Posted by MBCA on 10/27/05 9:29pm
Msg #72763

Why, Oh Why Are Some Docs Always SO Late!

I've had 2 signing this week where the docs were unbelievably late! Monday I got the assignment at two in the afternoon and the docs didn't show up until 8:30 that night. Last night I received the docs early in the afternoon, but the 1003 and escrow docs didn't show up until 6:00 pm. I know I'm only seeing the situation from a where I stand, but I'd really like to know what's involved in the preparation these docs. Has anyone out there worked on the other end of this and could you explain it?

Thanks so much.

Reply by MaggieMae_CA on 10/27/05 11:27pm
Msg #72794

I prepared closing docs 17 years ago. I could put together 5 packages in an 8 hour day. That was before the days when everything was computerized. I know from back then, that many times I would need to wait for underwriting approval before I could prepare the docs. I imagine some things never change and that's still the case.

I realize from doing signings that the title docs can come from one source and the loan docs another source. When I worked for the mortgage broker several years ago, I did the package from start to finish.

I think it's safe to say that closers today can do more packages in an 8 hour day than I could with everything being on computer, but I'm sure that scanning the docs takes additional time and they're still sitting there waiting for the green light from the underwriter!

Reply by MBCA on 10/27/05 11:47pm
Msg #72799

Thanks MaggieMae,

That makes sense!

Reply by PJM/MI on 10/28/05 7:06am
Msg #72823

Good answer, Maggie! I work with a title co, and that is exactly what I was told. The HUD has to go back to the lender to be approved, also & that can take quite a bit of time..especially at month end. Like ANON, my docs have all been really late this week.
We just have to go with the flow...even if the flow gets a little shaky.

Reply by Art_MD on 10/28/05 7:18am
Msg #72824

Re: miracles do happen !!! docs on time

I must be dreaming. E-docs arrived, printed out perfectly. For a closing on Monday. 3 days early. Now to see if they hold up and don't get revised at the last minute.

Art

Reply by LawrenceOK on 10/28/05 8:42am
Msg #72839

Re: miracles do happen !!! docs on time

I have dealt with many underwriters that have a ton of work on their desk and what are they doing? on the phone with spouse, taking a 2hr lunch, had to leave for a couple of minutes 3hrs ago, didn't bother to show up for work, quit at eom because job was to stressful. Hell, no wonder DOCS COME LATE.

Reply by MaggieMae_CA on 10/28/05 10:30am
Msg #72853

Hey Art...

They won't need to be revised, the closing will be cancelled... he he he

That's happened to me twice after printing out the docs when I received them early.