Posted by TLR_KY on 9/16/05 9:11am
Msg #65654

No contact with BRW before signing......

I finally had a question answered today that has always made me wonder. I have done quit a few signings where either the TC or SS has instructed me not to call the Brw before the signing. I finally ask why some lenders had this requirement. I was told that most of these are BRW with poor credit and the lenders did not want them bothered too much by phone because of fears they would back out. I then realized most of the interest rate were pretty high. Oh what a tangled web we weave. I may have been better off not knowing.

Reply by BrendaTX on 9/16/05 10:14am
Msg #65666

Re: No contact with BRW before signing......TLR KY

**the lenders did not want them bothered too much by phone because of fears they would back out.**

TLR - it's either that, or if you called ahead, you would find the bwrs never intended to do the loan in the first place. You are going in as the final offensive move to get the loan in the door.

See msg #64989 and #65080 which is in the same thread. Experience has given me a different perspective. As long as I was never "stood up" I had no problem with it.

Reply by TLR_KY on 9/16/05 10:58am
Msg #65673

Re: No contact with BRW before signing......TLR KY

I'm with ya Brenda. After learning this little bit of info everything made since. I'm ok with it because everyone I work for promises that even if the signing fail I get paid my fee. I've never had any bad experiences with these yet either. Thanks for your insight.

Reply by Lee_AR on 9/16/05 11:43am
Msg #65679

You've made an important point......TLR KY

On these 'no contact w/Brw' ones, make sure that they will pay Full Fee--no matter what! And, be sure they specifically put that on their Order or there may be a lot of amnesia on their part.

Reply by janCA on 9/16/05 11:43am
Msg #65680

Re: No contact with BRW before signing......TLR KY

Many times, I'm not given a phone number, I'll just look it up on the 1003. I need to contact my borrowers and make sure they are going to be at the designated signing location and also many times just to get good directions. I won't go to a signing, especially, if it's "out of town" if I haven't spoken with the borrowers.