Posted by Crystal on 5/27/04 1:47pm
Msg #2368

Length of time to attend a closing

How long do any of you feel you should stay at a closing for your base fee.

How long does a typical closing take???

Reply by Lawrence Goodwin on 5/27/04 2:26pm
Msg #2372

In my experience, the closings are normally 1 to 1 1/2 hours. I administer the oath, go over each document briefly, and hand the document to the borrower to sign. I also ask the borrower if the lender has explained the important areas of the docs to them, this kinda speeds things up a little.

Reply by Anonymous on 5/27/04 2:29pm
Msg #2373


I think an hour is a good length of time, an hour or more might be pushing
it.

Reply by Stephanie on 5/27/04 2:39pm
Msg #2376

I must hasve missed something, more than an hour might be pushing what?

Reply by Brenda Stone on 5/27/04 2:31pm
Msg #2374

Some of mine take 25 minutes, some take an hour, some of them take nearly two hours. The longer the appointment lasts, I have found, has little to do with the number of documents and much to do with the service the borrower has received beforehand.

My experience has been that the trust factor of how customer service has been perceived will make the borrowers feel eager to sign if it was perceived as good, and it will last longer if the borrowers worry that the documents are not done correctly because they will want to read each line.

But then there is another angle. There are a lot of unbusy folks who will use any opening to make you their "victim" of sermonizing, pontificating on their philosophies on life or attempts to pry in your personal life. Some will use you for entertainment because they are nosy, or try to sell you a service or product, or impress upon you that they are the smartest people in the world on all topics, and so on. Beware and keep your guard up. To keep it as short as possible, offer no opinions on anything--even saying "isn't the weather nice?" can be a trap.

Be polite, and businesslike and do not let them take up your time with that kind of nonsense. I am patient about questions about the documents, but share nothing about personal subjects that can mushroom into a discussion.

Just my 2 cents...

Sincerely, Brenda

Reply by Lisa/MN on 5/27/04 2:55pm
Msg #2377

Boy, isn't this the truth!!! I got sucked into a "discussion" about the war with a marine who was now inactive, but still has family and friends in Iraq. I kept trying to "crawl out" by continuing to point at items on documents, but he was relentless. It is not that WE were having a discussion, he was and his wife just kept shrugging her shoulders. What should have been 1/2 hour turned into 1 hour because I couldn't get him to stop talking between signing forms! Nice guy, and had interesting things to say, but it is hard to politely keep things moving without blatently ingoring him! It is so hard to draw that line sometimes, I am afraid I might hurt someone's feelings if I don't give an "oh/uh-huh/hmmmm" occassionally. I usually say something with a smile like ...."and this is the ....I need you to sign here....." without any comments or acknowledgements.

Reply by Brenda Stone on 5/27/04 3:04pm
Msg #2378

Exactly. That's exactly what I am talking about.

See nothing, speak nothing, hear nothing.

I am a polite pointer.
I am a signing agent.
I am a notary.
I explain and answer questions about the loan documents at hand.

Except for that, I do not exist.

I am a Signing Machine.

(:>)

Reply by Roger/OH on 5/27/04 3:07pm
Msg #2379

Most of mine are 20 minutes, occasionally 30, rarely 45-60 minutes.

Agree with Brenda except we are not there to answer questions about the loan. That's why they have 3 days and a loan officer to go to.

Reply by Lisa/MN on 5/27/04 3:14pm
Msg #2381

I must ask, do you then just state the name of the document and point to signature line? Or do you do a "brief" description of the document? I try to give a "brief overview, ie. here is your rate, here is the prepayment penalty amount, etc. Too much? 2nd's and HELOCs take me about 20 minutes, but refi's are 45 - 1 hour. Any suggestions how I can trim this down if at all possible, without cutting corners?

Reply by anonymoust on 5/27/04 8:43pm
Msg #2409

Re-20 to 25 minutes max

1) Call five minutes away¡Kwill be there soon please have drivers license and social security numbers ready.

2) Enter¡K Drivers licenses please¡K. Here are blue/black pens, please sign name with these, sign exactly as typed, ask me how to sign if you have any questions before you sign. Please sign the mortgages, I will explain them in a minute. This process should take 20 minutes.(„º=plant that 20 minute seed)

3) I fill in customer verification/they fill in mortages.

4) Next I go to the hud and the note, and say these explain the heart of the transaction and the rest of the documents flow from there.

5) After the hud, point, sign and date, note sign and date

6) Next a couple forms to get trust up

7) ¡Kyou have right to an appraisal, please sign and date

8) ¡Kproperty must be insured while the loan is outstanding sign and date

9) ¡Kas soon as the pen lifts from one form, I start talking about the next form

10) ¡KI go over the mortgage last saying it repeats info from the note and secures the property which it does.

11) I flip through all the documents and say out loud. Name, name and date. To make sure everything is signed correctly. (When spouses talk to each other one often for gets to dates or an initial or something.)


