Posted by Anonymous on 3/1/06 5:27pm
Msg #101082

How long does it take you to close a Irep (Beneficial) loan?

I was informed by a branch manager that it should only take 15 minutes for a real estate loan. Ive been doing these for a year and can't seem to get out less than 25 minutes and that would be for a line of credit only.

So, could others please let me know if, with all the requirements that IREP insists I cover, can it really be done in 15 minutes?

I just think the BSM is handing me a line of BS...or the closer is skipping a lot.

Reply by Rick_NY on 3/1/06 5:28pm
Msg #101083

Count on 45 minutes, if you are SMOOOOOTH! n/m

Reply by BrendaTx on 3/1/06 5:46pm
Msg #101085

Re: How long does it take - to Anon 151...

Hi. The BSM is handing you a line according to what IREP has told me. The reason they (Local Beneficial) seldom ask for me is because they do not want to answer a single question on the loan which I cannot answer (like a common one - "We told you we did not want to mortgage the entire five acres, just the house and lot. Why is it like this?".

They don't want me to explain the docs or pause to allow the bwr to get a question in.

With this local crew, they want the notary to show them the signature lines and to tell them to sign...be OUT of there in 20 minutes or less. I cannot get out in under 25 min. To tell you the truth, I don't want to do them if the pressure is on me to ram something down the bwrs throat.

Reply by LilyMD on 3/1/06 5:47pm
Msg #101086

Re: How long does it take - to Anon 151...

30 minutes, average.

Reply by Rick_NY on 3/1/06 6:02pm
Msg #101091

Lily [Re: How long does it take - to Anon 151...]

Lily, it's fair to say that Anon hasn't done one before, so perhaps as a 1st timer, he/she should allow for the 45 minutes. Lots of discloures and initialing, as I recall. Could vary from state to state, we don't know where Anon is located.

Probably the lender won't be doing too many Montgomery Co deals any time soon!

Reply by LilyMD on 3/1/06 6:42pm
Msg #101116

Re: Rick, you're probably right. n/m

Reply by Anonymous on 3/1/06 6:54pm
Msg #101119

Re: Rick, you're probably right.

Anon WV...I have been doing BFC IREPS for 3+ yrs and rarely take more than 20 minutes to close them. I give a brief explanation of what the form is (not an explanation of it's contents) and have them sign it. IREP wants their closers to be able to explain the docs, but if there are any questions, like Brenda TX points out, I just get the BSM to explain it further. I think it really depends on the branch personnel as to how difficult a time you have. The crew that I close for know that I know what I'm doing and trust me to get it done right. In addition, the branch personnel and IREP follow up with random customers to assure they were satisfied with the closer. I have never had a problem....not with customers, BFC or IREP. This is a sweet deal as the pay on time every month and contribute at least 30% of my total income. The rest is primarily from TC's....maybe 2% from SS's. I suggest you have a heart to heart with the BSM and express your sincere desire to service their needs to their specs and ask what you can do to assure him that you're the one that can deliver the goods.

Reply by Rick_NY on 3/1/06 7:41pm
Msg #101144

The files I have seen are close to 100 pages--

You're a better signing agent than me (not so difficult, really!) if you can close it in 20 minutes.

Reply by Anonymous on 3/1/06 8:23pm
Msg #101164

Re: The files I have seen are close to 100 pages--

Rick took the words right out of my mouth.

Have you ever read the Satisfaction Survey that the borrowers must complete?

Irep requires ALL ILC's (no matter what state) to:

REVIEW WITH THE BORROWER

date of loan, APR, Finance Charge, Amount Financed, Total of Payments, Review of Payment Schedule, Property providing the Security Interest, Prepayment Penalty, Term, Prepaid Fiance Charges, Principal, Insurance, Pay Right Rewards, Due Date, Bad Check Fees, Late Fees and Credit Reporting.

the above is just a list of the loan agreement with the TIL. On top of that, there is the Optional Insurance Forms, Recission and the loan summary.

15 or 20 minutes...your either cutting corners or are just wonder notatry.

Reply by Anonymous on 3/1/06 10:06pm
Msg #101219

Re: The files I have seen are close to 100 pages--

The customer satisfaction survey is completed by the customer with the LO, not the ILC. All of the items you mentioned have been covered by me to the customer's and Bene's and IREP's satisfaction within 20 minutes. Perhaps there IS a difference in docs from state to state, I don't know about that, but the only time I've spent more than 20 minutes in an IREP closing has been due to extenuating circumstances.

