Posted by npguy on 7/5/05 11:37pm
Msg #49977

Time Duration for Closings

How long does it normally take my fellow Notaries to sign/date/notarize a loan package (Refi)?

Any record setting paces out there?

I had a borrower sign TWO sets of loan docs (123 pages EACH!) in an hour and a half....is this a good pace? I'm not trying to rush through or anything, just curious.

Two borrowers with a similar package (120 something pages) TWO sets, took 2 and a half hours!!

What are your average times?

Reply by Anonymous on 7/5/05 11:46pm
Msg #49980

My average signings are 1 1/2 hours, with anywhere from 120-130 pages. I'm in Ohio

Reply by LMag on 7/6/05 12:06am
Msg #49982

I generally close in 45-60 minutes depending upon the complexity - I did close one purchase in 30 minutes but the client was in a huge hurry and didn't want anything explained. Typical document packages are around 130-150 pages. I'm in California.

The slowest signing I did was an hour and 30 or so, but that was an older couple who wanted to force-feed me dessert and the wife was very talkative. It was their first home purchase after 37 years of marriage. What can I say? They signed, I got paid, and their lender called me to say that they thanked him for sending out such a "nice young lady" (I'm almost 50 - still chuckling over that one).

Reply by Lee/AR on 7/6/05 12:07am
Msg #49983

Ditto... and the SS or TI co.s figure they're paying us for an hour of our time. Lots of NSAs will tell you they zip thru 'em in 1/2 hour. Wish they'd tell ME how they do it!

Reply by LMag on 7/6/05 12:11am
Msg #49984

How do they do it? Zip thru in 30 min? I don't know, except that the one where the borrower rushed me I felt uncomfortable. I would rather take 45-60 min and feel as though I have thoroughly gone thru the docs - God forbid if I missed something and had to go back!

Reply by Nancy in Florida on 7/6/05 12:33am
Msg #49988

It really depends on the number of pages, the questions the borrower might have (some borrowers have been given all the information ahead of time from their LO, some are shocked at the docs and need to call the LO several times because things are wrong.)

Average time for me for a 90 page signing would be about 50-60 minutes, HELOC take about 20 minutes but I have done HELOCs that took 90 minutes and purchases that took 30 so you just never know.

Reply by PAW_Fl on 7/6/05 6:53am
Msg #49992

Shortest amount of time at the table was 10 minutes. Broker doing his own HELOC. Would have only taken 5 minutes, but we have to complete the notarials at the table.

Longest amount of time was 2 days. Purchase on new property that had incorrect financing on 1st and 2nd. First day took almost 5 hours. Second day was 4 hours. That was a nightmare!

Reply by Glena/NV on 7/6/05 10:33am
Msg #50009

Anywhere from 30 minutes to an hour-and-a-half, but...

I have done one HELOC for a retired lady in her 60's who read and questioned every pages....lasted five hours. WHEEEW!

The SS paid me extra (voluntarily) for the signing. To this day, I still service them because they are very sensitive towards their notaries needs.

Reply by BrendaTX on 7/6/05 10:34am
Msg #50011

Re: Anywhere from 30 minutes to an hour-and-a-half, but...

Glena...I think that must have been my mother.

Reply by CarolynCO on 7/6/05 7:56am
Msg #49994

I've had one HELOC that took 10 minutes. It was at the real estate office and the borrower had been well educated and prepared. Basically, nothing was read, only signed. Most HELOCS take 15-30 minutes. Refi's normally take 45-60 minutes. Reverse mortgages take anywhere from 1-1/2 to over 2 hours. I had a purchase a couple of weeks ago (with only the purchaser) that took over 2 hours. She was a single young lady and this is her first-time purchase and read each and every page - sometimes re-reading the page.

Reply by CarolynCO on 7/6/05 8:01am
Msg #49995

Re: P.S.

I had a refi last week with an 80+ year old gentleman -- the wife was much younger. I was there for nearly 2 hours with maybe a 70-page loan package. It literally took him 5 minutes to sign each page -- picking up the pen, getting it into position, hand shaking something terribly, placing the pen to paper and trying to get his hand to move the pen.

Reply by Merry_CA on 7/6/05 11:04am
Msg #50018

So glad you brought this up!
I have been wondering how one schedules their day given all the variables involved in each signing. Last week I had a refi for a young woman with rheumatoid arthritis, it took her over 2-1/2 hours to sign.
So my question to the busier NSA's... how do you schedule 2, 3, 4 signings back to back when you don't know how long each one is going to take?
My experience so far has been with borrowers who had never seen their broker and hadn't a clue what they were signing for until I arrived. It's the CA way! ;)

Reply by SamIam_CA on 7/6/05 11:39am
Msg #50032

Merry - I SO agree with you. Even when you get the docs in advance, it is so hard to tell how long it will take the borrower(s). Some of my signers get totally hung up on the last 10 years of info. sheets. I feel like yelling "the loan was approved just freaking improvise!", but no - it will take them 45 minutes just to figure out where they worked and lived.

