Posted by katca on 9/22/05 11:27am
Msg #66689

What would you have done?

I had a signing where the co-borrowers name was spelled wrong thru the entire package. Her D/L was spelled Deborah Lee Ann Doe and the docs were spelled Debra Leann Doe. She wanted to sign all the docs as printed on the docs so their loan wouldn't be delayed. As a matter of fact, she started signing them Debra Leann. I told her she couldn't do that because I couldn't notarize her name as spelled on the docs. She got mad. I ceased the signing and returned the Docs to Fidelity for correction. I even told Fidelity I would go back and have the new docs signed for half my fee. They even got mad!!!! Haven't received payment from them and any work from them. Oh well!!! Have any of you had this happen?

Reply by Anonymous on 9/22/05 11:32am
Msg #66691

Did you call Fidelity while at the table, or did you just cease the signing and return docs without any contact or instruction?

Reply by katca on 9/22/05 11:33am
Msg #66693

This was on a Saturday and they were closed.

Reply by Anonymous on 9/22/05 11:37am
Msg #66694

similar thing happened to me today , i went to a signing and the person did not understand the fees , he thought there were no fees , so i let him know that he can call the loan officer to clarify, he said he wasnt signing. i called up the person on the instrution sheet and told them that i would go back . the fees were in th esettlement hud form, but only to be charged if person gived the loan up before three years.

Reply by Anonymous on 9/22/05 11:39am
Msg #66695

oh also i called at the table, and all i got was an answering machine..

Reply by katca on 9/22/05 11:43am
Msg #66699

I don't know why the Title Co. or the LO can't explain the loan to them before we get there? I have one Co. that sits by the phone when doing a signing and they are always there when you need them to explain things to the borrower.

Reply by Anonymous on 9/22/05 11:49am
Msg #66702

yes , it would be nice if it were explained .

Reply by PAW_Fl on 9/22/05 12:44pm
Msg #66728

Just for clarity... the title company has no input to the terms or conditions of the loan. The title company usually has no contact with the borrower (in these type of situations). Only the lender can provide the proper explanation about their products. So, if any explaining of terms and conditions of the loan need to be done, the borrower should be instructed to contact THEIR broker or loan officer.

Even when I'm doing title closings, any questions about the loan need to be directed to and answered by the lender.

Reply by Iris_WA on 9/22/05 11:43am
Msg #66698

Well, since you couldn't reach the TC and had to end the signing anyway for the docs to be redrawn, it's possible I'd have suggested to the Borrowerthat we go through the signing with her neatly crossing out, initialing and reprinting her name everywhere and signing correctly. Of course, this would have been with her foreknowledge that all that effort might go to waste if the TC decided to redraw.

There really OUGHT to be a contact number for someone at all times for SAs doing off-business hours signings. There is always a possibility of a problem that even the most experienced SA can't resolve without input from someone "in authority."

Seems to me, the TC had no right being angry with you. You were in a "no-win situation."

Reply by katca on 9/22/05 11:45am
Msg #66700

She didn't want to change the spelling of her name as she new it would delay the loan!

Reply by B__CA on 9/22/05 12:40pm
Msg #66724

I have been told to have the borrowers initial near the error, her name in this case, let title or the lender do the corrections. By initialing she's acknowledging it. Then have her sign her name correctly. Write a note and place it on the top of the package, showing how the name should be spelled to title and tell them what you did. This way if it can be corrected, the borrowers have initialed the correction and they don't have to resign. Title at least knows you did the best you could at the time with no one able to given direction at the time. I have done this for several years and never had a complaint. Maybe they will still call you.

Reply by Rob_NoCal on 9/22/05 12:50pm
Msg #66730

They know what they're doing

Why isnt the fees explained before hand??....because the broker wants to get these people at the table and hope they sign un-noticed....or just go ahead and sign anyways......
I've done signings with very intelligent people....were the fees in the estimated closing cost statement given before hand....yea....was the prepayment fee or cancellation fee included....probably. But there is no way a broker could discuss a loan with something like a 1% interest for the first year (How GREAT is that!!!) without also discussing the fact that is you payoff the loan within the first three years you have to pay a 6 month interest early termination fee.......BUT THEY DO IT.

Reply by Cherilyn_CO on 9/22/05 12:57pm
Msg #66733

I did this same thing yesterday

Middle name spelled Martin instead of Marie (doesn't anyone double check this kind of stuff?) We crossed out the misspelling, initialed, and signed correctly. Title said this was fine. No redraw was needed.

Isn't this what errors and emissions is for?

Reply by CarolynCO on 9/22/05 3:48pm
Msg #66783

As I've said before, sometimes we just have to use our own judgment. If it had been me and I was unable to get anyone on the phone, I would have had the co-borrower line through each incorrect spelling of the name, legibly print the correct spelling and initial. You stand a 50/50 chance of them accepting it, whreas just stopping the signing and sending back unsigned docs, you stand no chance of them accepting it.

Reply by MBCA on 9/23/05 10:38am
Msg #66941

Re: Need to ask a question?

Hi Katca,
Was just wondering if your received the docs or the borrower? Usually when I call to set up the appointment I check to see if the names on the docs are the same as the names on their DL. If they receive the package I ask them to open it, take out their copies and see if the names are correctly spelled. This doesn't always work though, the other day I had a loan package where the important docs were printed correctly, but the names on the title company's docs were misspelled. I called them and they said it was alright for the borrowers to draw a line through the incorrect name and put the correct name next to it with their initials, but I wouldn't alter anything on the DOT, RTC or Note.