Posted by Art_PA on 3/27/09 10:06am
Msg #282335

Last Day of Month Loans

What happens to all of the loans which must close on the last day of the month? We get calls at night to close loans very late. Assuming closers cannot be found for some of them, where do they go?

Reply by nez on 3/27/09 10:28am
Msg #282336

Oh there still there. I had 2 closings last night, one at 6 and 7. Needless to say neither closed. Title company did not bother to call to let me know lender did not have docs. It was a zoo with both of them. One called at 8:45pm said docs ready, told them no way, 30 min drive, not closing at 10:00pm.....most of the time these loans do not fund and we do not get paid. I did not agree to a 10:00 closing when they hired me or they would have had to find someone else. When I read NotRot on both of them, I figured there would be problems.

Reply by sue_pa on 3/27/09 10:41am
Msg #282338

I've got no idea - I got in last night at 10:30ish - I still could have done two more. Both were "set your own time". Last call came just before 10:00.

Docs for my 5:00 came at 7:30 - docs for my 7:00 came at 7:30. How does docs at 8:45 with 1/2 hour drive equate into a 10:00 closing? 45 minutes to print docs?

Reply by Linda_H/FL on 3/27/09 10:50am
Msg #282340

Re: Last Day of Month Loans...Sue

Do you just print and go or do you set the packages up? I got docs at 6:00 last nght (FHA refi) - 30-45 minute drive - got started about 8:00 - was an hour to print and set up both sets (I partially complete certs and review pkg for completeness, organize borrower's copies, etc., etc)...

In Nez's case, 30 min to print, 30 min to drive leaves 15 min to enter, set up at table, identify - start signing at 8:00...understandable.

Reply by sue_pa on 3/27/09 11:20am
Msg #282345

Re: Last Day of Month Loans...Sue

I print and go. Even w/the big FHA packages, it doesn't even take 15 minutes to print. I guess I don't understand how you "set up" packages. I don't complete anything before I am with the borrowers - what if they don't sign? You've wasted your time. I notarize as I do I don't review anything for completeness. As I print, I do notice if I'm missing a HUD or something like that but I don't run down a document list in the lender's instructions and check off that I've got everything - the other night I "caught" a missing RTC for a son-in-law but that was sheer luck - lender and title company both missed it. Yesterday I did a Chase loan and at the table I noticed I didn't have an Application - that's always their last doc in the package. I noted that in my confirmation and put a note in the package also. I have less than a handful of times per year that a doc is missing from the package - and when I do it's from a stinkin' scanned package - SEND ME THE LENDER LINK, PLEASE. I don't organize borrower's copies. They get them in thh order they come off the printer. To some people the first payment coupon is improtant, to some the RTC, to some the HUD - I would never spend my own time trying to guess what order they want their copies.

I work VERY efficiently. When I sit at the table I am ready to begin immediately - one time I remember some guy in CA said he gave the borrowers the settlement sheet to review while he sets up - I've always wondered what that meant - set up. I copy their id information in perhaps one minute. I pull out the Note immediately, while they sign that I pull out the payment coupon, then the Mortgage. I notarize as I go. I can do it all in seconds. I am VERY comfortable with loan docs and the different packages. I don't use sticky notes, highlighters, etc. I get the paperwork and I get it signed. I don't rush and my borrowers are as informed as anyone elses - although not like someone on 123 who explains the APR by holding up a piece of paper and comparing inches to centimeters... totally amazing to me.

Reply by Linda_H/FL on 3/27/09 11:41am
Msg #282349

Re: Last Day of Month Loans...in response

Well, I'll give you that your printer is faster than mine - takes a bit longer than 15 minutes for me to print two copies of an FHA pkg...as for putting in order IMO it's common sense what docs are most important to the borrowers...HUD, Note, TIL, Itemization, Escrow Analysis, Payment Coupon, Amortization Schedule, any enrollment forms for auto-payments, etc...Those I bring to the top...the rest of the package stays in order.

"When I sit at the table I am ready to begin immediately..." - so am I - and the first thing I need to do is identify - I give them the HUD to review while I'm filling out my journal and the multitude of Identification forms I'm getting lately...Note is next as the HUD and Note are usually where a deal is going south.

