Posted by Leon_CO on 4/20/06 4:41pm
Msg #114892

closing at a mortgage company

I have been asked to do a closing at a mortgage company tomorrow. To be quite honest with you, I'm a little nervous. I've always done closings at the borrower's home or place of work. And one time at a restaurant.

I don't have the documents. They will be there. I would like to have a chance to go over them to prepare myself. I'm waiting for a call from the loan officer to find out if I can get there early and go over them.

I really don't know what to expect -- what kind of surroundings I'll be in, who will be present, ... etc. I visited their website and saw a picture of the loan officer. She looks pleasant and friendly. I hope she is. All that I can do is the best that I can, and remember the words of Theodore Roosevelt:

"Whenever you are asked if you can do a job, tell 'em, "Certainly, I can!" Then get busy and find out how to do it."

Signing off now so I can get busy.

Reply by Stamper_WI on 4/20/06 4:45pm
Msg #114897

I do signings at a mortgage co that starts with a "B". They review the doc's with you prior to Usually while the borrower is watching a video. The LO is not in the room with you but available for questions. The doc's are reviewed prior to the borrower leaving. I usually get paid withing 2 weeks. Have 3 with them bewtwwen today and Sat. Doc's take about 1/2 hr if all goes well.

Reply by BetsyMI on 4/20/06 4:55pm
Msg #114908

I don't think you should feel funny about this. You'll find it very similar to being in the borrower's home, except there won't be any dogs sniffing at you, no cats walking on the signing table, no sticky chairs to sit in, you'll have a nice desk area to work at, and most of the time the LO is too bored to sit through an entire closing so they might say hi and leave. I've found people still bring kids to closings, sometimes 2 or 3 or 4 of them! Often the office where you are doing the closing will have some toys or coloring books to keep them busy. I've pretty much been left alone with the borrowers. (Now that might be different if you're doing a purchase rather than a refi or HELOC.)

Relax, you'll probably laugh about it tomorrow when you realize there's not much difference.

Good luck!

Reply by HARRY_PA on 4/20/06 5:03pm
Msg #114910

If it is for IREP, the l.o. is not to be in the room or within earshot of it. He/she is to be available for questions or explanations.

Reply by Leon_CO on 4/20/06 5:21pm
Msg #114916

All of your comments have really been helpful. I'm able to relax a little. It also helped that I just got a call from someone at the mortgage company. I admitted that I was a little nervous, wanted to do a good job, and wanted to get there early to prepare myself. She said it would be alright.

Harry, I've done a few closings where the loan officer was there. I actually like it. It's good when the borrower can get their questions answered without having to make a phone call. Although, like you said, he was in and out of the closing, but was readily available.

I'm looking forward to the experience, although Betsy, I'm going to miss having dogs sniffing on me. I've had that the past few closings I've done.

I'll still be busy this evening.

Reply by Raimond on 4/20/06 6:24pm
Msg #114926

I agree with all the comments above.

Nice office, quiet room or corner. BO's questions answered in person. No running to beat the cutoff time of (insert shipping service name here)

And the best part is how fast you get paid with out asking where oh where is my check?

Enjoy it! Pray for more of them!

Reply by BetsyMI on 4/21/06 2:38pm
Msg #115161

Forgot some "down sides" of closing at a branch office. I got to one this morning where docs "would be waiting for me" after being remote printed to the branch office. The docs didn't get there until after the borrower walked in the door.

Many times the docs are all out of order, or there are 3 or 4 or 5 copies printed in error and you have to sort through them to get two complete sets and it can get confusing...did I see the TIL already or not...did I see the Signature Aff already or not....

I prefer the LO not be in the room because they slow things down and disrupt my "shpiel", but it's helpful that they're in the next room to answer quick questions.

So how did it go?