Posted by Anonymous on 9/29/05 11:41pm
Msg #68074

Has anyone

had a closing where an attorney is the borrower? I am fairly new to the business and this is a first (attorney as borrower) for me. I am somewhat nervous.

Reply by Leslie_Mo on 9/29/05 11:55pm
Msg #68077

I've done a couple that were attorney- borrowers and was nervous like you. In each case, the husband and wife were both attorneys. It seems to depend on the type of law they practice whether they are knowledgeable or not on home loans . One couple seemed to have little knowledge and just signed everything I gave them. The other couple was very knowledgeable but they signed everything without any problems. They said they knew a lot of the paperwork was just added legal junk docs that they were required to sign. Just take your time and you'll be fine. Good luck!!

Reply by Donna LaBelle on 9/30/05 12:49am
Msg #68080

I had one last week where the borrower had called me to do a simple signing for him when he worked for a mortgage company. It took him 2 months to pay me for that- well I went to the signing for his loan, and he didn't realize who I was until we were done. I think he was slightly embarrassed.

Reply by CarolynCO on 9/30/05 4:22am
Msg #68088

Re: What difference does it matter ...

if Borrower is a doctor, lawyer or factory worker?

Working with attorneys for over 20 years, I don't understand why people are so initmidated by attorneys.

Reply by PAW_Fl on 9/30/05 7:08am
Msg #68094

Re: What difference does it matter ...

I agree. I've done numerous "attorney client" closings without any problems. Some were just great. However, there was one that sticks out in my mind and probably will for ever.

Nice middle-aged couple, no kids, Ms. was an attorney (don't know her specialty) and Mr. was a corporate CPA. This is a deadly combination. Not only did each one read and read and read, Ms. attorney started to mark up the mortgage. I told her she could not do that, and if she continued the loan probably wouldn't fund. She continued, even after I replaced the marked up pages with the pages from their copy. Mr. CPA marked up the note, the TIL and the escrow disclosure. I just knew this was going to throw everything into a tizzy when the docs were returned.

After 2½ hours, all docs signed (not a large package) I left. Docs dropped the next day (Tuesday) and arrived at the title company on the following morning (Wednesday).

Needless to say, at 10 AM I got a phone call from the title company. I explained the situation and the processor laughed saying they did the same thing with all the preliminary docs. She (title processor) said that the lender probably would not approve the loan. I don't know if they found another lender or not and refinanced. But it certainly didn't happen with the set of docs I sent in.

Reply by BobRogers_FL on 9/30/05 7:22am
Msg #68096

Re: What difference does it matter ...

Paul...as usual, you are right on target. The biggest problem is they take too long to sign. I also warn them not to make any notations on the docs or they run the risk of the loan not funding, but if they want to mark them up or not sign, or put notes, or whatever, there is nothing we can do about that except to ask them not to. This is between them and the lender and not really our problem. As a rule, the ones I have done were very easy and quite pleasant. I remember one lady lawyer, when I presented her with my "Disclosure Hold Harmless" form, she said, "hey!, that's a good idea, I don't blame you one bit". Made me feel a lot more comfortable about using my form.

Reply by DogmongerCA on 9/30/05 8:03am
Msg #68101

I would much rather sign a attorney than a engineer

Those guys and gals think every wheel must be reinvented on your time:-)

Reply by Becca_FL on 9/30/05 1:45pm
Msg #68168

I couldn't agree with you more, Dog...................n/m

Reply by TCMN on 9/30/05 3:22pm
Msg #68189

too funny PAW....I had the same...

two borrowers, Mrs. Attorney (writes law books) and Mr. Corporate CPA. Thank goodness in my situation, they had the docs delivered to them and had read them all before I got there, but did mark up the HUD but knew enough to ask if they had the ability to "edit" the other docs.

Reply by Anonymous on 9/30/05 8:40am
Msg #68108

Thanks to all that replied and I agree with the responses. Why should I let them intimidate me, I probably know more about mortgage loans than them. Thanks for the confidence booster.