20-25 minutes total.(It took me a while to get here, but now no problem)

Tricks:

1)I have another appointment at 7pm
2)They schedule me 30 minutes apart.
3)I am only here to see the documents are properly signed and notarized.
4)I do not know your credit please call your lender.
5)I am not an attorney.
6)I decline all offers of drinks and food. Drinks slow things down and can ruin documents.
7)I look at my watch a bunch if things are running slow.
8)Or the fact of the matters that it is an all or nothing proposition as far as the lender is concerned¡K.you either sign all the documents or the loan folds. You should sign today and cancel if you have too after talking to your lender tomorrow. In almost all cases, the lender can explain things. Rates may have gone up so if you do not sign now and I leave the transaction is lost¡K.better to sign now and cancel if you have too. ( I have had loans cancel and gone out a few weeks later to sign the same client and gotten paid twice. )


I never notarize in front of the client. We do not have to in my state. My stamp never leaves my car. I do not want to forget it at a client(I actually have a backup at my house¡Kcheap insurance having a backup for $15.00)((I work at title companies also so I keep the main one in my car.)) I stamp between appointments and at traffic lights.


I use to be a lender so I can explain all the documents, but as you know a one word change in a penalty clause can dramatically alter the meaning of a document. Thus, even a lengthier description by me might not catch everything(isn¡¦t that as equally misleading???...thinking you have explained something but on a second reading you have not? I submit that it is)). Sometimes the documents are sent to the clients house. I haven¡¦t even seen them.

My mom¡¦s an attorney and charges $400 per hour so if they want legal advice¡Kthey can call her.

Or there loan officer who is making $2000 to $15000 on the loan depending on size, rate and credit. Or they have three days to read all the documents.

Or they can call me on my cell while I am heading to my next appointment.


20 to 25 minutes. I am know as efficient by my signing companies. Several like the fact that I don¡¦t explain much. There contracts tell me not to explain, but to witness, notarize and return documents.

Reply by Lisa/MN on 5/27/04 9:30pm
Msg #2413

Re: Re-20 to 25 minutes max

I can't tell you how much I appreciate your taking the time to completely break that down for me. I think I need to speed up my "description schpeel(?)" and get the lead out!

I have heard that there are notaries that never stamp at the signing to help speed it up for their clients. But, as I am sure you are aware, there are those on these boards who would give you a quick kick in the pants for doing so. What state are you in that it is not required? How did you determine that fact? Do I call the Dept of Commerce? I just don't want to do anything un-ethical or illegal. Thank you again for your valuable time!

Reply by Anonymoust on 5/27/04 10:38pm
Msg #2416

Re: Re-20 to 25 minutes max

Per attorney at one of the title companies I sign for. No requirement in state law that it has to be stamped in front of client. I believe it is a non-addressed issue in the law. The law does not say we have too stamp at signing as some states do. Since the law is silent on the issue...the notary can do what they want. Might be a loophole but it is legal here.

I use to stamp if front of clients. If you have to, stack the package with the notarized documents first, then while they are signing other documents later or place the mortgage last in this case, you can stamp away. or stamp quickly at the end.

Reply by CA_Notary on 5/27/04 11:24pm
Msg #2430

Re: Re-20 to 25 minutes max

Most of my signings take 45 minutes to an hour. I get the occasional one that drags out, but I also get the occasional 20 minute signing, so I just figure it all balances out in the end.

When scheduling appointments back to back, I use an hour as the siging time in my head.

Reply by Brenda Stone on 5/28/04 12:48am
Msg #2442

Hi, Roger/OH - Every contract I have, or at least the notary instructions I receive, ask that I explain the documents. Further, I am asked to contact a number of someone on duty and call if a problem comes up cannot be resolved. Maybe it's something that is done in some states and not others.

Regarding Anonymoust's name, name date, etc.:
Call me Bettylou-Thelma-Liz/TX with a sunburned neck and dirt under her fingernails, but I would pay a fair sum to see Anonymoust run that show in a closing here.

It's illogical. What idiot would allow a person to come into their home and bully them when they are paying for the service. The lender is not paying. The Title company is not paying. The borrower is. If they tolerate this I have some ocean front property in Odessa I want to sell them.

Bettylou-T-Liz/TX

Reply by sue on 5/27/04 8:40pm
Msg #2407

I agree with your 'weather' comment. I make absolutely no small talk or chatter of any kind before or during the closing. if they ask me personal questions, I VERY briefly reply in a vague manner. anyway, it's none of their business where I live. I realize most people are just being nice and polite but I give very general answers, such as 'out by K-Mart', 'I've got too many kids', etc. if they start to chit chat among themselves, I keep passing my paperwork and talking - I don't wait for a lull in their conversation. when I'm finished, then I comment if I want to or have to - the other week I couldn't stand it - we had about 2 pages to go and I had kept looking out into one of the most beautiful backyards I had ever seen. there were flowers blooming EVERYWHERE. we signed the last two pages and out into the yard we went and 45 minutes later I left with 2 buckets full of plants - she kept saying, 'Harry, get her some of these, I want her to have the purple ones and the pink ones'. if I had commented immediately, we would never have gotten our loan signed because this lady was just so proud of what they had accomplished in 2 years - I had to look at the 'before' photos of the yard too.

anyway, I've got a lot of experience and for a full loan package of approx. 80-100 pages, it takes me about 45 minutes. like you said, if the loan officer has done their job, it makes our job a lot easier