Posted by LJ on 10/28/07 2:59pm
Msg #218671

Question & What do you do?

Did a closing Friday evening. At the end of the signing, the borrower tells me he is probably going to cancel this loan in the RTC period. I told the borrower that the RTC are in his copy pkg. Does anyone here pass this info on to whoever hired you, or do you not say anything? When I called in after the signing, I did not say anything to the TC that it may and probably will rescind. Is this the correct thing to do and is it our place to do so? Just wondering what others have done.

Reply by ZeeCA on 10/28/07 3:22pm
Msg #218674

HEY LJ! I would NOT say anything... first of all b/o said

prob... and I don't want to be in the middle of anything... I just don't think it is my issue...

jmo........

Reply by MistarellaFL on 10/28/07 3:26pm
Msg #218677

Just my opinion, to help save the closing

If that is said to me during the signing, I always report it to the TC so that the LO can get a handle on it. I feel it is my responsibility to advise the hiring party if there are any issues or comments at the table.
JMHO

Reply by ZeeCA on 10/28/07 3:47pm
Msg #218680

Re: Just my opinion, to help save the closing

the reason I would not... is a b/o said that to me and I reported it ... they did not cancel and denied ever saying so...

Reply by MichiganAl on 10/28/07 4:02pm
Msg #218687

That sounds like the t.c. or l.o. handled it improperly

I don't think they should call the borrower and say "Hey, we were told you plan on canceling the loan." Geez, they need to have some tack and professionalism. They should call them and say, "We're following up to make sure everything was handled properly and you're satisfied with your loan. Are there any issues or concerns? Is there anything else we can do for you?" Those kind of questions would have brought out the problem without getting the borrower possibly feeling defensive. But that's not on you. If they choose to handle it incorrectly, that's their mistake.

Reply by MichiganAl on 10/28/07 3:54pm
Msg #218681

I agree. I give my clients a heads up on issues like that.

I communicate any issue that might need a follow up between the borrower and the t.c. or l.o. Escrow supposed to be set up that isn't, taxes or insurance that borrower says they already paid, or if a borrower says they will probably cancel the loan for some reason. It's not UPL, it's not sticking my nose where it doesn't belong, it's just communication. It's part of what makes a good signing agent valuable IMO.

Reply by Nancy M. Misenar on 10/28/07 3:57pm
Msg #218683

Re: I agree. I give my clients a heads up on issues like that.

I would do the same, and have, it does show that you are a responsible signing agent..

Reply by ConnieK on 10/28/07 3:56pm
Msg #218682

Re: Just my opinion, to help save the closing

I notify signing service, borrower wanted to cancel then ans stop! I should have told him to stop. I called the SS saved the loan for First National Closing Agents (never agan for them). Got a call back from SS and said I did a good job only to get $35 for two signings. FNCA is a scam artist! DO NOT WORK FOR THEM! HAS ANYONE WORKED FOR THEM AND GOT PAID??? Nick Murch is president and is YUK to talk to even! Thanks for replies!

Reply by Ernest__CT on 10/28/07 9:23pm
Msg #218723

ConnieK's Post mentions First National Closing Agents

and should have had that as part of the Subject line.

Reply by Kate/CA on 10/28/07 3:58pm
Msg #218685

I agree

I agree. I let the TC or SS know when I call completion whatever problems the borrower has with the loan. It is to protect the borrower also. If a borrower just cancels, they may not understand allot of issues with the loan, then have to pay for a new apprasial, etc and the next loan may no be as good a loan as the first one. If the issues were explained to them they may have kept the orginal loan. When I have a borrower that says they are going to cancel, I tell them to call their loan officer. I put post-its on the forms they are having an issue with so they can talk to the LO with the information in front of them. Many times I know the borrower doesn't understand issues with the loan and I could explain them, but that is not my job. They really need to have things explained to them by the LO.

Reply by Raimond on 10/28/07 5:47pm
Msg #218698

I always forward this information.

This loan could be saved if the LO is aware there is a problem.

What if the BO's do cancel and then let the LO know that they had informed you of their decision at the signing. You are now on the explaining end to whomever hired you as to why YOU did not let them know. A good way to loose future business.
Communication is key in this business!

My 2 cents...

Reply by Dorothy_MI on 10/28/07 6:31pm
Msg #218703

Re: I always forward this information.

I do too. In fact, if I have the LO's phone number, I call them and give them a "head's up". Many times it is something that can be handled during the recision period. That LO could become your new best friend or your worst nightmare. The last thing you want to get with a lender, LO or TC is a reputation of "killing" a loan and going on the "do not call" list. If the loan doesn't fund, the LO and the TC and many times we do not get paid. If it is something that can be easily solved or explained why not report it? But I guess that's the difference between a "Hobbyist" and a Professional Notary Signing Agent.

Reply by Paul Cowan Jr. on 10/28/07 6:57pm
Msg #218707

Re: I always forward this information.

Dorothy, exactly the Notary represents the Title company ...who represents the Lender. I always treat a closing as my own loan (10 years as an L/O) and do everything I can to help it close (within my legal guidlines) Is'nt that what we are hired to do? Is'nt that why we b**ch when the signing company or Title company does not pay us what we need to charge? MY 2 cents...

Reply by Linda Juenger on 10/28/07 8:55pm
Msg #218712

Thanks for the replies. All good points made. n/m

Reply by Ernest__CT on 10/28/07 9:08pm
Msg #218718

Yes, a _gentle_ heads up, giving the reason (if stated), ...

... and the polite request that whomever contacts the borrower simply ask how the signing went and not mention that "the Notary Signing Agent said ...".