Posted by BetsyMI on 8/5/06 10:30am
Msg #137217

Vent about "no sign"

Yesterday I had my second "no sign" in a month, and these were the only two no-signs I've had in two and a half years of doing this. Why were these no-signs? Because the borrower was not aware of the terms of the loan stated on the docs before I got there.

First one...bwr expected 15 year fixed, got 15 year balloon.

Second one..bwr expected fixed at 8%, got adjustable ARM at 8.25%. (This bwr actually had substantiating paperwork sent to her THE DAY BEFORE for the fixed 8% so why I had paperwork with something else is a mystery. Placed 2 calls to Loan Officers and one to Title Company from the table and no one ever returned our phone calls. Talked to the bwr later and she still had not received a return phone call. Not like it was late..4pm on a Friday afternoon!)

This is because the LO is talking one thing, and the borrower is getting something else. It's my own fault..I vowed with the first no sign that from then on I would recap the terms to the bwr when I reconfirm the appt. But I failed to do that and it happened to me again.

I did these closings for a company I have done hundreds of signings for, and I am aware they pay a paltry trip fee, but because I haven't had any no-signs in two and a half years, I'm comfortable working for them. However I am going to make it my practice to recap the terms to the bwr by phone ahead of time for future closings. On both trips I put on about 60 miles round trip, and wasted two hours of my time.

Do many of you recap to bwrs ahead of time?

Reply by LisaWI on 8/5/06 10:47am
Msg #137219

Re: Vent about "no sign"- a trend here lately.....

I thought it was just me, but I have been running into this alot lately. Had 2 lastnight, that had those same issues. The first one I went to didnt even know that a closing had been scheduled until she got back from her camping trip, which was yesterday afternoon. Then when I got there she had no idea where the numbers came from on her Hud(Disbursements). So I had to leave to go to the other appt because it took so long for her to contact her LO and get things straightened out. Returned after 2nd appt. Then the other appt had their issues. Complaining about numbers again on their Hud. The bottom line was both of these appts were results of very misinformed borrowers. Both of them did end up signing with promises from their LO's the Hud's would be revised.
You ask if anyone discusses terms on the phone before the appt. I dont now, but I might consider it. I would have to think about it. Im the kind of person that likes to be face to face with this kind of thing but it sure would help in case there are issues that can be resolved before I get there.

Reply by Regal/NC on 8/5/06 11:42am
Msg #137231

My process is to verify with the borower that the numbers on the doc's match what they are expecting, B4 I print anything. My time is to valuable to waste on an assignment that is contray to what the borrower's are expecting. JMO

Reply by Jason on 8/5/06 12:22pm
Msg #137242

Regal's right

"verify with the borower that the numbers on the doc's match what they are expecting, B4 I print anything. "

Same here, Regal

Every signing. Even w/ overnt docs.

Didn't do this before 1/06

Reply by Carmen/123 on 8/5/06 12:28pm
Msg #137243

I have been recapping for over 2 years now for all of my closings (except for a few of the companies and individuals that I am positive went over the numbers with their borrowers). The loan officers usually don't like it (and we know why) but I have to protect myself. It will save you a lot of time and money.

C

Reply by BrendaTx on 8/5/06 1:14pm
Msg #137250

As far as going over the terms pre-signing, I haven't gotten that gutsy yet because it seems to really disturn LOs....but, I have put my fees up high enough that I don't scramble and bust to move for a no sign of so little value.

I remember a year ago thinking that I had not seen enough no signs to concern myself with such a little thing. The first of the year brought on these funky loans which seemed almost impossible for me to believe a bwr would sign.

Besides, I rather get a $75 print/trip fee than to beg, harang and plead for a print fee where I never left the house.

Reply by BetsyMI on 8/5/06 1:18pm
Msg #137253

I think most of the time if it's a fixed 15, 20 or 30 year loan, it's going to be a successful signing.

But if you get into balloon payments, prepayment penalties, interest only, adjustable, or otherwise "creative" type loans, those are the ones to clarify before heading out.

Thanks all!

Reply by PJM/MI on 8/6/06 6:40am
Msg #137305

Only TWO no signs in two years? Wow.. you're doin' great! I just shredded my stack of "Dead docs" which was over 2 feet tall. Not all of them I printed..thank goodness!
I usually don't have time to recap with the bo before I go out. Please remember alot of companies pay a trip fee, and if you don't go, no trip. And alot of companies DO call the bo's to make sure we even showed up. You may run into a "no pay" on a trip fee because you never went.
There are a few companies that will pay you trip fee plus printing fee for no signs. (Notice I said a "few"...I keep reading about the no sign, no pay companies...grr to them).
I only recap with bo if they request it and it's okay with the company that hired me.
We may be our own business, but we've got to implement excellent customer service... and that includes the companies that hire us. I learned a long time ago to not bite the hand that feeds me.

Reply by Calnotary on 8/6/06 8:04am
Msg #137314

"I learned a long time ago to not bite the hand that feeds me."


A year ago one SS told me this, I told them that its the other way around. NO body feeds me but my work, you are the one who eats with my work you only forwarded me the docs and I do all the leg work! guess what? They keep sending me 5 or 6 signings per month.

Reply by Ernest__CT on 8/6/06 7:22am
Msg #137310

I don't recap.

Doing so opened cans of worms most of the few times that I tried it.

It's a slippery slope: You start by giving them the APR and the bottom line from the HUD. Then they ask questions. The more you seach through the docs, the more info the borrowers want. At the signing table? No problem! I'm happy to take all the time they need (well, truth to tell, not always HAPPY, but I do take the time). On the phone? No; it's just two-forms-of-ID-and-a-witness-what-color-is-your-house-thank-you-see-you-then-bye.

Reply by BrendaTx on 8/6/06 8:22am
Msg #137317

Re: I don't recap.

I can appreciate what you are saying Ernest, and that's probably what I would run into.

However, I talk regularly with a notary friend who does this. She's not one to let the other guy get control of the conversation so easily so it works for her. She tells them,

"This is a fixed rate loan; You are borrowing $____,the note rate is 6.5%, for 15 years, your payments (P&I) are $___; you are going to need $1322.00 at the table, you are/are not setting up an escrow account."

She's got her reasons for being able to do this without question. LO's/hiring entities, etc. just have to deal with it.

On the other hand, there's me who cannot even get senior citizens NOT to give me directions until I am where I can take them down with a pen. Sometimes I am driving, or out in the field, when I am giving the confirmation script when they call me back. (btw-if I have had a pet peeve, it's when I run into:

-Do you know how to get here?

+No, sir, but I'll sure look you up on the map and let you know if I cannot find it. I am driving right now. I'll call you if I am not sure.

-Well, let me tell you the easy way to find me.

+Sir, I really don't have a pen right now. Can I call you?

-Are you coming down University and going to take Turkey Creek Rd?

+I am not sure yet, I have not looked at my Map. Why don't I just call you when I get back to my office.?

-Well, don't come that way there is a lot of construction, just keep going like you are going to Snook.

+Sir, do you have 911 service where you are?

-Yes, but they've never been out here since I have lived here. My neighbors have it.

+If you can dial 911 and if you have an address, I can find you.

-Well, keep coming on 60.


GGGGGGRRRRRRRRRRRRR

Reply by Ohiolady on 8/6/06 12:36pm
Msg #137342

Most of the TC's and SS would freak out if I did that! We are only there to witness the signing. All questions are to be directed at the L.O so that he or she can properly lie to the borrower's and tell them that it is fixed even though the docs say adjustable. Just a mistake, sign the docs and we will fix it later. You wouldn't beleive how many people fall for that line of B.S.