Posted by Liz/OR on 8/30/12 7:45pm
Msg #432587
Redraw?
Borrower is requesting escrow prepaids are rolled into cost of loan. If the loan amount changes, do they have to do a redraw or is it possible to sign now? TC says to go ahead and sign everything but settlement statement. I want to make sure, my instinct says it all has to change because the amount on the deed will change and will need to be notarized, but the person who hired me says they will change all this on their end. Please advise.
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Reply by MW/VA on 8/30/12 7:54pm
Msg #432589
I'd do what they instruct you to do. Yes, if the loan amt.
changes none of the docs are any good, and a redraw is necessary. Maybe they're going to adjust it on the HUD by giving them a credit for the fees. I had one last night like that. Got a revised HUD & TIL signed today & otherwise the loan stands as it is.
If it ends up being a redraw you will get another fee.
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Reply by Liz/OR on 8/30/12 8:00pm
Msg #432592
Re: I'd do what they instruct you to do. Yes, if the loan amt.
Thanks, ugh, I hate this because borrower and I are on a tight schedule and when I saw that the loan amt and payoff were the same, I knew he was paying escrows out of closing and cancelled because I knew it would be a redraw. I doubt they are going to pay his prepaids for him. 
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Reply by Linda_H/FL on 8/30/12 8:08pm
Msg #432594
Re: I'd do what they instruct you to do. Yes, if the loan amt.
"when I saw that the loan amt and payoff were the same, I knew he was paying escrows out of closing and cancelled because I knew it would be a redraw"
Are you saying YOU canceled the closing?
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Reply by Liz/OR on 9/1/12 7:31am
Msg #432733
Re: I'd do what they instruct you to do. Yes, if the loan amt.
The borrower had an appointment an hour after the signing was scheduled, this left him 45 min to sign. I am picky about who I work for now, yes, I do question the people who have poor communication with borrowers because in the past it has been an indication of overall competence and a determining factor in whether I will get paid.
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Reply by Linda_H/FL on 9/1/12 11:52am
Msg #432752
Well, that doesn't really answer my question..
but I'll read between the lines and take it as a yes, you took it upon yourself to cancel a closing that, possibly, did not need to be canceled for any number of reasons. You, IMO, made a UPL decision that was not yours to make and I hope it doesn't come back to bite you.
Your interpretation of the HUD, without all the underlying facts of the loan (which you don't have) is not necessarily correct.
Good luck with this one. I think you were wrong.
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Reply by jba/fl on 8/30/12 8:11pm
Msg #432596
Wow - you are making those decisions now? Cool beans....NOT. n/m
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Reply by OR on 8/30/12 8:48pm
Msg #432599
Re: my guess your fired. n/m
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Reply by lindetteh_PA on 8/30/12 9:43pm
Msg #432604
Re: I'd do what they instruct you to do. Yes, if the loan amt.
Even if what your assuming is correct. Why would you go against the instructions you were given instead of getting two closings out of the deal. Just this week I had t two separate closings that needed to be resigned due to no fault of my own and who do you think they called?...ME
We are in business to make money not save time. JMO
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Reply by CJ on 8/30/12 10:47pm
Msg #432610
If you are 100% right and title is 100% wrong . . .
IT IS NOT YOUR CALL!!!!!!
YOUR JOB is to make sure the docs are signed correctly IF the borrower chooses to sign. You are NOT Quality Control for Title, Lender, Bank, Broker, etc.
It is a CRIME for you to have an opinon or give advice about the documents.
You might have an opinon on the inside, but your JOB is to keep your mouth shut. You have to pass the Bar before you are allowed to speak your mind about a loan.
In the mean time: FOLLOW INSTRUCTIONS.
If they flub it, you get to go back and get paid twice, so who cares?
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Reply by bfnotary on 8/31/12 5:50am
Msg #432619
Re: I'd do what they instruct you to do. Yes, if the loan amt.
If you are on that tight of a schedule maybe you shouldn't have accepted the signing ? I would never cancel a signing like that. Chances are they won't be calling you again.
When it comes to specifics of a loan, it is a no no to open mouth.
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