"I notarize as I go" - as do I as required by FL law...and IMO you're not completing your certs and notarizing "in seconds" if you're waiting to complete your certs at the table...unless, of course, your certs are coming in pre-printed for you, in which case, lucky you!!.

"I am VERY comfortable with loan docs and the different packages. I don't use sticky notes, highlighters, etc. "....after 25 years, so am I and I don't use highlighters or stickies either...nor do I rush my signers.

Reply by CaliNotary on 3/27/09 1:03pm
Msg #282361

Re: Last Day of Month Loans...in response

"as for putting in order IMO it's common sense what docs are most important to the borrowers...HUD, Note, TIL, Itemization, Escrow Analysis, Payment Coupon, Amortization Schedule, any enrollment forms for auto-payments, etc...Those I bring to the top...the rest of the package stays in order."

But you can do that at the table, why waste time doing it in advance? Most borrowers are going to spend at least a few minutes reviewing the HUD, what are you doing during that time? That's when you should be digging out the note, TIL, etc.

Reply by Linda_H/FL on 3/27/09 1:09pm
Msg #282363

Re: Last Day of Month Loans...in response

As I said...."I give them the HUD to review while I'm filling out my journal and the multitude of Identification forms I'm getting lately..." Note "multitude of identification forms" - I had 4 to fill out last night - not counting my journal.....

I'd rather take the few minutes before leaving getting the HUD, Note, TIL, Itemization, Escrow Analysis, Payment Coupon, Amortization Schedule, any enrollment forms for auto-payments, etc up to the top of the package than flipping through the package at the table - the borrower's copies don't come out unless (a) I need to use a page; (b) I'm putting the signed RTC in their package; or (c) we're done and I'm handing it over.

Reply by CaliNotary on 3/27/09 1:18pm
Msg #282372

Re: Last Day of Month Loans...in response

"'d rather take the few minutes before leaving getting the HUD, Note, TIL, Itemization, Escrow Analysis, Payment Coupon, Amortization Schedule, any enrollment forms for auto-payments, etc up to the top of the package than flipping through the package at the table"

Yeah, but those few minutes add up into hours. 5 minutes per signing at 40 signings a month equals 40 hours per year doing nothing but organizing docs in advance. At a rate of $50 per hour, that means you're spending $2,000 per year on it. I don't know about you, but I'd rather have the $2,000 as pure profit instead of work time.

Reply by Linda_H/FL on 3/27/09 1:23pm
Msg #282376

You make a good point, Cali, but think of this

what's the difference if you take the time at the table or before you leave for the signing? It's still minutes spent - extra minutes before hand or extra minutes at the table...we're not paid by the hour....I personally take the minutes ahead of time, fill out ID docs while HUD is reviewed, pull note for approval and we're off - sign, sign sign....

Reply by CaliNotary on 3/27/09 1:47pm
Msg #282383

Re: You make a good point, Cali, but think of this

But it's not extra time at the table if you're multitasking during the signing.

In addition to reviewing the HUD, there are usually a few other time consuming documents that are completed at the beginning of the signing - statement of info, insurance information, choosing how they want to receive the proceeds, certification of trust, etc. That's all downtime for the signing agent.

Also, most borrowers aren't going to just sign a page that you put in front of them without at least skimming it, that is also downtime for the signing agent. 30 seconds here, a minute there, it can easily add up to 15 or 20 minutes during the signing where you're just watching the borrower sign the docs or staring at the wall. And yes, I do give a brief summary of each doc that they're signing, but I give them the doc first, then tell them what it is while they're skimming or signing it. And most of the time, by the time we're halfway through the package they've figured out that I do know what I'm talking about and it's less skimming and more immediate signing.

My hands are always moving during a signing, and that's when I'm getting the stuff done that other people are doing prior to the signing to make it "easier". When we're about 2/3 of the way through the package I'm usually done with all that needs to be done and I'll start double checking the package in between handing pages to the borrower. So by the time they're signing the last page, I've already double checked everything and we're done.

