Posted by PJM/MI on 9/6/06 6:40pm
Msg #143925

RE: Going over docs on the phone

Well HOLY SMOKES! I wasn't aware I had opened up such a can of worms!
First of all.. to CLARIFY the borrowers ID..I usually have Mr/Mrs. bo call ME back..(caller ID is so wonderful), and of course, there is the wonderful URLA that has a bit of personal info in it for clarification.
And as I stated.. I DO NOT do this on a daily basis!
Here's a scenerio.... 7 pm on a FRIDAY night bo calls me back. Has not heard from LO ALL day. (Of course... LO went home at 3 pm..it's Friday for goodness sake!). Closing is to be in 1 hour..TC is rushing around to get docs to me. BO is upset as he doesn't know loan terms. I call TC and tell 'em... they tell me as soon as you've got docs, call him back. Get docs. Call bo. Go over HUD & note. End of story.
I am in NO position, nor do I ever want to be, to act outside of my ream of a Notary, Mobile Notary, Closing Agent..whatever.
I also do not try to "save" loans.. not my job.
Kinda looks a few posters on here need to chill out.

Reply by Teddog/CO on 9/6/06 6:50pm
Msg #143929

PJM ! I've done the very same thing as you have (depends on the circumstances) You just save yourself a lot of heartache. Rather strange how those bwrs' have the nerve to want to know what their terms are. lol
Notary is enough of a challenge.

My best to you

Reply by PJM/MI on 9/6/06 6:51pm
Msg #143930

a HUGE heartfelt THANK YOU!

Reply by FlaMac on 9/6/06 7:07pm
Msg #143933

You're right:) Point well taken. n/m

Reply by Jason on 9/6/06 8:11pm
Msg #143955

PJM: you nailed it! n/m

Reply by Elizabeth Soliday on 9/6/06 9:39pm
Msg #143969

I still can't believe there are borrowers that don't know the terms before the paperwork is generated. I wouldn't even deal with a company who wouldn't give me the terms of the loan on paper...and right after they checked my credit report! I think I would be very tempted not to take the signing because I could likely expect the borrower to have an lengthy conversation/arguement with the loan officer during my appointment.

Reply by DeliveryBoy on 9/7/06 12:08am
Msg #144015

It's usually the "bait and switch" by the LO raising fees/rate at last min. Borrower "knows" numbers, but they are hit with new numbers. a/k/a "ambush closing." This happens to us probably at least 1/3 to 1/2 of the time. *Hate it* Some borrowers sign anyway so LOs keep doing it. I've been reemed by the LO before by going over numbers on the phone for a long distance closing. "YOU ARE JUST THE NOTARY... POINT AND SIGN!!!

Reply by ReneeK_MI on 9/7/06 4:03am
Msg #144019

Alternate perspective - general, NOT to you, PJM =)

Well, as is often the case, there are two sides to this subject. Bear in mind that when you're dealing with a vast crowd (such as NSA's), you have to set your sights on the 'worst case' scenario, and establish your procedures accordingly. It's the 'worst cases' that present the problems, and the cause of the general discomfort among L/O's in having NSA's present terms to borrowers over the phone. (It's the L/O's discomfort that causes the title or SS's rules ...)

Many, many, MANY NSA's do not know the difference between the APR and the Note rate. They do not know how to easily determine if escrows are being set up. They do not consider such things as the time of year (tax payments due) or day of the month (relative to amount of aggregate interest), nor would they be likely to catch any glaring error when looking at the Hud's bottom line. When a borrower has been told something by an NSA over the phone that is either NOT accurate, or is accurate but has an obvious explanation - the borrower becomes negative. The L/O is then faced with trying to explain something (either the correct info, or the obvious & reasonable explanation) to an angry/upset borrower - w/out the benefit of the borrower being able to follow along by reading the actual document.

So ... THIS is how L/O's (and lenders and title co's) become frustrated with NSA's, and retaliate by saying "That's IT - from now on, they are NOT allowed to talk to the borrower's about their loans until they GET there with the documents."

It's not about legions of L/O's who would prefer to have sharper sticks with which to poke out the eyes of borrowers. It's about those NSA's who lose loans because they don't know what they're reading, seeing, or talking about. It's about the scores of individuals who worked hard and honestly to put together a loan, only to end up with an angry borrower, a lot of explaining and then re-doing all the work to have it close another day.

If you do know what you're talking about (and "you" isn't YOU, PJM - I'm sure you do know your stuff, I'm writing WAY general here) - then I don't think anyone really has an issue with your going over things ahead of the appt. Even the term "selling the loan" isn't always what it sounds like - sometimes, it means pointing out "well, the Hud show's a bottom line of $xxx, and you're saying that's $3,000 less than you were told. Did you notice here that your summer taxes are being paid, and that's the same amount - $3,000. ..."

So, you see what I'm saying? If an NSA tells this borrower over the phone what the bottom line on the Hud is, and does NOT know to point out the taxes being paid, does NOT know how easily those get overlooked when a loan may have originated 2 months prior (before taxes would be due) ... the NSA gets the borrower totally tweaked, borrowers often are sort of latently distrustful of the whole loan process, just WAITING for "this kind of crap to happen at the end" ... well, perhaps it just makes more sense now, as to WHY there is this whole topic of discussion. =)