Posted by AnneSoCA on 9/27/05 11:57pm
Msg #67717

Loan Officer at signing....

I won't go into the gory details, but have you ever had a signing where the LO is present but extremely inept, can't explain anything properly to the borrower and generally makes you want to roll your eyes right there at the table?

Well I had one of those tonight. Really nice person, but ... Oh. My. God.

It took eveything I had not to correct him in front of the borrower. It's just not my place as a notary to interrupt and correct him but it was still hard to hear him telling the borrowers "trust me" over and over and to watch him crossing things out and changing them when it wasn't necessary. A simple explaination would have sufficed. (I of course guarded the notarized documents very carefully)

BTW, this particular LO hired me because the notary he used to use would "take over the signing and talk to much to the borrowers about the loan" So he wanted someone who would be there to notarize the docs and that's all.

Sounded simple.

Now I know why the other notary was fired. ; )

Reply by MelissaM_FL on 9/28/05 5:10am
Msg #67722

I understand your frustration with that LO! I had a broker at a signing yesterday morning. He walked in about 20 minutes late (held at his main office), plopped down and the only words he said the whole time were "I'm the broker". I really liked that guy!

OTOH, I went to a borrower the evening before whose LO had told her that the Loan Origination Fee was "the prepayment penalty on your old mortgage". Mrs. Borrower dropped that bombshell on me before I even unpacked my briefcase! However, apparently the LO forgot that most borrowers can do simple addition and Mrs. Borrower managed to figure out that the "prepayment penalty" not only appeared as the LOF, but was also added into her payoff amount for the old mortgage. I wonder why that loan didn't sign?

Once the Borrower told me that spiel, there was nothing I could say to her that wasn't automatically suspect in her eyes.

Reply by BetsyMI on 9/28/05 7:19am
Msg #67726

I haven't had these experiences with Loan Officers, but the ones that have shown up for my closings try to talk over me....they are apparently "friends" with the brws, so the LO tries to talk about their kids, baseball games, what they're doing that weekend, etc. It drove me crazy and I kept trying to get the closing "back on track". When the LO tried to go with me to the next closing, I told him I'd appreciate it if he'd let me conduct my business and then he could stay longer to "socialize". Never had him come to another closing!

Reply by MelissaM_FL on 9/28/05 8:06am
Msg #67733

I think that the LOs are trying to distract the borrowers from what they are signing so that the borrowers don't ask questions. I don't agree with it, but I have always assumed that was the LOs theory. I just say "Moving right along..." and keep going with the signing.

Reply by LisaWI on 9/28/05 9:02am
Msg #67734

I had a mortgage consultant meet me at a borrowers house once. This particular signing was weird right from the beginning. I didnt speak with the borrower at all before the appointment, and when I got there, she did not answer the door. After talking to the Title Comp during my waiting time, they informed me the mortgage consultant would be there. I said, that would of been nice to know before the appointment. Anyway, he had been there once and left and came back when I got there.

When he got there, we did the intro thing, and I asked him how we should handle this: If he wanted to do all the talking and I just notarize or should I just go about it as I normally do. He opted for me to do it how I normally do it.

We kept pounding on the door and nobody answered. We were just about to give up when she finally answered. We went in and sat down. I started doing my thing. This is when all the fun started. This appointment took almost 2 1/2 hours.

She kept answering the telephone and talking to people. Personal phone calls like family and friends. She also wanted to read every page word for word. At one point the mortgage consultant and I looked at eachother and he politely told her we had other appointments, so could we keep this moving along. But she still would answer the telephone and talk. Then I told her the same thing. We had to prod her along about 4 times to keep her moving.

Here came the magic part. The mortgage consultant started talking to her about something ( I dont remember what) and I pushed papers at her and she was signing along nicely until her son came in. He says "Mom are you reading everything before you sign." I could of smacked him. Anyway, we finally finished up when she realized she had to be to work in an hour.

This particular signing I was glad the mortgage consultant was there because we worked together as a team. He wasnt there to interrupt me or get in the way, only to answer questions if she had them. When we left, and walked outside, he said to me "I'm sorry you had to go thru that." He was totally nice and respectful towards what I did, and I would do this again with him.

Reply by Art_MD on 9/28/05 9:12am
Msg #67735

Re: Loan Officer at signing....Advantage in MD

Since MD requires whoever is doing the closing to be a licensed title insurance producer, we have a slight advantage in the way we can "handle" LOs.
If the LO tries to takes charge and is doing a rotten job in moving the closing along, I can say "excuse me, but, unless you are a licensed title insurance producer, I am the title insurance producer of record, and by state law, I have to conduct the signing". Only had to do this one time - but it worked. He wanted nothing to do with the closing except answer one or two minor questions.

Art

Reply by AnneSoCA on 9/28/05 9:13am
Msg #67736

I have one LO who is great and I love when she comes with me to the signings. I think for the most part, they're very helpful to have there during the sigings, but the one last night was just a real piece of work!

Reply by VERONICACA on 9/28/05 9:44am
Msg #67742

Sounded exactly like a closing I did last friday. The LO was all over the place during the signing. Insisted that we drive in his car and after the signing ( which was after 10pm), he had to drive across town to pick-up a check from another borrower. I was glad when it over. I got home about mid-nite