Posted by Amy_CO on 8/27/05 4:52pm
Msg #62240

First signing some issues

Had my first signing last night and posted before it yesterday with the question about the husband's name not being on all of the docs, ie, loan app. I got to the signing and it was a really sweet elderly lady. I asked if Mr.___ was here and she said, "oh honey, he has been dead for thirteen years." So I called the LO and he said to cross through the husband's name and inital.

So first question, do you call the LO direct or the signing service, on the ss's instructions, it says to call them but I just assumed the LO would be the person to contact. Them I realised that the affidavit of indemity had 2003 on it so I crossed through and initialed and put 2005. Now I'm worried that I should have called BEFORE to see if they wanted to send me a correct affidavit of indemity.

I guess live and learn but should the general rule to call on every discripency or was it okay to cross through the 2003 and change to 2005?

Thanks

Reply by taxpro on 8/27/05 6:06pm
Msg #62248

Often, the LO will provide an after-hours number in case of questions. That's usually the best person to call. If you call the SS, they'll have to call the LO anyway, if it's a matter pertaining to loan terms or fees. The LO is usually quite happy to have you call, because they have a vested interest in getting that loan closed, and don't want any unresolved issues with the borrowers. If it's a "mechanical" issue, like changing the date or adding a name, the SS may be able to help, but I get better results by calling the TC or LO.

Regarding changing the date on the aff from 2003 to 2005, I think it was ok to do that. But even if you didn't change it, the date that really matters is the one she writes next to her signature, and the date you put when you notarize it, IMHO.

Reply by Amy_CO on 8/27/05 6:13pm
Msg #62249

Thanks for info. That is the thing about the aff. It was preprinted

dated this ____ of ____, 2003.

Notary , etc, etc. So it was the dated I was notarizing it.

Reply by marushka on 8/27/05 8:08pm
Msg #62262

Why is LO , SS ,TC?

Reply by Iris_WA on 8/28/05 1:11am
Msg #62287

marushka

*Why is LO , SS ,TC?*

LO = loan officer
SS = signing service
TC = title company

Reply by Iris_WA on 8/28/05 1:11am
Msg #62286

Amy -- First signing some issues

Amy -- when I accept the assignment, I usually ask the SS who I am to call with questions. In that way, I don't offend anyone, and know exactly who to call. Some SS prefer to be the one to speak with the LO.

Reply by Renee_MI on 8/28/05 4:35am
Msg #62290

Re: getting answers to compliance questions

I always try to call the 'source' of the doc in question, and 99% of the time can do this 'annonymously' so no toes are stepped on, and 99% of time the source is the lender. This way, I get correct answer and more quickly.

For example:

typo/misspellings on mtg/DOT - while we know county recording compliance for mtg/dot, it is the lender's doc and some accept corrections, some do not. Most of the time you can find lender phone contact in Closing Instructions, otherwise internet look-up and I track down lender's closing dept or compliance dept, simply ask "doing a closing for you, mtg has name wrong, do you accept hand-marked changes?" If yes, make change at closing and PUT A NOTE "per blah blah blah, hand-marked change is acceptable." (This is important, can save a closing w/ this info OR save yourself/borrower wasted time if they demand docs be re-drawn - and you might even have time for them to re-draw).

L/O would be called for any of borrower's questions at closing, generally these are questions re loan terms, items being paid on HUD, escrow acct set-up/no escrow acct.

T/C - borrowers see taxes being paid, they insist they paid their taxes, jumping around pulling receipt to show you - this call would be to T/C "can you re-check tax payment while we're finishing our closing, call lender re hud change and call us back asap?" In fact, had T/C able to correct the Hud after confirming taxes were paid, e-mail correction to Borrower who printed and signed before I left - ta da, nice clean correct closing and very happy borrower. Had another where Borrower (very astute, I might add) disagreed w/ mtg pay-off amount (and wanted to forego closing due to that). Call T/C, ask them to check calculation - call back to confirm yes, is way off base, will revise - faxed to borrower's fax while I'm still there, ta da another 'saved' closing, another clean, correct pkg and very happy borrower.

I sure would encourage new SA's to familiarize themselves with all the parts and pieces of loan transactions, who does what, etc. as it can make everyone's life so much easier.

Reply by Dee_RI on 8/28/05 11:39am
Msg #62311

Re: getting answers to compliance questions

I thought I was savvy! I like the way you handle those situations. I am going to print this post out for reference.

Lately, I have run into situations where the house is Quit Claim Deeded to the husband/wife due to divorce, but docs have both names. I make sure wen I confirm that I emphatically state who needs to be present. If the borrower says "Oh no...I signed a QCD, blah, blah" I ask them if it was recorded, and do they have a copy of the recorded QCD. That way I can have them fax it to the TC/LO and hopefully save the loan before I get to the signing table.

For all this aggrivation, you'd think that we would get a bonus or even a pat on the back. Even though I don't get the recognition, I'd still do what I usually do. I try to put myself in the borrowers shoes, and I certainly wouldn't want a lazy, good for nothing person handling my loan documents.

Reply by Les_CO on 8/28/05 10:29am
Msg #62306

Glad to hear all went well! Taxpro it right. Call the LO (if possible) Many (most) times the SS person you speak with knows less than you. The LO has a lot riging on a good signing. Dates on pre-printed stuff mostly don't matter, when they sign, and when you notorize counts.

Reply by Amy_CO on 8/28/05 11:18am
Msg #62309

Thanks Les, I was a nervous wreck, but it went okay hinking back on it. I have another one Monday night so I am re-reading all my material and feel a bit more comfortable but I'm sure it will take quite a few to get into the groove.

Thanks to all for the advice

Reply by Les_CO on 8/28/05 12:09pm
Msg #62314

It gets easier as you gain more experience. (guess you can't tell that by all the typos in my last post! Sorry I was in a hurry) It sounds like you did your last (first) one just fine. Next year this time you'll wonder what all the fuss was about. Don't be nervous, remember you (in most cases) know more about this, even at your beginning stage, than the borrower. It is really just common sense. (altho having the borrower sign and initial the closing instructions, that is sometimes required, makes no sense to me) I did one for an attorney that works for the Attorney General of Colorado's office Friday. I knew more about the doc's than her, (as it should be) it went smoothly. Hardest thing was parking down town.