, and until 2 weeks ago we had never heard of a "Form 500". We have a standard purchase contract that we have used that lenders have accepted with no problem - until now. It seems odd to me that the two buyers who have requested the Form 500 are both going through Wells Fargo - and neither of the loan officers can supply us with a copy of the form they say we need to have to close the loan. We have contacted several of the other dealers in the area and none of them have heard of a Form 500 either....

Oh, and we have lost a total of 5 sales now due to Wells Fargo's processing time. We no longer recommend them to our customers.

[Barry Singer]

Hello Karen,
The form 500 is standard in the industry and I am surprised to hear a dealer can't get one. In any event, check with any Leader Homes's center near you and they will have them or call my friend Betty Doane at 252.726.4151, at Leader Homes, in Morehead City, NC and she can get your dealer the information and were to get them.
Also, you mentioned a construction loan with Well's Fargo that started on March 1 2004 and you are concerned about how long it is taking.
I wish I could get them to have that 'short' of a time frame.
Next time, try Homestar and use Bob Nichols at LandHomeServices.com for the construction phase.
Hope this helps,
Regards,
Barry Singer
Sr. Loan Officer
Carteret Mortgage

[Sandy]

The Form 500 is simply a Purchase Order, we use it daily in our line of business. You may search this on Jenkins Forms

[E. J. Bermudez]

We get them from the dealer's we do loans for, but any type of purchase agreement that shows the pricing information for the home and improvements if applicable should be accepted. There is no mandate that it has to be a form 500. I feel sorry for you that you have been working on your loan since March. Typically our approvals will occur within 2 weeks as long as we have what we ask for up front. I have closed 250+ MH loans and never took that long in underwriting.


Good luck!

Sincerely,


E. J. Bermudez
Senior Loan Officer
Residential Home Lending
105 Decker Ct., Suite 1050
Irving, TX 75062
214-357-0808 ext. 244
[email protected]

[Sal Izzo]

Where can I get a Form 500 for Mobil homes sales contract??
Thanks