Posted by Donna Sac CA on 4/2/05 11:28pm
Msg #29349
I have a question that I haven't seen before...
I did a signing last week at a cafe during the borrowers lunch break and she had all of her paperwork together. One of the things she had brought with her were her actual statements for bills that were to be paid off with some of the loan money. She said that she was told to include the actual statements with the loan papers. Do the lenders actually do that? This time, the lender had forgotten to email a couple pages of the loan packet to me and had called me just as I got to the signing, so she had to make arrangements with the borrower to email them to her so she could sign them and then the borrower was going to send those pages back to them herself, so I guess she took care of the bill statements then, but I was just wondering in case it came up again
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Reply by ERNA_CA on 4/3/05 12:48am
Msg #29358
I have had signings where they asked me to collect copy's of the statements from the borrowers.
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Reply by Jon on 4/3/05 12:58am
Msg #29359
Sending copies of recent billings for accounts to be paid off is a very normal part of the business. The credit reports almost never have current information with regards to balances. If for whatever reason the borrower did not send the statements before the signing appointment, then collecting them to send back with the docs would many times be requested.
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Reply by Nd_WA on 4/3/05 4:30am
Msg #29361
Requesting the borrower to provide additional (most recent) bills/bank statements at closing is part of an underwriting condition(s) before the loan can be funded. This is probably why a compliance agreement is found in every loan package.
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Reply by CarolynCO on 4/3/05 11:43am
Msg #29377
Donna,
I had one refi that took place in the real estate office. Apparently the borrower and realtor were friends. The realtor did make copies of payoffs to be sent back with the package. Other than that, it has never happened to me.
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