In my experience, there is nothing that I can do in advance that I can't just do at the table during the signing and not add a single extra minute to the length of the signing. There have been a few exceptions where somebody is in such a hurry that they don't want to read anything and just want to fly through the package in 15 minutes, and in those cases I'll gladly accommodate them and spend a few minutes after I leave completing my notarizations because I couldn't get em all done during the signing. But the other 99% of the time it's all done at the table.

Reply by Linda_H/FL on 3/27/09 1:48pm
Msg #282384

Good points, Cali...appreciated... n/m

Reply by CaliNotary on 3/27/09 2:05pm
Msg #282389

I just think

that a lot of people forget that charging more per signing isn't the only way to make your business more profitable. Minimizing the time spent per signing also leads to greater profitability, so I try to do my little part in hammering that message home from time to time. IMO, efficiency can make or break your business as a signing agent.

Reply by LKT/CA on 3/27/09 2:05pm
Msg #282390

Re: You make a good point, Cali, but think of this

<<<My hands are always moving during a signing, and that's when I'm getting the stuff done that other people are doing prior to the signing to make it "easier".>>>

It's not always about making it "easier". My signing last week, the DOT showed vesting as "Husband and Wife". Husband and Wife WHAT? There are three ways to take title in CA (I'm sure you already know this Cali) as husband and wife - joint tenants, community property, community property with right of survivorship. Which vesting did these borrowers want? I called TC BEFORE going to appointment and this particular TC said get DOT signed as is. Okay... Why waste time at borrower's table with MY questions? Reviewing the package resolves this.

Penny for your thoughts.....

Reply by CaliNotary on 3/27/09 2:12pm
Msg #282394

Re: You make a good point, Cali, but think of this

"Why waste time at borrower's table with MY questions? Reviewing the package resolves this.

Penny for your thoughts..... "

Because this type of thing doesn't happen at every signing. You end up spending FAR more time reviewing packages in advance than you do if you just deal with questions and problems as you come across them. It's more efficient to spend 10 minutes on the phone with the TC during a signing once or twice a month than it is to spend 200 minutes reviewing packages in advance over the course of a month.

As the old saying goes, don't be penny wise but pound foolish. Look at the bigger picture.

Reply by LKT/CA on 3/27/09 3:20pm
Msg #282402

Re: You make a good point, Cali, but think of this

You make a lot of good points. Gives me something to think about. Thanks

Reply by PAW on 3/27/09 8:48pm
Msg #282431

Re: You make a good point, Cali, but think of this

>>> But it's not extra time at the table if you're multitasking during the signing. <<<

And it's not extra time if you're multitasking BEFORE the signing. I am putting together the "presentation" while the borrower's copy is printing. I also quickly scan the documents to ensure that all the pieces are there, like Exhibit "A" to the Mortgage (which is the most common missing document). If it's a long print job (many, many pages in image form), then I might even have the time to prepare my cheat sheet for the journal entries to ensure that I get ALL the notarizations done.

I do the same as Linda at the table. While the borrowers are perusing the HUD, I'm copying their ID information for my records. If there's ID forms in the package, typically they don't require the borrowers signature and I can complete them when the borrowers are completing their life history or working their way through the mortgage, initialing and signing.

Reply by CaliNotary on 3/27/09 9:44pm
Msg #282442

Re: You make a good point, Cali, but think of this

You're absolutely right about that Paul. Multitasking is multitasking, and if you're getting something else done during time that would otherwise be wasted, you're running an efficient business.

Personally, I'd rather just surf the net while docs are printing and do my multitasking at the table.

Reply by Elizabeth Soliday on 3/27/09 11:24pm
Msg #282470

Re: You make a good point, Cali, but think of this

Very true, this is the art of signing. I fill in the identification information while they get their second IDs and homeowners insurance, then they are signing my book while I am finding any "information sheets" or additional identification documents for me to fill out. I let them fill out the information sheets while I fill in as many notary blocks as possible. I agree Cali, you get to be very efficient and can even make light conversation while doing everything if they seem game for that. But hey Cali, you are one step ahead of the game on me with that double checking during the signing, I need to try that!

