Posted by Ndwa on 8/15/06 3:14am
Msg #138723
Free is good...EOM on the 15th even better
Out of a blue sky, an LO from one of the major local brokers called me for signing last Monday. She picked up docs from TC, drove 30+ miles in traffic to deliver them to me. Signing was around 40 pages HELOC 1.5 mile away. I was asked to invoice TC prior to signing so they can prepare hud (happy...happy me).
I thought I heard it wrong later when LO said they will be busy this week as their EOM is on the 15th. Low and behold, I'm pre-booked tomorrow from this broker's office through her referral. The thing about this was, TC called on Wed saying I missed having borrowers signed and notarized one document, probably got LO worried about funding on time. I was in the middle of a signing when TC called and thought; there goes my first impression. After the signing, I pulled up my email on the laptop to check what I had missed, then clearly remembered I purposely left that page unsigned/notarized. Also, it was the first time I saw this document when I did the signing, it was an "Affidavit to the DOT" for NOBS and additional signers only. You see, EO/TC is not always right.
LO found me from a directory I signed up for free last month when it showed up at the top after I ran some keywords for my area on couple of search engines. She told me my name didn't come up on her searches, but my profile got her attention browsing through the listings on that site.
I'm not so inclined to find out about the myth of this broker having EOM on the 15th, but they sure are golden eggs for me to missed out at the usual EOM crunch.
|
Reply by ReneeK_MI on 8/15/06 3:28am
Msg #138731
A lot of mtg brokers have their 'EOM' on the 15th - meaning, their paychecks get calculated either 15th-15th, or 1st-15th and then 16th-31st. That's what drives the EOM push.
I think they do that because 'back in the day' when most loans closed inside a title office, the title office would be booked solid at the 'real' EOM, and it would become impossible to squeeze in those last-minute closings. So, moving their own EOM to the 15th helped them (AND the title co!).
|
