Posted by Marian_in_CA on 1/8/11 3:37pm
Msg #367634

Had a good laugh this morning...

Had an early Chase Streamline refi this morning, pretty usual stuff. While we were going through the package, the borrower said, "I'm sorry I'm taking so long, I know you were only supposed to be here for 30 minutes."

Her loan officer told her that it would take a MAX of 30 minutes to sign everything, and that included filling out several forms.

I don't know about anyone else, but I've never done a whole loan signing in 30 minutes. The fastest one I've done was a 40 minute esign with two investors who knew the packages back and forth and just wanted to quickly skim the big docs and sign away.

How do these loan officers think this only takes 30 minutes? It sure makes us look bad, or slow.

Reply by Michael Gilman on 1/8/11 3:40pm
Msg #367635

I completely agree. Loan officers try to minimize the reality and are usually nowhere to be found when issues come up. I do a lot of Reverse Mortgages and the poor seniors are rarely prepared for a 200 Plus page package.

Reply by CopperheadVA on 1/8/11 3:51pm
Msg #367641

Oh yeah, I've heard the 20 or 30 minute thing too. Totally unrealistic. I had a reverse mortgage the other night and the borrowers decided that they would like to do the appointment at one of their favorite restaurants before they ate dinner. Just after I arrived, their oysters were delivered to the table. Thankfully the borrowers had the good sense to set them aside until after the paperwork was done. It took MUCH longer than 30 minutes.

Reply by Linda_H/FL on 1/8/11 3:49pm
Msg #367640

Yeah..I've had borrowers tell me that too

I just give them a little chuckle ...

My shortest is about 40 minutes too...had one just yesterday - took me longer to drive there than it did to sign...LOL

We deserve those now and then - they offset the 1.5-2 hour deals we sit through..)

Reply by Les_CO on 1/8/11 3:59pm
Msg #367646

Perhaps they equate compensation with time spent? The average LO makes a 10 minute cold call, a 15 minute follow up call, and another 20 minutes (not) checking/verifying the application info. Then another 10 calls (after the fact/not available when the signing took place) to the Title Company, the SS, and the NSA to see if the borrower actually signed. Their compensation? Say two to six thousand dollars…their time maybe an hour? Accordingly, we should be able to complete a signing in less than a second.

Reply by Linda_H/FL on 1/8/11 4:00pm
Msg #367648

That's why I try to remember to tell borrowers up front

that I'll need minimum of an hour with them - so they can plan accordingly and not plan on going to Johnny's basketball game or scout ceremony 30 minutes after I get there...

Reply by Marian_in_CA on 1/8/11 4:01pm
Msg #367649

Re: That's why I try to remember to tell borrowers up front

That's a good idea. Don't know why I hadn't thought of doing that before.

Reply by James Dawson on 1/9/11 10:49am
Msg #367735

Re: That's why I try to remember to tell borrowers up front

I do the same thing. I tell them to alot 1 - 1 1/4 depending on the number of questions they may have (that usually reduces the number of questions). My average is about the same, 1 to 1 1/4 hour. I have done a number of packages in 37 - 40 mins and one in 18 mins. Yes 18 mins...the borrower only signed a few and told me he would get his broker to sign and fill out the info for him.

Reply by Alz on 1/8/11 6:59pm
Msg #367669

I generally come across BOs who do not want to read and

desire for me to get them thru the process as quickly as possible and out of their house. I'm told that they have better things to do, than sign loan papers....Go figure.

Consequently, most of my Citimortgage signings are completed in less than 30 minutes. While the BOs are completing the Statement of Information, I am double checking the documents for accuracy.

No matter how familiar I am with the documents, I always double check initials and signatures before leaving....even though it may irritate the BOs.

Reply by GOLDGIRL/CA on 1/9/11 12:43am
Msg #367719

I'm with you, Alz!

<<No matter how familiar I am with the documents, I always double check initials and signatures before leaving....even though it may irritate the BOs.>>

Funny thing is though, most borrowers seem to appreciate it - or if they seem annoyed or anxious, I tell them they can go continue making dinner while "I just sit here a few more moments and double-check things." I've had many borrowers tell me they are glad I checked the signed docs because "the last notary missed" something or another and the loan was held up, the notary had to come back, the borrowers left on vacation the moment the signing was over and then a new notary was chasing them all over Disneyland, etc.

Reply by Marian_in_CA on 1/9/11 1:45am
Msg #367721

Re: I'm with you, Alz!

I do that same... I always go through the pages and always tell them it's best to spend a few moments checking things over instead of coming back. I've never had anyone complain or get annoyed by that. They always seem to appreciate being thorough. And.... I'd rather take the time and make sure we haven't missed something than rush and make a mistake. And I will readily admit that this has paid off more than a few times, usually by catching some missing initials.

Reply by CopperheadVA on 1/9/11 6:42am
Msg #367724

Re: I'm with you, Alz!

I find that it's during those rushed signings, where the borrower is practically pulling each page out of your hand, where mistakes are made and it's even more important to take time at the end of the appointment to check docs at least twice. Sometimes I will check them again in the car right afterward if I felt like I was too rushed during the checking process. It beats having to come back later.

Reply by MW/VA on 1/9/11 8:50am
Msg #367729

I think that's typical of how they view our role. They don't really have a clue about the time/effort
involved. Of course, there are those who don't go through the whole pkg. & only get sigs. I have to admit that I have a pretty good "script", and average signing is about 40 min. I would never rush the process or the borrowers.

Reply by SharonMN on 1/10/11 11:34am
Msg #367827

Mine generally take between 45 minutes and 1:15.
However, I recently signed my own refinance documents (with another notary) in 16 minutes flat, so it can be done if the borrower is familar with the docs and has no questions and doesn't want to chat.