One time this lady told me I was very efficient, I felt kinda bad because the SS gave me the wrong city on the confirmation and I was a bit rushed to make it back home in time to get my kids from school. Even if I am efficient though, I try to adapt to their tempo in order to make them feel comfortable. Most the time, they are happy to be done quickly!

Reply by CaliNotary on 3/27/09 1:01pm
Msg #282358

Re: Last Day of Month Loans...Sue

"one time I remember some guy in CA said he gave the borrowers the settlement sheet to review while he sets up - I've always wondered what that meant - set up"

That would be me. You really don't know what I meant by "set up" at the table? It means taking the journal and stamps and pens out of the bag, entering the ID in the journal, finding the note and TIL in the package. It's only a couple of minutes worth of setup, but I'd rather they be looking at their closing costs during that time instead of watching me. If they're still reviewing the settlement statement when I'm done with that, I start working my way through the package and completing the notarizations.

As far as doing anything in advance of the signing, no, that's a complete waste of time. If there's a lender package and title docs, that's good enough for me. If they didn't do their job correctly and send me everything, they can pay me to go out a second time and correct their mistake.

Reply by PAW on 3/27/09 8:55pm
Msg #282434

Re: Last Day of Month Loans...Sue

>>> If they're still reviewing the settlement statement when I'm done with that, I start working my way through the package and completing the notarizations. <<<

Huh? Let me see if I got this correct. You give the borrowers the settlement statement at the beginning of the signing. While they're reviewing it, you do your journal and set up your package. If the borrowers are still reviewing the settlement statement, you start completing your notarizations before the borrowers even sign the document? Tell me I have that wrong.

Reply by CaliNotary on 3/27/09 9:39pm
Msg #282439

Re: Last Day of Month Loans...Sue

Nope, you've got it right.

Honestly, I don't even know what the official CA stance on that is, but I don't see anything wrong with completing the notarization before the document. If I'm breaking some regulation by doing it, so be it. To me, the order of whether they sign first or I fill out the notary block is completely unimportant. But I'd love to hear why you obviously think it's a big deal.

Reply by PAW on 3/27/09 9:59pm
Msg #282454

Re: Last Day of Month Loans...Sue

The certificate is your certification than a notarial act has been completed. Whether it is taking an acknowledgment or giving an oath (or affirmation), the ack or jurat certificate states that you have performed the act as prescribed by law. How can you complete the certificate without performing the act? What would you do if the signer doesn't sign?

When you perform a notarization your are attesting that some act was completed as evidenced by the signer's signature. You obviously can't do that when they haven't even signed the document.

There is a proper way to perform your job, and completing notarial certificates before the act is performed is not the right way.

Don't give me "the end justifies the means" either. I don't buy it.

Reply by SReis on 3/27/09 10:34pm
Msg #282461

Disagree PAW

IMO there is nothing wrong w/completing certificate wording before the actual notarization. Pls explain to me how you think this is unlawful. I suppose then, in your opinion, pre-filled in certficates are also wrong? Obviously, signing the certificate before witnessing the people sign, etc would be wrong but I don't think that is what people are talking about here. Its merely writing in the county or the date, etc.

Reply by PAW on 3/28/09 5:51am
Msg #282476

Reread Cali's post

I don't disagree with filling in things like the venue, names and dates, but the signing and stamping of the certificate must be done after the signer signs. Cali specifically stated, "completing the notarizations". To me, that includes signing and stamping.

Reply by JanetK_CA on 3/29/09 9:46pm
Msg #282618

Re: Reread Cali's post

I didn't take that statement literally, because I do the same thing -- except for the signature and stamp. That part is easily done once the state/county, date, names, he/she/they stuff (and other optional info when I have to replace a cert.) is filled in. I also write the doc title in my journal as I'm working my way through. That all takes time and helps to keep the signing moving along if I work forward while the BOs review or complete certain docs. My signature and stamp are only added once they sign the doc, but hopefully by the time we get to it, I've got the rest of it done. I may be wrong, but that's the part I thought of when Cali said that he "completed the notarizations".

