Posted by ArtC on 8/17/06 11:15am
Msg #139095

length of time to do a loan signing

What is the average length of time out there to do a loan signing? I know it depends on the company, but I've been getting some huge loan packages that take so much time to get through. Especially all the information ones, where the customers have to fill out all their addresses and miscellaneous info. Any suggestions on how to get through any quicker. Just checking, I'm thinking of increasing my minimum fee to account for some of these packages, but I wish I could have them send them to me first and then tell them what my fee is. Any feedback would be appreciated.

Reply by MelissaM_FL on 8/17/06 12:19pm
Msg #139109

It usually takes me 45 minutes to an hour to do a full loan signing. Some companies have larger packages, but they have lots of repetitive docs. I stack the important ones first (RTC, HUD, Note, Mortgage, Payment Letter, etc.) so that the borrower knows what his/her deal is very early in the game. If it's going to be a no-sign, I want to know that asap. Immediately behind the Mortgage, I place ALL of the notarized documents, which gives me the opportunity to finish those notarizations as we are going through the rest of the package.

If I have a non-borrowing spouse, I ask him/her to fill out the statements of information, contact forms and referral forms while I am finishing the borrowing spouse's documents. If it's a single signer, then I ask the borrower to fill out those forms while I am doing my review of the package at the end and completing my notarizations.

You'll soon have a feel for who sends larger packages and be able to quote fees accordingly. Many notaries ask up front who the lender is, which is often a pretty good guide to how big the package will be.

Reply by MelissaCT on 8/17/06 6:41pm
Msg #139166

MelissaM, I'm glad I'm not the only one who says it "generally" takes 45-60 minutes for a full package. I've had borrowers who were told by their LO that it'll only take 15-20 minutes. Thus, brws getting upset with me that they aren't done & can't get out the door for an overbooked schedule. I always let them know when I confirm that they should allow a hour for signing.

As we all know, there are times when it takes longer to do the notarizations than to signe the whole package, other times, it seems like you're there forever. That's just the reality & nature of the beast.