Posted by SLB SIGNING SERVICES, INC. - Sherry on 4/17/06 6:51pm
Msg #114047
TERRIFIC IDEA!!!!!
I figured I would post this because I thought this was a fabulous way for all of us to cover our butts with these brokers. We all know how when a borrower refuses to sign at the table, these brokers put the blame on everyone but themselves (usually falls onto the SA's shoulders unfotunately). Now some of you may already do this but for those that dont, why not utilize a Borrower Refusal Form. This form is a written formal statement from the borrower explaining why they refused to sign. So basically you have it straight from the horses mouth per say and the brokers cannot pass the buck to you or me or anyone else for that matter.
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Reply by Stamper_WI on 4/17/06 7:05pm
Msg #114049
I have that form in my briefcase...thanks to PAW. I haven't had to use it yet though
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Reply by Lee/AR on 4/17/06 7:12pm
Msg #114050
Been doing it for years. Don't use it much, but it's a whole lot better than 'he said/she said' & I fax it to whoever hired me so they don't have to take any guff from anybody either.
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Reply by TitleGalCA on 4/17/06 9:20pm
Msg #114073
Sorry if this has been asked, but
what do you do when the loan doesn't fund and nobody gets paid? What good does a form do?
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Reply by John_NorCal on 4/17/06 10:06pm
Msg #114099
Re: Sorry if this has been asked, but
My sentiments exactly. I have yet to have anyone refuse to sign at the table, maybe because I point out their RTC 2 or 3 times (or whatever). I have had loans not close after signing and except for Documents on the Run, I have been paid each time.
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Reply by PAW on 4/17/06 10:33pm
Msg #114106
Re: Sorry if this has been asked, but
It documents WHY. It also should show that the Signing Agent did their job. In the 6 years I've been doing this, I guess I've had maybe a half-dozen "no sign" incidents. I've been paid for every one, except one. The one I did not get paid for is the only one that I did not provide a written statement from the borrower as to the reason for the termination. But that's not the only, nor the biggest reason for using a refusal form. (Of course, it doesn't have to be a form at all. Just that forms are easier to manage, sometimes.)
Hopefully, the hiring company, usually a title company, passes on the refusal letter to the lender so they can QC their own house. Of course, some of the blame can be focused on title as well, so everyone needs to see why the signing failed. It is a learning tool.
It really surprises me that you would even ask "What good does a form do?" It's called feedback.
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Reply by TitleGalCA on 4/17/06 10:36pm
Msg #114108
I guess that
if there's no funds to distribute where do they come from? But maybe, I'm accepting something I shouldn't due to recent experience.
I'll look at your form on your site, and agree feedback is more than a good tool, it's necessary in business. Thanks for your comment.
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Reply by PAW on 4/17/06 10:47pm
Msg #114113
Re: I guess that
On the ones that failed at the table, I was paid twice by the lender (from whatever funds they used) and the other times from the title company. I am often paid from the TC's operational account rather than their escrow accounts, so I'm paid for my service, independent of the outcome of the loan. Just like you are paid whether or not a loan funds (when you're at your day job).
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Reply by TitleGalCA on 4/17/06 10:38pm
Msg #114109
But the question does remain
Where do your funds come from? If there's a no sign and you get paid, does your payment come from some escrow slush fund?
I'm just curious as I've asked this question of at least 10 EO's and get the same answer, no funds, no payment.
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Reply by PAW on 4/17/06 10:48pm
Msg #114115
See answer above. n/m
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Reply by Dee_Fla on 4/17/06 11:25pm
Msg #114124
I think it is a terrific idea..however many have mentioned this form already exist, but I have never heard of it and would like to obtain it to use. advise please.
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Reply by Charm_AL on 4/17/06 11:36pm
Msg #114125
Dee....
Go to PAW'S website, he has a copy there.
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Reply by Charm_AL on 4/17/06 11:37pm
Msg #114126
Re: Dee....or
http://www.pawnotary.com/forms/Notice%20of%20Refusal%20to%20Sign.pdf
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