One day this week, I had a closing scheduled for a Bank of America refinance on investment property that required fax backs. The night before the scheduled signing, I emailed the scheduler to inquire about the status of the docs so I could plan my day. The HUD was still being worked on, I was told.
At 4:30am, I awoke and emailed again for the status of docs. Full day the next day, needed to be prepared as I would not be near my office printer to print docs at the last minute.
I was once again told the HUD had not yet been finalized. I checked in periodically and finally an hour before the signing, I emailed one last time, and getting no response, I called the borrower who informed me that earlier in the day, around 10am it was determined there was an issue with the title, and the signing had been cancelled for that day. Borrower said the caller assured him I would be called about the cancellation.
I never was contacted.
So I should have known, right, but when you get busy with your day you realize after that of course the borrower should always know what's happening.
I emailed all the players in my previous email and said that borrower informed me the signing had been tabled until the title issue is resolved, and none of them knew about it either, as they replied to my email.
I guess BofA thinks we have nothing else to do but sit around and wait....just a word of caution, apparently they are too busy to keep title apprised of what's happening, hence the notary is the last to know.
No biggie. I did turn away a couple of assignments, but I plenty busy enough already. So I must expand my window of time I will hold the appointment with no docs to print from the point forward.
Three of the packages I signed yesterday were with clients who had waited two months for this signing event and at the last minute the lenders drug their feet on getting the documents to title/escrow. Guess they're spending a whole lot more time dotting their I's and crossing their T's.
Yes, the borrower is pretty frustrated too. One of my clients yesterday was pulling her hair out waiting around for escrow to tell her how much $$ to bring in. She only learned about it 20 minutes before the signing, and with Christmas plays and being a room mom, she had no time to get to the bank to do this. She was completely frustrated with her lender and escrow. Gives you some insight on why borrowers are so upset by the time we arrived. She also said it took the lender several times to get their 4506T address correct on an investment property refi. Details, details. Guess lenders are having difficulty retaining good help and training unskilled new help with no experience in this crazy business.
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