So how do you seasoned NSA schedule 4+ in the same day???

Reply by missy_socal on 7/6/05 12:36pm
Msg #50040

statement of hours of information

Argh. Invariably, the borrower says: "AGAIN?? I already filled this sheet out!"

I've been handing it to them when I first get there, so they can begin filling it out while I copy down DL info, but that never takes as long as the Statement of Redundant Information does. So, my new plan is to hand it to them at the *end* of the signing, and they can fill it out while I double check the package.

Reply by SamIam_CA on 7/6/05 1:14pm
Msg #50051

Re: statement of hours of information

**hand it to them at the *end* of the signing, and they can fill it out while I double check the package**

Pure genius! Thanx Missy!!!!!

Reply by SarahBeth_CA on 7/6/05 1:21pm
Msg #50052

Re: statement of hours of information

After reading many different posts on time I think I'm going to start doing this. I'm going to pull the HUD, Note, and 10 year from the borrowers package. I'll have them look at the HUD, and Note while recording information in my journal. Then give them the 10 year to fill out while double-checking the package.

Reply by missy_socal on 7/6/05 3:14pm
Msg #50074

Re: statement of hours of information

You're welcome, Sam...but I can't take credit. I just recently read that suggestion somewhere...but of course I can't remember where!

Reply by Ernest_CT on 7/7/05 12:01pm
Msg #50276

Then thank you for posting HERE, missy_socal! n/m

Reply by CaliNotary on 7/6/05 1:03pm
Msg #50045

"So how do you seasoned NSA schedule 4+ in the same day???"

When I'm scheduling appointments I leave an hour for the signing time plus travel. It's definitely not an exact science, especially factoring in Los Angeles traffic as well.

If somebody is moving reeeeealy slow I simply tell them that I have another appointment at X time and remind them of the recission period. If they still insist on reading every doc I might tell them that if they want to do that, they need to arrange to get a copy from their loan rep in advance and reschedule. I've only had to actually pack up and leave once because of this. If I'm running late for my next appointment I call them and let them know.

Basically, I do the best I can and apologize a lot.

Reply by Susie/CA on 7/6/05 2:05pm
Msg #50062

I'm with Calinotary on this one . . I apologize a lot! I too drive in L.A. traffic . . you just never know!

Reply by missy_socal on 7/6/05 3:10pm
Msg #50069

traffic/area coverage

I've recently reduced the areas that I will cover for this very reason. I'm getting frustrated with to trying to budget in freeway time. It seems like the Inland Empire's freeways have no rhyme or reason. I was used to So. OC, where you knew exactly when to use backstreets, when to avoid the 'Y', etc.

Obviously, it will depend on the situation. I'll certainly cover a farther city for a great TC, but not for a $50-$60 SS...no matter how great they are! It's not worth the headache from the 60/215 perpetually-in-a-construction-zone interchange. :-)

Reply by Iris_WA on 7/6/05 12:10pm
Msg #50039

So relieved to hear this question being discussed ... my AVERAGE is about an hour in someone else's home, tho I couldn't say how many pages, but I'd guesstimate about 100-120 on a refi. I find if we get into any banter, I lose my focus ... Many of the packages I do are sent to the Borrowers first, so I lose some time getting there and looking through the documents (I prefer to do this while they fill out the Statement of Information).

A few weeks ago, I had a first and a second (refi) with 7 notarizations in EACH.... at least 100 or more pages in each package -- took 2 hours.

Like some others have commented, some of them waste MORE time on that dumb Statement of Information .... and each time, the MOST questions are generated by that document (i.e., "What do they want here?") No matter how many times/ways I tell them I am not involved in the loan, they always ask me.... I really do wish I knew would speed up the process ... but as SamIAm said -- they've already GOT the loan! Just fill it in to the best of your ability!

Reply by Donna_CA on 7/6/05 1:09pm
Msg #50048

Average takes about 1 to 1 1/2 hours. The longest took over 3 hours and was only a single borrower while I recently had 5 borrowers and a zillion notarizations that took just under 2. Go figure.

Reply by Charm_AL on 7/6/05 1:22pm
Msg #50053

I like to explain, put in front of them and point where to sign. No two signs are ever the same. I've spent an hour perusing the ceilings of some borrowers that read every line on a 20 minute signing that turned into an hour and I've signed some huge pkgs in a half hour, where the borrower just trusted what I said. I always try to control the flow, even when they start talking about anything under the sun. The other day I had to get the guy back to the loan several times.