Posted by Ohiolady on 8/10/06 10:28am
Msg #137981
Closings that always take two trips
I have one title company that I have been doing closings for about a year and a half. Every single closing goes down the first time. Sometimes I have to go to the borrower's home three or four times. They only pay a trip fee $50 for no signs. I close loans for another title company that books me all day for back to back purchases in different locations. Their closings always happen (only two went down in two years) How is it that they always have the docs ready (their local and I never print for them, I just pick up the pkgs) I can close 4 purchases in a row in 4 different counties and everything is smooth. How come some title companies can't even get one refi to close in a single day??? Sorry, just venting.
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Reply by Ohiolady on 8/10/06 1:06pm
Msg #138022
There is always two notes. They send you out with the arm loan with a prepayment penalty and huge closings cost. If borrower's are dumb enough to sign then the L.O. gets a great deal. The loan officer always tells the borrower "it's a mistake, your loan is fixed just sign the docs" When the loan goes down the loan officers always call my cell and ask me if I told them the loan was an arm. I always say, "No, unfortunately they could read" The smart borrower's always refuse to sign the hud with huge fees and the arm note and prepayment penalty rider. A second pkg will then be prepared with a fixed rate and no prepayment penalty. Usually closing costs are reduced as well. Thinking about dropping this title company because they are owned by the mortgage company and can't refuse to do their shady signings.
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