Posted by Oldbie_CA on 9/21/04 5:25pm
Msg #8536

A Little Fishy

I've been doing loan signings for a loan officer who has been giving me direct work. The last 2 loan signings I did for her seemed a little fishy due to the fact that the monthly payment the borrower was quoted was different from what was on the note. One was only $20 off but the other one was almost $300 off. The borrowers spoke with her and they insisted on continuing with the signing.

It kind of sounds like a bait and switch to me. But, I guess, if the the borrower insists on going through with the signing they have that right.

Reply by CaliNotary on 9/21/04 6:46pm
Msg #8547

They definitely do have that right. Just make sure that you don't give your opinion on the matter, could get yourself in trouble that way. When something like this happens to me I just make sure I emphasize the right to cancel dates and tell them the procedure they need to follow should they decide to cancel. Beyond that they're on their own.

Reply by Oldbie_CA on 9/21/04 7:01pm
Msg #8549

That is exactly what I did. I made sure that they saw me put the 2 copies of the RTC forms with their loan packet.

Reply by Dotti_CA on 9/22/04 3:52pm
Msg #8642

Do you mean that the payment amount on the note was different from the first payment notification letter? Could it be the difference between the P&I (note) and the P&I/TI (total?) I almost always have to explain the difference to borrowers.