In those situations where I know the lender and/or title co has an unusually high number of notarizations - especially that require replacement certs for here - I do try to take some time to prep in advance before the appointment, but those are the exceptions.

Reply by LKT/CA on 3/27/09 1:16pm
Msg #282371

Re: Last Day of Month Loans...Sue

<<<I don't rush and my borrowers are as informed as anyone elses - although not like someone on 123 who explains the APR by holding up a piece of paper and comparing inches to centimeters... totally amazing to me.>>>

That was my post and I'll tell you like I told the other person - IT WORKS for me. It's a visual aid that puts into perspective everything I said before I hold up the piece of paper. You do what works for you <print and go.....I don't organize borrower's copies...... They get them in thh order they come off the printer.> and I'll do what works for me <I also set up the package>.

Who are you to criticize what works for someone else? Half the stuff you do amazes me too and I don't mean that necessarily in a good way.

Reply by CaliNotary on 3/27/09 1:22pm
Msg #282375

Re: Last Day of Month Loans...Sue

"That was my post and I'll tell you like I told the other person - IT WORKS for me. "

OK, I never saw this post. For the life of me, I cannot figure out what you would need to put into perspective by using a visual aid comparing inches to centimeters. The size of anything has never factored into a single one of my 3,000+ signings. Can you please elaborate?

Reply by LKT/CA on 3/27/09 1:46pm
Msg #282382

Re: Last Day of Month Loans...Sue

<<< The size of anything has never factored into a single one of my 3,000+ signings. Can you please elaborate?>>>

Many analogies have nothing to do with the subject matter but drive home the point. I don't use that visual aid with every signing, as some have assumed. With some borrowers, after seeing their interest rate on the Note, then seeing the APR on the TIL, they say, "I thought my interest rate is X." I go back to the Note and say, "Your interest rate IS X".......then I give a brief explanation - putting emphasis on the words INTEREST and PERCENTAGE - Most times that's enough. SOMETIMES borrowers cannot get past the words "interest" and "percentage". That's when I use the visual and it works, FOR ME.

Reply by CaliNotary on 3/27/09 1:59pm
Msg #282386

OK, now I'm even more confused

You use a piece of paper and talk about inches and centimeters to explain the difference between the APR and interest rate? How does a visual aid fit into that?

Reply by MistarellaFL on 3/27/09 2:01pm
Msg #282387

Re: OK, now I'm even more confused

LOL Me too.
I just explain that the apr includes all the fees and costs associated with the loan, over the life of the loan and show them the itemization of amounts financed if they still don't get it.

Reply by LKT/CA on 3/27/09 2:08pm
Msg #282391

Re: OK, now I'm even more confused

<<<LOL Me too.>>>

The borrowers aren't laughing when they don't understand that the APR is NOT their interest rate.

Reply by CaliNotary on 3/27/09 2:15pm
Msg #282395

Same here

My standard spiel when I'm reviewing the TIL is pointing at the APR and saying "the APR is usually higher than the interest rate because it incorporates closing costs as well as interest". Most of the time that does the trick quite nicely.

Reply by LKT/CA on 3/27/09 2:09pm
Msg #282392

Re: OK, now I'm even more confused

<<<You use a piece of paper and talk about inches and centimeters to explain the difference between the APR and interest rate?>>>

NO

Reply by CaliNotary on 3/27/09 2:18pm
Msg #282396

Re: OK, now I'm even more confused

Then what am I missing? Sue referred to someone using a piece of paper and comparing inches to centimeters, you said it was you she was talking about, you then told me that you use a visual aid to explain the difference between APR and interest after I asked for elaboration. So what is the visual aid if it's not the piece of paper, and where do inches and centimeters fit into all of this?

Reply by Pat/IL on 3/27/09 6:41pm
Msg #282427

Re: OK, now I'm even more confused

I just put my thumb over the APR box and mumble what I had for dinner last night. Mostly, they just nod and sign.

I actually did read a thread on another site (not the numbers one, as I rever go there) about the APR, and the paper measurement thing was on there. I didn't get it having read the post. But hey, if it works, it works. I bring this up mostly because the thread is fairly interesting and somebody (I think PAW, but I may be wrong) even posted a formula for figuring the APR on a Excel spreadsheet.

