Posted by Alice Jones on 10/17/07 11:19am
Msg #216921

Borrower calling for second copy of loan docs after 2 years

I had a borrower of a loan I closed over 2 years ago , called me , asking me if I had a copy of the loan package I had him sign. I told him I delete all loans docs as soon as they are signed. I told him why. He said he did not understand what he had signed and now his mortgage is up to $5,000 a month. I explained my roll in loan signing process, as an independant contractor. He also said that the loan had been sold many times since signing. I told him that I am not a lawyer and can't offer my advice. He was very polite and understanding. What is your feed-back.

Reply by Phillip/TX on 10/17/07 11:22am
Msg #216924

He received a copy of his docs when you closed him 2 years ago... what did he do with them? He can get a copy of the documents from the original lender, they have to keep them.

Reply by Phillip/TX on 10/17/07 11:41am
Msg #216929

Or he could get a copy from the original title company, as they will have them too, but might be on microfish by now.

Reply by CaliNotary on 10/17/07 11:57am
Msg #216930

Re: Borrower calling for second copy of loan docs after 2 ye

You really need feedback on this one? Of course we wouldn't have copies 2 years after the signing.

Reply by Hugh Nations Signing Agents of Austin on 10/17/07 12:09pm
Msg #216935

After a closing, I always suggest to the borrowers that within the next 30 days they request a copy of their appraisal and their survey (if they haven't been provided) and a fully executed file-stamped copy of the document package. They are always quite receptive and appreciative of the suggestion.

Reply by MichiganAl on 10/17/07 12:51pm
Msg #216939

My feedback is u stay out of it. Tell him to call his lender n/m

Reply by Julie/MI on 10/17/07 1:48pm
Msg #216950

I hate to say I told you so....

#1 this is why no business cards to the borrower!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#2 I think a simple "no, I'm just a notary" and call your lender was a good short to the point answer to the caller, I would not have gone on and on about why you don't keep the file or what your roll is.

Reply by Alice/MD on 10/17/07 3:33pm
Msg #216972

Re: I hate to say I told you so....

I appreciate the advice about no business cards to borrower. It has been an advantage as I have been referred by borrowers to friends to ask for me when they apply to close, or other notary business. I can't ,for the life of me, figure out how borrower kept my business card and called me on a Sunday night at 9M. sounding in distress about his high mortgage payments.

Reply by Phillip/TX on 10/17/07 4:00pm
Msg #216990

Re: I hate to say I told you so....

And he kept your card but not his set of docs... what does that tell you about what he thinks is important? Not saying you are not important, but for me, the card would have been out with the trash long before my set of the closing docs would have been!!

Reply by jba/fl on 10/17/07 4:35pm
Msg #216998

Re: I hate to say I told you so....

the card was on top of the doc set...he didn't pay attention to the loan details so he doesn't know what the docs look like???

Reply by Alice/MD on 10/17/07 6:11pm
Msg #217023

Re: I hate to say I told you so....

In most cases the notary is the only person the borrower sees( in person) in the entire loan process. In this case, they hold on to the business card of the person they can put a face to. The trust they gain is in the last person they see before the payment starts. The loan officer tells them to "go ahead and sign and I will take care of that HUD errow."

Reply by Joan Bergstrom on 10/17/07 10:21pm
Msg #217069

The best inexpensive marketing tool is your business card

Always leave you business card with the borrower; you want call back notary work.

Usually the wealthier the area the more notary work a borrower can require.