Reply by CarolynCO on 9/30/05 9:05am
Msg #68115

Re: Just remember

that people are people. Some we want to clone and others are the biggest PITAs imaginable. If your own borrower/attorney insists on writing on the papers, tell them they will have their own copy that they can do with however they want. Attorneys are used to writing their thoughts down on legal pads. If problems or questions occur, have them write them all down on the legal pad and continue with the signing and, if necessary, the LO can be called with all the concerns at the end of the signing.

Reply by Ted_MI on 9/30/05 5:07pm
Msg #68201

Re: Carolyn - another thought

Carolyn,

Not only are attorneys used to writing their thoughts down, they also are not really comfortable signing something without reading it first. Yes, even if there is a three day right to cancel. I had a HELOC signing, and I knew going into it that the husband was an attorney, so I figured it would take a long time. And it did. But they were very nice people, we had some mutual friends, etc., so I just sort of went with the flow.

Someone mentioned - well what difference does it make - doctor, lawyer, etc. The worst experience I had was a midday signing with a doctor with an HMO. He read absolutely everything !! The fact that there was a three day right to cancel made no difference to him whatsoever. I can't remember what he said - maybe that he was going out of town. heh, you go out of town and you lose your ability to read? C'mon.......

Reply by BrendaTX on 9/30/05 8:39pm
Msg #68222

Re: Just remember

University professors who teach engineering courses and their little pencil marks all over the SS sure tick me off.

I don't know whether they are arrogant or absent-minded. It was a WAMU for Pete's sake. No closing costs...notta to worry about.

Reply by MelissaM_FL on 9/30/05 9:02am
Msg #68113

The only loan where I've ever been intimidated before the closing was for two physicians and the loan amount was astronomical. Got to the HUMONGOUS house, rang for gated admittance and they came out in shorts, bare feet so that we could all sit at a table by the pool to do the signing (I took my biz partner with me). They were the most laid-back and down to earth people. Turns out both are very involved in Doctors Without Borders, Red Cross, etc. Easiest signing I've ever done.

Attorneys don't intimidate me much because I've worked with too many of them. Most don't practice real estate law and even those who do are often more interested in how I got into doing this as a career rather than working for an attorney since I'm trained (and worked for years) as a real estate paralegal.

Reply by VERONICACA on 9/30/05 9:15am
Msg #68117

I have never been intimidated at any singing regardless of the persons signing. Get to the location, do my job and be friendly and I 'm gone. I did a refin for a lady laywer once that took over 3 hours because she read very page regardless of what I told her. Luckily that was my last signing for the nite. Started 8pm an fiinished way after 11pm.

Reply by Bonnie_FL on 9/30/05 10:14am
Msg #68125

I agree with Melissa and found most attorneys I've done loan closings with are not real estate attorneys, however, some actually think they know the RE business anyway, but most are just interested in how I got into the field of signing since I too am a paralegal and worked for attorneys in their offices for over 20 years as a real estate paralegal. Attorneys do not intimidate me, nor should they anyone else. It's the attorney's dogs I have a problem with! just kidding

Reply by newlysmomva on 9/30/05 10:28am
Msg #68129

I once had an atty tell me that anyone could be a lawyer, you just had to know which book to look in.

Reply by Ted_MI on 9/30/05 5:15pm
Msg #68202

Re: Not true .....

I suppose one could make the argument that anyone could get through law school (but let me tell you when I went to law school that was not my experience), but then one has to pass the bar exam and that is an absolute bear, an incredible ordeal !! It is something one never forgets, irrespective of the passage of time since taking it (in my case over twenty-five years !!)

Reply by PAW_Fl on 10/1/05 7:57am
Msg #68274

Re: Not true .....

Law school is a different type of education to say the least. I was never good at memorizing, especially names, so I have a terrible time remembering litigants in cases, or even the case name. Heck, I have a terrible time remember names of the people sitting across the table from me. If my name wasn't on my ID card, I'd probably forget it too!

Reply by Cherilyn_CO on 9/30/05 10:40am
Msg #68130

My most frustrating signing was with a lawyer

He signed all docs before I got there, in the wrong color ink. He signed them with just his first two initials and his last name. He had his wife sign too and she wasn't there when I showed up. He didn't understand why she had to be there as he had her sign all the docs. He threw a fit!

It didn't, however, have anything to do with him being a lawyer. He was just an idiot.