I don't really just cover the box and mumble. My spiel is much like the simplistic one most give. APR includes fees that are financed in the loan, blah blah blah. But I am now thinking of changing to something that might elicit a real understanding rather than a glassy-eyed nod - even if it does involve visual aids.

Reply by jba/fl on 3/27/09 8:53pm
Msg #282433

Re: OK, now I'm even more confused

"I just put my thumb over the APR box and mumble what I had for dinner last night. Mostly, they just nod and sign. "

You and I went to the same school of explanation for this - LOL. Just the same as those who don't understand credit cards are 12% interest and apr is 18% - WTF - laugh - go on from there. There are just supposed to be mysteries in life. If they ask, I tell. No asking, no volunteering - just like the military.

Reply by LKT/CA on 3/27/09 9:07pm
Msg #282435

Re: OK, now I'm even more confused

<<<I actually did read a thread on another site (not the numbers one, as I rever go there) about the APR, and the paper measurement thing was on there.>>>

I guess I'm not the only one who uses that analogy. Only remember sharing that on one forum - not two - unless I completely forgot and mentioned it on more than one forum but I don't think so.

<<<But hey, if it works, it works.>>>

Exactly. People use what works for them. To that, I see no rebuttal.

Reply by Linda_H/FL on 3/27/09 9:24pm
Msg #282437

Re: OK, now I'm even more confused

"<<<But hey, if it works, it works.>>>

Exactly. People use what works for them. To that, I see no rebuttal."

I do - whether it works or not is of no consequence if your analogy isn't entirely accurate - MHO

Reply by CaliNotary on 3/27/09 9:41pm
Msg #282441

Re: OK, now I'm even more confused

"whether it works or not is of no consequence if your analogy isn't entirely accurate"

I agree. There's a difference between "it works" and "it shuts them up", and I think using the measurements on a piece of paper to explain the concept of APR falls into the latter category.

Reply by LKT/CA on 3/27/09 10:20pm
Msg #282458

Re: OK, now I'm even more confused

<<<There's a difference between "it works" and "it shuts them up", and I think using the measurements on a piece of paper to explain the concept of APR falls into the latter category.>>>

No one is going to be shut up in their own home. The borrowers I deal with are not afraid to ask questions and they keep asking until they get an answer THEY understand. If I cannot answer their question, they get their LO or the TC on the phone.

Do you understand all of Quantum physics? String theory? If it makes no sense to Cali, that qualifies it as baloney and declares it as totally inaccurate? I think not. We'll agree to disagree.

Reply by LKT/CA on 3/27/09 10:06pm
Msg #282456

Re: OK, now I'm even more confused

<<<I do - whether it works or not is of no consequence if your analogy isn't entirely accurate - MHO>>>

I got the analogy from a mortgage banker, 30 years in the business. You can believe that or dismiss it completely. We'll just agree to disagree that the analogy is accurate.

Reply by Pat/IL on 3/27/09 10:15pm
Msg #282457

Re: OK, now I'm even more confused

"I guess I'm not the only one who uses that analogy. Only remember sharing that on one forum - not two - unless I completely forgot and mentioned it on more than one forum but I don't think so. "

I just went back to the other site and checked. It was you and it ain't the numbers site. No big deal, ferris wheel.

Reply by LKT/CA on 3/27/09 10:21pm
Msg #282459

Re: OK, now I'm even more confused

<<<I just went back to the other site and checked. It was you and it ain't the numbers site.>>>

Where was it?

Reply by LKT/CA on 3/27/09 11:05pm
Msg #282468

Actually it was......

....recently on gomobile site....now that I think about it, I don't remember putting it on the numbers site, though that is possible

Reply by Linda_H/FL on 3/27/09 10:50am
Msg #282341

Re: Last Day of Month Loans...Sue

Do you just print and go or do you set the packages up? I got docs at 6:00 last nght (FHA refi) - 30-45 minute drive - got started about 8:00 - was an hour to print and set up both sets (I partially complete certs and review pkg for completeness, organize borrower's copies, etc., etc)...

