Posted by Anonymous on 9/16/04 11:19pm
Msg #8140

CONFUSE

A NEWBIE, PLEASE HELP!
I HAD A SIGN-UP WITH A NOTE OFF $72000 & A PAYOFF $71000, YET THE BORROWER WAS THINKING OF GETTING A LOTS OF MONEY IN THIS CASH-OUT REFI. THE BORROWER ASKED ME , "WHEN WILL I GET MY BIG CHECK AND FOR HOW MUCH?" I STOP THE SIGNING AND ASKED THE BORROWER TO CALL HIS BROKER. WHAT IS THE RIGHT THING TO DO?

Reply by CaliNotary on 9/16/04 11:30pm
Msg #8144

#1. You did the right thing by telling him to call his loan rep, but you should have attempted to complete the signing, make him aware of the recission period, and have him call the loan rep after you left. NEVER discuss or give opinions about the terms of the loan. The estimated settlement statement should show the cash out that the borrower is getting.

#2. Check into English classes at your local community college. You definitely could use some major assistance in that area and it will benefit you greatly to be able to correspond professionally in written form.

#3. Please don't post in all caps on message boards. It's considered to be shouting and a lot of people will just ignore your messages because of it, thereby defeating the original purpose of the post - to get answers.

Reply by JJ-Ca on 9/17/04 1:21am
Msg #8157

thank you, for all your comments. All your suggestions were good. Furthermore, I strongly agree with you on #2

Reply by Andy_WA on 9/17/04 3:43am
Msg #8163

Did you not showed, explained or the borrower didn't see what was on the HUD? The HUD and RTC are the first two forms I start with any signing.

Reply by JJ_CA on 9/17/04 4:49am
Msg #8167

the HUD had a $-997.50. That is why I did not understand why the broker was misinforming the borrower

Reply by Loretta Reed on 9/17/04 6:53am
Msg #8170

Re: CONFUSED

You have to go over the HUD, RTC and NOTE before you start any closing. Then I go over their payment and when it is due.
Maybe the (-) sign was an accident, maybe not, almost sounds as if he owed the bank money and should have had $977.50 in a cashiers check for you.
Check the HUD, if you have questions, call the loan processor.