Reply by BrendaTx on 3/1/06 8:26pm
Msg #101170

Re: Lily [Re: How long does it take - to Anon 151...]Rick

** Ive been doing these for a year and can't seem to get out less than 25 minutes and that would be for a line of credit only **

Rick, Anon said they had been at it for a year...or am I missing something here?

Reply by Rick_NY on 3/1/06 9:49pm
Msg #101213

Brenda [Re: Lily [Re: How long does it ... - to Anon ...]

I did not take it that the agent has been doing BFC/IREPs for a year. I thought doing signings in general for a year. I could be wrong ....

Reply by Anonymous on 3/1/06 7:16pm
Msg #101131

Ive been doing these for 1 year now

in my original post, i wrote:

"Ive been doing these for a year and can't seem to get out less than 25 minutes and that would be for a line of credit only. "

I was just floored when the BSM (from another branch) said that closers are usually in and out in 15 minutes.

Reply by JanetK_CA on 3/1/06 11:24pm
Msg #101229

Re: Ive been doing these for 1 year now

When IREP first came to CA, they put on a required seminar and gave out a 1-in thick booklet with all of their loan docs and a list of all the items they want reviewed with each client - not explained, just pointed to. They made a big deal out of it and it's a lot to cover. I've probably done hundreds of these, but just to mention everything they want covered takes me about an hour with two signers (including watching their boring video). Once in a while, though, I'd get people who have had lots of loans with them and just want to sign, sign, sign. I've done some of those in 15 minutes, but that's the exception.

I heard that they sometimes have anonymous "shoppers" doing audits to make sure it is being done right by their "ILC". I believe this process is a requirement of the settlement agreement from a major lawsuit they had a few years ago related to questionable business practices and is why AEs no longer sign & notarize each other's loans. (I wouldn't be surprised if Ameriquest ends up having to do a similar process.) This, BTW, is for the mostly-in-house Beneficial/HFC loans. Every now and then, I get some from another division of IREP that have different docs - and very large packages - for HSBC. Not exactly my favorites...

If you feel that this BSM is pressuring you to not do the job as requested by IREP, I think they would like to know this.

Reply by Loretta Reed on 3/1/06 11:31pm
Msg #101231

Re: Ive been doing these for 1 year now...I

I am an ILC for a branch in Maryland. 30 minutes is a good average to do signings in the branch I work with. The customer survey is in the package and I give it to the borrower at the end for them to fill out and date. The LO cannot walk into that closing room and review anything. The branch manager must speak with them. The LO's at the branch I do closings at are really good at reviewing the terms of the loan and the payoffs/money back to them, I have only had one problem in 3 years and that was because the borrower decided not to buy the insurance and they had to rerun the docs. He was mad because he had to wait for them to re-run everything. That is company policy. Evidentally, I work for one of the better branches because the borrowers are aware of everything before they walk into the door and that is the way it should always be. We have one of the best branches in the district, I should know, a very close friend of mine is a state representative for Beneficial.

Reply by BrendaTx on 3/2/06 12:43am
Msg #101242

Re: Ive been doing these for 1 year now--Janet

**If you feel that this BSM is pressuring you to not do the job as requested by IREP, I think they would like to know this.**

Janet,

I found myself in a situation where I needed to tell them. It is a long story, but I did give them clear information that the BSM was pressuring me big time to get them done under 20 min.

I don't think IREP will make waves. It's no different for the bwrs than when HFB did the closings IMHO. The BSM will not have you close if they want it done differently than IREP requires. I am sure not all BSMs are like this one but he's very unhappy if you do not just shove it at them and pressure them to sign.

Reply by patricia on 3/2/06 3:31pm
Msg #101441

Re: Ive been doing these for 1 year now--Janet

wow, I have been doing HFC loan signings for over one year and have never had a manager try to rush things or expect me to pressure borrowers, exactly the opposite, we frequently
have to re-run documents because of insurance, pre-payments penalties and pay-offs.
Manager always says "we try to give you what you want", however I do have to plan to spend more time at these appts, as they so frequently take longer due to the changed terms.
Also, borrowers often dont show up on time for appt.