In Nez's case, 30 min to print, 30 min to drive leaves 15 min to enter, set up at table, identify - start signing at 8:00...understandable IMHO

Reply by Linda_H/FL on 3/27/09 10:51am
Msg #282342

Sorry for double post... n/m

Reply by Linda_H/FL on 3/27/09 10:54am
Msg #282344

Also should have added...

I won't start a signing at 10:00 at night either...not any more...if I can't get docs and get started with the signing by 8:30-9:00 at the latest then I turn the signing back.....but that's just me

Reply by sue_pa on 3/27/09 11:22am
Msg #282346

Re: Also should have added...

I will - because this is how I earn my living. I left the house last evening at 7:45 - and did 3 loans - I m a "can do" for my clients, not a "won't do" - and I'm guessing that's one reason I receive repeat business.

Reply by davidK/CA on 3/27/09 11:44am
Msg #282350

sue/PA... just curious

What is the typical number of pages in your experience for a non-FHA PA refi? My guess is that they are much smaller than a typical CA non-FHA refi of somewhere around 100 to 125 pages (per set) with mixed legal and letter paper requirements.

What kind of printer(s) do you use to print so very fast? Are these PDF documents or some specific lender/title company software? If they are PDF files, do you typically get the docs in multiple files or are the docs in just one PDF file?

Reply by lindetteh_PA on 3/27/09 11:49am
Msg #282351

Sue you must be watching me

I completely agree with what you are saying. I read the board almost every day and I am always amazed at how long some people say it takes them to print docs or get all the papers signed. Over the last eight years I have had hundreds of people tell me how thankful they were that I was quick and efficient, they go on to tell me how the last notary took 15 minutes to get the papers on the table and another hour or more to collect all signatures. Just last week I received three additonal signings from a new TC because the first borrower told them how easy I made the process for her. As for getting the docs late Get in where you Fit in. I have taken lots of very good well paying clients from other notaries because I will go above and beyond to provide customer service last night I closed 4 loans all of which were last minute and all from TC's willing to pay 150.00 and up. I think some people need to reflect on JFK's speech Ask not what the TC can do for me you know the rest.

Reply by SReis on 3/27/09 12:08pm
Msg #282352

Agree for the most part....

BUT I also refuse to be held hostage, waiting around all night either. Had a call at 9:05 last night for a clsoing an hour away & told docs ready to go. I took it BUT when docs were still not over 45min later & I could get no response from anyone, I called back & said I could not do it. At that point, the signing would have begun after 11pm and that IMO is just too late. If the closing had been closer I may have considered it but for an hour drive to get home after midnight, just not worth it.

I also don't think anyone of us should judge other people's business decisions. What works for one may not another. It amazes me how some people come on here daily spouting their "greating than thou" responses. Get over yourselves!!!

Reply by MW/VA on 3/27/09 12:30pm
Msg #282354

Re: Agree for the most part....

I so agree with your last paragraph. Competition in the marketplace is great, but the same people who insist they're the best seem to have the time to sit & criticize everyone else.
Makes you wonder????

Reply by LKT/CA on 3/27/09 1:49pm
Msg #282385

Agree with you MW/VA

<<<I so agree with your last paragraph. Competition in the marketplace is great, but the same people who insist they're the best seem to have the time to sit & criticize everyone else.
Makes you wonder????>>>

Yes, and I do wonder.....

Reply by Pat/IL on 3/27/09 6:54pm
Msg #282429

Re: Agree with you MW/VA

I think any time we offer our opinions in a public forum, we leave ourselves open to rebuttal. I suspect there are people in the signing field who have received most of their training from message boards. They at least ought to see more than one point of view and make up their own minds as to which methods they will adopt.

If I see an arrogance about the manner in which somebody disagrees with me, chances are they think my way is really stupid. That gives me an opportunity to reexamine my methods and, maybe, make some adjustments. The hurt feelings will go away.

Of course, the other side of the coin: When stupid opinions are presented in an arrogant manner, a strong rebuttal is in order.

Reply by sue_pa on 3/30/09 11:31am
Msg #282655

Re: Agree for the most part....

