Posted by Loretta Reed on 10/25/07 4:44pm
Msg #218304

To all title companies, loan officers and signing services

that forgotten the rules of this game.

Please quit telling me to explain the docs to the borrower. I am only there to point and show them where to sign. I am not an attorney. Asking me to do this is practicing law.

I cannot talk the borrowers into signing something that the loan officer lied about. Send them a hud and go over the terms of the loan prior to me getting there and we probably won't have a problem. I haven't had a good loan officer that did this ever have a borrower refuse to sign.

Thank you. Thank you. (bow, bow)

Reply by CJ on 10/25/07 5:02pm
Msg #218308

My one big wish

Please include your cell phone number. I am sitting there with someone who refuses to sign unless they get an answer. And I really am not allowed to even "advise" them to just go ahead and sign, and they can always cancel it later.

If MY commision were riding on loan docs, I would even have my cell phone under my pillow when I went to sleep. Usually the answer is so simple, but I don't know what it is.

Reply by JanetK_CA on 10/25/07 5:15pm
Msg #218310

A big "Amen" to that!!

And then have your cell phone ON and answer the blasted thing if we call!!! I try to always get a LO cell phone in advance, but it's not always possible.

"Usually the answer is so simple, but I don't know what it is."

Even if we have a pretty good idea, it's not our place to get into it. Sometimes it's not even what the LO says, it's just being available. One LO for whom I do all his signings is nearly always reachable by phone. 99% of the loans he does close, partly because he goes over details in advance, but sometimes things get changed in escrow or doc prep or mistakes happen. Several times the borrower has been calmed down just because they were able to vent to him, not because he really had anything special to say.

What a simple thing to make such a big difference!! (BTW, as he says, putting them into the right loan in the first place makes a BIG difference, too...) As for the commission, I totally agree -- and you'd think they would be even more careful about that in this market!

Reply by TD_CA on 10/25/07 5:42pm
Msg #218312

Re: A big "Amen" to that!!

I heard that! And please, don't lie to the borrowers and tell them that there's no pre-payment penalty and when we get there, not only is there a pre-payment penalty, but it's for 5 years! That gets the borrowers so upset when they see that and they will not sign!

Reply by Blueink_CA on 10/25/07 5:59pm
Msg #218313

Re: And another thing...

Please don't tell them the payment amount on the note includes taxes and insurance...BECAUSE IT DOESN'T.

Reply by Kate/CA on 10/25/07 6:12pm
Msg #218314

Explain the TIL to the borrow!

Just had a couple that were about to lose their home on the news. Their payments have gone up $1200.00, she said she was told it would only go up 250-300.

Reply by Amanda Blackburn on 10/25/07 6:14pm
Msg #218315

Re: To all title companies, loan officers and signing servic

I totally agree. I had one today, it didn't sign because the terms of the loan were not what she agreed to. She indicated if they would have explained it to her beforehand, she wouldn't have bothered with it.

Reply by LJ on 10/25/07 6:23pm
Msg #218316

Re: To all title companies, loan officers and signing servic

And give us borrowers e-mail address along with their cell phone numbers. Our hours vary and would be so easy to send them an e-mail if they have one. I realize some don't and that's fine.

Reply by Loretta Reed on 10/25/07 6:51pm
Msg #218317

Re: To all title companies, loan officers and signing servic

I know that some may not agree but I really want to call the borrowers and go over some things before I get there; like the hud and rate/loan amount.
With the subprime market the way it is, I have seen more and more closings not go because of some of the petty lies that loan officers give them.

Are we working together or what guys, this is great

Reply by Elizabeth Soliday on 10/25/07 7:50pm
Msg #218319

If something is fact, you can usually show them where the answer to their question is. If it is not fact, it is not found in the paperwork and they can rely on their loan officer's word and never mine. If you tell someone something, you better be damn sure you are correct.

Reply by Loretta Reed on 10/25/07 8:04pm
Msg #218321

Well, I know that the note has facts. The rate/term/loan amount and payment without escrow. I know what the hud is and that is the "end all be all" of what is getting paid off and cash out, if any.

I won't discuss anything else with them, they have to call someone.

Reply by Susan Fischer on 10/26/07 12:26am
Msg #218370

LOs, *please* don't demand a last-minute check from

Mrs. Elderly Widow ($3600) to "cover the incidentals" on top of sending out an ARM to replace a fixed 30 year at a higher 'introductory' rate.

And then blame me because she decided not to pet that dog.

[Are you reading this, Ali?]