Posted by Mike_AZ on 12/21/05 9:44pm
Msg #83980

End of month, end of quarter, end of year - Watch out!

LOs try to push thru really crappy loans at the end of the month.

it's end of month AND quarter AND year, they are shoveling it extra.

MY policies
*I don't call the borrowers to set the time until the eDocs show up in my email box
*I look at the loan terms and review them with the borrower before printing. I go over Note, HUD, and TIL.

This policy saved me 4 hours of work and travel today. Loan was short $10k for the borrower cash out. Prepay fine was $10k.

Reply by Jenny_CA on 12/21/05 11:03pm
Msg #84001

*I look at the loan terms and review them with the borrower before printing. I go over Note, HUD, and TIL.

I once faxed the Note and TIL to the borrower, the LO got PO at me and has never called me again after she had initially said she had a lot of business for me. The borrower had said that she couldn't open the email the LO had sent her with the mentioned docs.
I've had borrowers wanting to know before hand what their interest would be and I've had LO/SS request that I set up the time while I wait for the docs.

Reply by Nd_WA on 12/22/05 2:30am
Msg #84037

No..No!

Here's a good example, I did a Countrywide loan last month where the borrower (under certain condition) would get 1/4 percent rate reduction each of the first 3 year. There was nothing mentioned in the note. Borrower called and LO said it's on a separate page (Addendum to Note) almost toward the end of the package.

No sign is the risk involve in this business; our job is to have the docs in front of the borrowers then everything goes from there. What if the above borrower get PO because you told him/her the rate reduction is not there in the note. The borrower doesn't want to sign and couldn't get a hold of the LO. You in the mean time accepted another job for that time slot. Who is going to be held accountable in this case?

Reply by CA_Jeanet on 12/22/05 2:43am
Msg #84038

Re: No..No!

I've had SS and TCs tell me NOT to go over terms before the signing. I now ask them, as not telling the borrower has cost me time and money in the past.

Reply by Janel Nichols on 12/22/05 7:55am
Msg #84066

Re: No..No!

Most companies ask you NOT to talk terms at all. Let the LO handle it. If the borrower asks me over the phone I do not refuse them. They are already uneasy. But I still make the trip. If this is a return trip from a deal that went south to begin with and the borrower asks me, I do not refuse them. It has never stopped me from going. I tell the borrower it is my job to present the paperwork, if at that time you still choose to not sign, please write a statement for the LO explaining what the problem is......again. This is only after a 2nd trip has been made.

Reply by Roger_OH on 12/22/05 9:19pm
Msg #84262

I always let the borrower know...

if there is a balance due shown on the HUD. It's specially important if a significant amount so they know how much is due, gives them time to get a cashier's check if necessary, and/or check with their LO if amount is not what they were expecting.

I'd say about 40% of the folks that I call to tell they have a balance due had no idea about it. It has saved me a lot of grief at the table.