Well if this is directed to me some very basic math skills are all that's necessary. Last week I completed 21 loans. Because it was month end I attempted to kept most of the orders close to home (meaning no more than a 15 minute drive). Door to door - 16 orders took me less than one hour and 5 took 1.5-2 hours .... sooooo, lots of open times and time sitting here printing/waiting for docs.

By the way, I don't think I'm the best but I do know things - like legal paper is not the industry "standard" (far from it except in the signing agent world) and that docs can be recorded with hand written changes on them.

Reply by JanetK_CA on 3/27/09 5:21pm
Msg #282416

Re: Sue you must be watching me

There are other differences that I think come into play with how long it takes. Some certificates take longer to complete than others (e.g. CA, FL), especially if you have to replace them because they don't conform to what your state requires. And some of you don't need to fill out a journal or take time for thumbprints. There can also be a HUGE difference in the amount of busy work in the "junk" docs from one escrow/title co to the next. I sometimes find the escrow and title docs take as long as the whole lender package!

I agree with the "print and go" philosophy and I nearly always do all notary work at the table. There are a few things I look for as I'm printing and I often find little problems that way, but my job is to get them signed, not to put the package together and make sure it's complete. Also, my "set-up" at the table includes a recap of a few signing procedures in an effort to head-off frequent mistakes. Occasionally, they even listen and it saves some redoing or fixing mistakes.

Reply by MW/VA on 3/27/09 12:27pm
Msg #282353

There's always the push at EOM to get as many loans signed as possible. IME there are many that don't make the cutoff, and get signed in the days following EOM. It becomes a total frenzy, docs aren't ready, borrowers feel the pressure, etc. It's crazy. From what I understand one big issue is that FHA/VA loans don't pro-rate interest, so the borrower gets hit for a full month's interest. I had to sit back yesterday & remind myself that this is important, but it is NOT a matter of life/death (and I won't let it become a matter of my life/death).

Reply by pcooper on 3/28/09 12:09am
Msg #282471

It is true that FHA does not prorate but it is generally made into a much bigger deal than it really is. I have heard Loan Officers tell the borrowers that they need to hurry up and get their docs in to avoid "getting hit" with an extra month's interest but it is usually just a motivational thing to push the borrowers with. Borrowers are misled into thinking that they are paying an extra months interest that they would not have had to pay otherwise which is simply not true.

It all washes out within couple months and the only thing the borrower is truly "getting hit" with is the difference in interest between the new loan and old loan for that month. In the case of refinancing into a higher interest cash-out loan they are actually saving a little money the first months and the 'hit' is an extra month amortized over the life of the loan. In tight situations they might miss the cash at the table but it is offset by the fact they need to make a month's payment to one lender or the other but never both.

In truth, the only time it is truly critical is when loan amount is maxed out and cash to close is an issue. It is sort of like realtors pushing their clients to close at the beginning or end of the month to 'save' money. Although it will make the closing costs a little less, they are not saving any money because the 'savings' are all washed out when they make the first payment.

Reply by Pat/IL on 3/28/09 9:41am
Msg #282503

When brokers warn about getting hit with an additional month's interest, with regard to FHA loans, I believe they are speaking of the current loan being paid off. The lender holding the FHA mortgage may charge interest for the entire month in which the payoff is received - regardless of which day within that month the payoff is received.

Thus, if the FHA payoff is delayed to the beginning of the month, then interest may, and will, be calculated to the end of that month. Meanwhile, interest is also accruing on the new loan. So, overall, interest charges ARE increased as the borrower is paying interest on both loans for the first month.

Reply by pcooper on 4/3/09 8:35pm
Msg #283527

I forgot about this thread so I am not sure if anyone will read this response, but two lenders cannot legally collect interest on the same principal unless it is a prepayment penalty and FHA prohibits prepay penalties. Docs can be set up so it looks like that is what is happening but it would be the result of closing departments not set up properly for FHA payoffs. Once the loan gets reviewed they must reimburse the borrower if they charge double interest. Perhaps some lenders do let it laps and pocket the 'freebie' but it is not within their right and they are exposing themselves by doing so.