Posted by BP_WV on 6/30/05 8:40pm
Msg #49171

Frustrated in WV

Had a Buyer/Seller signing. I have never encountered any problems with these types until today.

1. Documents were late; therefore, I was late.

2. I had no time to review the documents since I was already an hour late.

3. In doing these types, I have NEVER had a buyer/seller signing in the actual mortgage company office with the loan originator anticipating to be present for the entire signing. So I kindly explained that the Mortgage Company employees need to step out while the documents are being executed. I explained it is my job to be sure the signers are who they are and know exactly what they are signing. I notified the mortgage company that if the buyers had a question, I will remove the paperwork from the desk and have someone come in and clarify their question. I got some dirty looks.

4. Mortgage company comes into office and disrupts the signing. Asks me to pick up the telephone to speak to the broker. Broker then insinuates that this transaction seems sneaky.

5. Mortgage company disrupts the signing AGAIN. Wants to know the exact funding date. I proceed to tell them that I am not instructed to quote an actual funding date earlier than six days. However, in reading the docs with the sellers were aware that the loan will fund tomorrow.

6. Broker calls again.....tells me how sneaky I am being... tells me I don’t know how to do my job.... tells me he will advise the clients not to sign.... I kindly informed him that the buyers were almost done signing. He then asks to speak to an employee and I gladly passed the phone while the borrowers (buyers) finished signing.

7. This ones the DOOZY........ready for this? Upon completion of the transaction, the mortgage company employee said "When will my commission check be sent." RIGHT IN FRONT OF THE BORROWERS.

I will never do another buyer/seller transaction in a mortgage company ever again.

Did I do something wrong?

Reply by Julie-MI on 6/30/05 8:52pm
Msg #49176

I don't think you had any right to have the lender and/or lenders representative step out.

This may be a household/beneficial rule, but no matter how polite you were in your request, look at it from the lenders point of view:

1. you were late. doesn't matter whose fault it was, you WERE late.

2. you didn't review docs, so could your unfamiliarness with this package made you appear nervous or sneaky?

3. just because you NEVER (your emphasis) had a purchase closing with the lender present does not mean this is not the norm for the lender.

4. cannot figure out #6, why would mortgage broker not want his client's to sign? Or did you mean real estate broker? Either way, this didn't make sense.

5. So the guy has no class regarding his commission, his actions made him look bad, not you.

Reply by Becca/FL on 6/30/05 9:03pm
Msg #49178

I would never tell the the broker, realtor, lender, EO, whom ever that they had to leave so that you could do your job. Sorry, could be professional suicide. I don't understand your position.

I do, however, go over the buyers portion after the sellers have signed and left. It's not the sellers business.

Reply by Joan/NY on 6/30/05 9:45pm
Msg #49189

I had a similar situation. It was a while ago but I will never do a loan closing with the morgage co. around. They tried to explain it to the borrowers and couldn't. I stepped in and explain what he was trying to tell them. Calm down have a drink and move on it isn't worth it. It is nice to have a sounding board though. I didn't.

Reply by BP_WV on 6/30/05 9:52pm
Msg #49194

Not only was the room too small, the converstaion turned into a discussion about food, dogs, chicken feed and crab grass. The employees of the morgage company ended up pulling chairs up to the outside of the door. They were more than welcome to listen..... just not butt in.

Reply by Julie-MI on 6/30/05 10:14pm
Msg #49208

New purchase closings belong in a title company by an experienced closer.

Reply by MillerENT_GA on 6/30/05 10:30pm
Msg #49212

You sound as if you took charge of the signing. They have no business being there. Hey, why didnt they invite the insurance agent too? I once had a signing with the broker present. I would go over the docs and explain what it is while the broker would jump in and tell the borrowers "its ok, just sign it". This does not sit well with me. I am there to make sure that they comprehend the information and sign it. I might as well just hang my suit in the back of the closet if I allow a broker, mtg company, or anyone else tell the client sitting in front of me to just sign it. I agree. I always ask them to leave when i have those.

Reply by Nancy in Florida on 7/1/05 12:32am
Msg #49253

I don't know if you did have the right to ask them to leave the closing either? The documents they were signing were from the mortgage company, it is their loan. Regardless of who actually hires us, in the borrowers eyes we all fall under the umbrella of the Lender. I did a signing last week at a local mortgage company, it was a refi and it was conducted in the LO's office. She stayed for the entire closing. She would actually jump into the conversation in the beginning and explain the documents. After a few docs she realized I knew what I was doing and she sat back and observed. After the closing she told me that I really know my documents and I really know the business. She said she always sits in because she has seen too many times where the SA does not know what they are doing and conveys incorrect information to her clients, which reflects poorly on her. She also gave me her card and asked me to join a local group of business people who network together and share marketing ideas and will market their products together. Since it is the end of the month I have not had time to call her but I will, this group could open up a local avenue for me for additional business. I learned long ago do not bit the hand that feeds you...

Reply by TAgey_VA on 7/1/05 10:16am
Msg #49318

That would be considered cohersion! If the borrowers are pressured into the purchase, the closing procedures should be stopped and the Notary steps in and explains that under the circumstances you will not continue. (unless the broker, mrtg rep, etc promises to stay quiet). MHO