Posted by Bonnie_FL on 9/26/05 7:37am
Msg #67303

Loan Officers re change in docs

Had a signing the other day and the borrower would not sign since the mortgage had a pre-payment penalty for 3 years and he thought it was to be only one year. He called the loan officer and LO asked ME if I could change the docs to read ONE YEAR!!! After I got up off the floor from laughing I said no. Unbelievable. Of course, then I asked the borrower, hey what do you want your interest should be and we might as well change your monthly payment - what do you think is a fair number???? (being sarcastic) OMG Boy these stories never end do they!!

Reply by Theresa Codilla on 9/26/05 9:28am
Msg #67322

Mine said no change in docs and have borrower sign again because the AKA statement where the borrower crossed out the name that she is not and initialed it. The borrower does not want to sign it if she can not cross out the name that she is not. LO said that if certain name came up on their credit report, then it gets listed on the AKA and lender wants to protect themselves. What about the borrower? They need the money? Nope, the borrower does not care if loan does not go through because that is not her.

Reply by B__CA on 9/26/05 10:27am
Msg #67330

I have been told to have the borrower write "never know as" on the signature line next to the name and "initial". Never had one come back.

Reply by janCA on 9/26/05 1:24pm
Msg #67383

This happened on Sat. with me

If loan was paid off within the first two years there would be a PP penalty. This was suppose to be for one year. Borrowers called LO and he said to change it on the TIL and have all of us initial. I said "What?" and of course it's throughout the docs on riders and addendums. I just wrote sticky on TIL and stated as per LO's instructions. I'm sure this won't fly with the lender. Docs will have to be redrawn, but I'm not going to argue with LO or borrowers. I'm just thinking, okay I'll probably back here within the week.