Posted by BP/WV on 6/23/05 10:29pm
Msg #47303
NEVER DELIVERED A CHECK TO A BORROWER
Ok, so I get to a signing today- The borrower was so happy to see me. I open up my packet, placed it in front of her and she thumbs through it and said "WHERE IS MY CHECK"? I explained to her that I have never delivered a check to a borrower. Her attitude towards me changed drastically. She turned bitter. Hung up on the L/O (who apparently lied to her) and signed the pages and slammed them over on the table. When I tried to explain the TIL she cut me off and said "IKNOWWHATITIS!" This was a non-recision loan... has anyone out there delivered a check at the signing table?? I really didnt think it would be possible......
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Reply by PAW_Fl on 6/23/05 10:38pm
Msg #47308
I've done a bunch of wet closings. Florida is a table funding state and therefore, money can be exchanged at the table. However, it's not too common, that I know of, to have proceeds available at the table for a simple refinancing, though I do recall a couple that I've done where checks were included in the package with STRONG notes stating that the check is NOT to be provided until all docs are signed and the title closer is called, from the table, to verify that the loan closed.
It is awkward at best, sometimes, when the LO or broker doesn't let the borrower know that checks will not be available until the following day or two.
Also, in those cases, quite often there's a bunch of stuff to be faxed back to the title company so they can fund the same day or the following morning.
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