Posted by CarolynCO on 6/9/05 10:15pm
Msg #43695

Today's Rocky Mountain High Adventure

On Wednesday I accepted a signing from one of my regular SSs -- 2-1/2 to 3 hours drive one way, approximately 150 miles one way. I am being paid quite well for the signing. I believe I drove through 6-7 counties each direction. The reason the drive took so long, was because mountain driving takes quite a bit longer than 150 miles on flat land.

I dodged falling rocks, missed a "boulder" in the middle of the intersection the size of a volkswagon that appeared to have let loose just before I got there. Fortunately, it had missed hitting any vehicle. I've viewed buffalo, moose, deer, rocky mountain sheep -- have driven through sun, rain, sleet, hail, and snow.

I was really enjoying my little field trip until my cell rang. I was about 10 minutes from Borrowers. It was the TC telling me that they were faxing me another HUD with new figures, so since I hadn't reached the borrowers yet, I could turn around and get it. Yeah, right. I explained that my house was three hours behind me. "Oh, my! You are a little trooper. In that case, I'll just e-mail it to Borrowers." By the time I arrived at Borrowers, TC had already called to get correct e-mail address. HUD didn't come, didn't come, didn't come. We finished a refi and a line of credit in just under an hour and the HUD still hadn't come. Finally, Borrower called TC and they ended up faxing it.

BTW, this was my first POA signing that I asked about earlier this morning. I can honestly say that I've had a full day with one signing -- total time SEVEN hours.

Reply by BrendaTX on 6/9/05 10:22pm
Msg #43697

And, if you got paid well--like me, you figure it was well worth the trip. Once you get past expecting to be paid for frustrations, you realize that you profit rather nicely.

Reply by CarolynCO on 6/9/05 10:30pm
Msg #43702

True. Additionally, my husband was driving back from California. On my return trip home from the signing, I hit the intersection at exactly the same time my husband was passing by, so the last hour of each of our drives, we had each other to follow home. Couldn't have planned it better had we tried.

Reply by SamIam_CA on 6/9/05 10:29pm
Msg #43701

About the HUD....It isn't something we notarize, so why is it such a big deal that it is usually faxed to us at the last second. Can the lender just get it to the borrower sometime within the 3 day RTC (provided the loan qualifies for an RTC)?

Reply by CarolynCO on 6/9/05 10:35pm
Msg #43703

I've never heard of the HUD being sent back within the 3-day RTC. I do know that more times than not, they are PITAs, because either they aren't ready with the rest of the docs, or they change it, like today, after we've already left for the signing.

Reply by SamIam_CA on 6/9/05 10:38pm
Msg #43706

That's what I mean. They are a pain in the tush. They are not notarized. So why does it seem like we are always stuck waiting for them? Does it really matter if they sign it at the table - as opposed to via fax machine between the LO and the borrower within the rescission period?

Reply by CarolynCO on 6/9/05 10:44pm
Msg #43707

Sam, I don't honestly know. All I did know at the time of the call was that I wasn't going to turn around, drive 3 hours home to get the new HUD, turn around and drive the 3 hours again, do the signing and drive home the 3 hours again. My 7 hour day would have ended up being 13 hours. Although I was paid well, I wasn't getting paid THAT well. <g>

Reply by Joan-OH on 6/10/05 6:41am
Msg #43731

I would have a terrible time getting my customers to sign if I said: "Don't have the HUD, so just sign all these papers and the title company will tell you what the fees are later" Would you sign a $200,000 note under those conditions?

That is why the HUD needs to be at the signing. Revising and correcting it during the 3 days can happen, but the borrowers should have some idea what it is costing them before they sign the paperwork.

Joan-OH

Reply by Kim_NJ on 6/10/05 7:18am
Msg #43740

Based on what I have been told, the HUD can be ammended and resigned during the recission period. I have done many signings where the word "ESTIMATE" is watermarked on the document. From what I understand a "Final" must be presented and signed before the loan funds, although I have never been asked to return to get the final signed, since it is something we do not have to notarize. I assume it is just faxed or overnighted directly to the borrower.

I think part of why the TCs try to get us to return home to get the corrected one is more for the assurance that it is signed properly and returned in time. I have even been asked to cross out and write in the correct numbers before (of course with everyones initials).

Reply by SamIam_CA on 6/10/05 10:33am
Msg #43774

Joan and Kim - I have also been asked to amend the numbers & use only estimated HUDs. One company I work with always sends a form stating that the HUD will be sent later. I've never had the borrower complain (to me) about not having the final HUD.

Of course these the ARMs that are interest only and have major balloon payments. Maybe the borrowers are not financially savvy enough to want the final HUD at the closing.