Posted by kwink/ca on 7/14/05 11:11pm
Msg #52354

Many of my assignments have gone south on me this month...

either because of cancellations, BRW decided to take a vacation or no confirmation was received, etc, etc, you name it. Anyone else having this happen?

Reply by megan on 7/14/05 11:31pm
Msg #52364

Re: Many of my assignments have gone south on me this month.

Yes!!!!! It has been a bad month.

Reply by Kimberly-IN on 7/15/05 12:08am
Msg #52392

Re: Many of my assignments have gone south on me this month.

Yeah, same here...slow and some cancellations which I normally don't get

Reply by Sharon Munday on 7/15/05 12:53am
Msg #52410

I've been getting assignments but after printing and then meeting with the borrower, the title company or lender has the figures incorrect and borrowers refuse to sign docs. !!!.. has happened twice this week. Whazzzzz Up???? tee heee

Reply by Melody on 7/15/05 2:18am
Msg #52417

Me too

Since rates have started to fluctuate upwards, I've been noticing that a lot of LOs are trying to push through a lot of nonsense.

I spent a half-hour today trying to confirm with a borrower on a signing for tomorrow at 10am. Left messages in two states. Called three numbers. Did reverse directory checks. Checked 1003 for additional numbers. Called TC twice.

My hunch is that the LO is pushing the closing through and the borrowers have no idea they are supposed to sign tomorrow. They are probably out of town on vacation.

I am also seeing more and more surprise terms on loans, like not-before-mentioned prepayment conditions with whopping fees. And higher than quoted lender fees on HUDs.

All this adds up to sloppy work by LOs who just want loans to close and care little about making certain the loan is accurate and really ready to be signed. The title companies must be tearing their hair out.

My opinion: now that rates are starting to rise, lenders are pressuring their LOs to close, close, close. Now, now, now.

I am hearing more and more borrowers use the description "used car salesman" when talking about their LO's.

I am starting to think I need to wear a helmet to greet all the furious borrowers who are ready to swing baseball bats at me when I walk in the door.

Talk about "Don't shoot the messenger!"

Reply by Notary4U on 7/15/05 8:50am
Msg #52430

Agree 100% Melody... BUT read THIS


Like this one Tuesday:

Confirm and everything is cool...


Get there and borrower says to his son...hurry up mom will be here to get you to your game..

I say great Inga just has to sign legals...

Borrower says "why is my Ex on these docs at all?"

Ex? what do you mean Ex?

I ask if by chance he remembers signing a quit Claim at divorce settlement?

He "thinks" so

Call title company, they say just cross her name out and have him initial and they will figure it out or have me go back with a QCD...Great...fixed

Start

First is the HUD...looked through, everything okay...borrower jsut comments "fees see high"...
(yeah 4 % origination..yeah that's high I'm thinking)

Next doc...closing instructions...rate is 6.2% ...borrower says "My rate is 5.4%"...

I say...well, look like it's 6.2%...do you want to call your loan officer?

SURE...no answer, leave message for him to call

I say, well, while we're waiting, lets move one and we'll come back to that

Here's the next one...Pre-Payment Rider...

borrower "there's no pre-payment penalty"..

I say...well, look like there is and it's for 2 yrs...

I say, well, while we're waiting for him to call, lets move one and we'll come back to that

Next doc in their order Adjustable Rate Note

Just then the loan officer calls and the borrower says...I thought my rate was 6.2% and what is this pre-payment penalty...

Now I can hear the LO and he tells him, "don't worry tomorrow I will get the rate changed and the pre-payment penalty....disregard that doesn't apply. Just sign these docs and we can just redo anything if you don't want this loan"... (that was a quote...word for word)


So I wait til they are done, pretend to have heard nothing and the borrower tells me this...

He siad he will just change the rate tomorrow and the Pre-Payment Penalty doesn't apply.

What the hell do you do then????

I say well, you have a 3 day right to rescind should he not be able to just chnage those things, after 3 days, these docs and rules are what your new loan consists of.

Moving on...next doc...Adjustable Rate Note...

Borrower says..I have a fixed rate"...

Hmmmmm, anyone else getting a patern?

I say...well , with this loan you have an adjustable rate, let me show you the TIL...

I go through that will him and he says.."after 2 yrs my payments are the same as I have now and 6 months later they're MORE...AND your telling me I have no escrow set up? Why would I sign this?"

Thank god he's enlightened

I say, well sir that's up to you if you want to sign this package

Borrower says.."well, I'm going to have to resign aren't I?"

