Posted by PJM/MI on 12/3/09 5:39am Msg #312903
Open letter to BOA
Dear BOA, Thank you for all of the work you've been able to give to me in this economy. However, as in the past when you were Countrywide, I am once again dealing with the problem of you not getting the documents to the title company in a timely manner. I am not across the street from the borrower. I have to travel to them, and some of the borrowers are an hour away from me. I have to print not only the package for them to sign, but a copy for them. This is not a 5 minute task as your document package is one of the largest in the industry. When I am late to a closing because I have not gotten your documents in time, I have to explain to the borrower WHY I am late. You have entrusted me to do a good job at the closing, yet I have the embarrassing moment of telling the borrower that YOU did not send the documents in time. Please tell your loan officers to stop telling the borrowers that not only will I be there on time, but that the closing will take 1/2 hr. Your documents require at a minimum 45 minutes and that is with a borrower that is "speed signer". I realize you are one of the largest lenders in the business. As I am helping you, please help me do a BETTER job for the borrower by getting the documents out quicker. If a borrower has a clear to close date 2 weeks prior to the closing, can't you get the documents to the title company at least 24 hrs. before the closing? They too, have work to do on those documents before they are sent to me. Once again, than you for the business. Let's try to make this work like a well oiled machine.
| Reply by MW/VA on 12/3/09 8:43am Msg #312922
IME, late docs are the least of the problems these days.
| Reply by John/CT on 12/3/09 9:19am Msg #312929
Hopefully, new RESPA rules will solve THAT problem! n/m
| Reply by CopperheadVA on 12/3/09 9:30am Msg #312933
Re: Hopefully, new RESPA rules will solve THAT problem!
I'm not sure they will... my understanding is that the lender would be required to provide the HUD one day in advance ONLY IF the borrower requests it. Most borrowers do not know what rights they have and probably rarely make the request.
I wish that the lenders were required to provide the entire package to the borrowers by email, fax, or hard copies one day in advance - whether the borrowers ask for it or not. Would save a lot of questions and reading at the table. Would also eliminate late docs and jacking around the borrower's schedule (and the notary's).
| Reply by Richard Ingram on 12/3/09 10:36am Msg #312948
Re: Hopefully, new RESPA rules will solve THAT problem!
PJM/MI, Thanks for putting in words my exact feelings about BOA. I aam getting tired of their 180+ page packages and not getting docs until the last minute. It makes me wish Countrywide was still in business.
| Reply by BobbiCT on 12/3/09 12:34pm Msg #312969
New RESPA rules will solve ...
Between the three "buckets," the 10% increase cap on the bucket that includes signing, title, notarization and recording fees, and the elimination of itemization, the borrowers' will not see any major changes.
In short, the HUD-1 numbers are supposed to match the GFE numbers which the borrowers must have in-hand no less than three full business days before closing; i.e., it could be a 7-day wait from issuance of GFE to closing with matching HUD-1.
I've been at multiple seminars now with moaning title companies, title searchers and attorneys; i.e., the "stick to the numbers in the GFE; no increase in costs or fees" and the "wait out the required time before closing". It's particularly painful that it is the lender producing the GFE is also calculating the RECORDING fees, title insurance premium, title search fee, and the closing fee which will be used on the HUD-1.
| Reply by CaliNotary on 12/3/09 7:21pm Msg #313037
"Please tell your loan officers to stop telling the borrowers that not only will I be there on time, but that the closing will take 1/2 hr."
I can do you one better, about a month ago I had a BofA loan scheduled at 9 am when the loan officer knew the wife had to leave for work at 9:15. He told them it should take about 10 minutes. The package was around 150 pages.
| Reply by BrendaTx on 12/3/09 7:54pm Msg #313044
Or, they tell the non-obligated spouse that their part will only take like one minute so if they have somewhere to go it's not a big deal. I can accommodate what I have to but OH I like it better if the spouse is able to wait to go through the stack in order.
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