Posted by mes/IL on 8/12/05 12:39pm
Msg #58587
regarding borrowers receiving docs
I have had 4 closings this week that the docs were sent out to the borrowers.Of the 4, I only closed on one, the other 3 were canceled, 2 rescheduled for next week.Previously, I only worked for one ss that had the the policy of the borrowers receiving docs.Now, this seems to becoming a new trend for other ss companies.I have never had so many cancellations in one week, and am pretty aggravated.In a couple of these cases, I think the borrowers misunderstood the docs they were going over.The phone calls are flying, and needless to say, I am really getting stressed out trying to shift my schedule around for next week.The borrowers want to take it on the notary, yet I haven't even had a chance to see the doc.I have tried to be patient, but after the endless calls, I am really frustrated.While I agree that it is sometimes easier to not have to print out docs,I have to say, after this week, I would prefer to not have the borrowers recieve them.I have one borrower that was in a state of shock that he had to bring almost $6000 to the closing table. Another, a co-borrower was not listed on ANY docs.I know I am just venting, but I do believe that if I were to have posession of these docs, some of these problems could have been alleviated before I was heading out to these closings. Anyone out there with similiar situations
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Reply by mes/IL on 8/12/05 1:11pm
Msg #58600
I am not saying I could "cure" the borrowers problem. But when I am in my car on the way to the borrowers home and he calls to say he needs to deal with this $6000, I feel that if I would have either received the docs email or overnight, I would have immediately called him to see if he had a certified check ready and saved myself a trip out.Also had one on Mon pretty far from home.Walked into the gentlemen's office to him looking at me and telling me he was not closing on this deal.He had the docs for 4 days and did not call the lender or have the curteousy to call me.I did not intend to insinuate that I would have rather been at the closing table w/these issues at hand.It just seems unusual that all my cancellations were w/borrowers who had their docs, and I was frustrated.
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Reply by db_IL on 8/12/05 7:12pm
Msg #58709
I agree see your anxiety 'mes_IL'. I've noticed a trend with the docs going to the borrower. The goal may be to ease the borrowers concerns and allow them time to review them prior to our arrival. But I've noticed a great many never even open the package or just barely glance at them before I come. So then both of us are going into it sight unseen.
The other benefit, of course, is that the SS saves $$ on having us print/copy for e-docs. That is really a legitimate savings and when the bwr is well-informed (like in WaMu's) it's a smooth transaction for all involved.
Recently it has been my practice when I get to bwr's home to ask for a few minutes to familiarize myself with the docs before we begin. This takes a bit more time but it helps me move right on thru the signing with no surprises popping up along the way. Also unless I know it's a small package, I have a small fee ($10 or so) included for such an "on-site review".
I agree with you wholeheartedly that if we at least have the docs prior we can at least be prepared for bumps ahead if not totally avoid them.
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Reply by LawrenceOK on 8/12/05 7:37pm
Msg #58717
When the borrowers receive the docs, a good thing to tell them during your confirmation call is, Review the docs but do NOT sign any of them. Call your lender if you have any questions prior to my arrival. Never had one go south yet.
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