Tough question...I will call the title company and you can ask that to them. Call and she tells him that if the terms are not correct you will have to sign a whole new set of docs.

Borrower says "Why would I sign these if a new set of docs has to be singed?"

She tells him...I don't know.

Well, he decides not to sign and says that he wonders WHY his LO wants him to sign these docs so bad if they have to be redone.

My little voice inside is yelling....."Pick me! Pick me! I'll tell ya" Because your loan officer is trying to get you to sign a loan you don't want. He probably couldn't get the terms you wanted but doesn't have the balls to tell you that so he figures get him to sign something.

Scum

So, now I'm home and the MANAGER of the loan officer calls me and asks "how'd it go?"

I tell him, the borrower didn't sign...

"WHAT, why not!!!"

I go through the list

rate is 6.2%, not 5.4% as he was told
Pre-Payment Penalty and there wasn't supposed to be one
Adjustable Rate and it's supposed to be FIXED
No Escrow set up and it should be
and just for another thing to add...EX was on title and shouldn't have been

He says THIS>>> "Hang on to those docs, I'll call him tomorrow and I'll get him on baord and he will sign that loan."

Are you kidding me? <<<inside my head...I say"well, whatever you do, let me know and I can go out again for another trip fee."

Said goodbye and just got the rescheduled appt for Monday

Nice, huh

Reply by Kay / NV on 7/15/05 9:46am
Msg #52438

Re: Agree 100% Melody... BUT read THIS

Jobs like this one I would not go out on again. I would not want to be part of a closing that seemed.......... "fraudulent". This reaks of switch and bait.

I like you would not advise the borrower that this is a bad loan, but a closing like this could come back and haunt you. Especially if the borrower signs. Expecting changes to be made and they are not. Now the borrower is going to state "you" worked for the mgt company and did not disclose that you were a sub contractor there to make sure signatures were correct and notarize specific documents. See where all this is heading???? Not too good. Hopefully the man is smart.

Yes I know I do not know his financial background, payment history, income, credit scores ect. but with all these "errors" on the loan documents it would make me leary of signing. And to think I had a lady last week make phone calls, 1/2 hours worth, and change the HUD because they were charging her 2 days additional interest. Got to love this job.

Reply by J in CA on 7/15/05 11:36am
Msg #52458

4 No Signs, 3 were in a row!

Same here, LO's not communicating with borrowers, big surprises when I get there.
I'm glad to hear it wasn't just me, and my bad luck getting in the way.

Reply by SarahBeth_CA on 7/15/05 11:46am
Msg #52463

Re: 4 No Signs, 3 were in a row!

That is exactly why we should get full fees for no signs. I don't know what your fee was but say it was $100 and the ss pays $50. You've really lost out when you have set aside the "time" to do the job.

Reply by Notary4U on 7/15/05 6:08pm
Msg #52553

Kay/NV


I'm know exactly what you mean. I did not advise, but I could tell that the loan afficer was an ass. So, I just emphasized the right words when I made remarks to the borrower and I was glad he wanted me to call back the title company.

...what I forgot to add there after I just re-read my post (after being out all day and finishing a "purchase from hell" - fault was the builder) was that when I let the message for the loan officer, I immediatelt called the title company to verify the EX (per the borrower asking me to check since IF she had to sign, she was on her way to pick up their son and could) had to sign or if they wanted me to strike her and have him initial. I think he trusted the title company MORE than his loan officer.

I just made sure that I didn't tell him WHO to call, or anything else. I made sure he gave the direction as to who HE wanted to talk to with his questions. I think he was smart to cancel and demand they make the loan per requested.

I will first get the docs, and before printing I will call the borrower to verify the specifics of the loan (he asked me to do that whenI called and confirmed the reschedule) and if they are not correct, I doubt he will want to sign those either. But...I will definately watch out. And I document notes myself at home (a personal log of events) to cover my ass for reasons as these. The borrower knew that I was NOT working for anyone but myself and my job was JUST to make sure he was who he says he is and that his signature is the same.

I have had to sue individuals before and I have won without having an attorney because I keep documentation of everything. My friend who's an attorney, told me once when he came with me to a small claims suit...that the info I presented to the judge was better than his first court hearing. I doubt it but the judge said he would have 7 or 10 days until I would find out the outcome. Well, I got it in the mail the next day. Which means he had his decision right away and in the mail that night. And if anyone cares...I won.

My point of the first post was to BE careful...and for yourself first and then hope the borrower is for themselves...and LO can be scum