Posted by bfd110_IN on 12/6/06 5:02pm
Msg #164370

Had first.....

In closing loans for the last 3 years, I have never had a complaint of any type nor had to fix a mistake( I have been really lucky and need to find some wood to knock on). Had a title company owner call me and said he had a complaint today. One of my best customers mind you. Did a closing last night and loan officer was there. As I explained the mortgage in the readers digest version, I joke and state that they must not have any hazardous conditions on the propery: no gas station nor meth labs to help make the payment. I always get a chuckle and has become part of my spill.

The loan officer complained so the title company asked that I use that spill anymore when I am closing for that broker and never told me why..Of course I apologized and stated it wouldnt happen again.

Called some of my friends in the broker world and found out that this loan officer had made front page of the newspaper after leading the cops in a chase while on meth about 5 years ago and went sent to prison.

If I had known this i would not have this of course but I assume that if you had a felony you could not be loan originator since they are licensed by the state. I assume license would be removed. Ohh well he should have one it and i am sorry for making him feel bad.

Reply by Sharon Taylor on 12/6/06 5:33pm
Msg #164381

This line works well for me...

Since there are unfortunately too many meth labs in TN, I would never dare say anything like you did here (it just might be true!!!!). Instead, I pause and say in the most serious tones I can muster with a straight face... "and this says basically that you can keep a can of paint or some gas for the lawnmower, but you can't put a hazardous waste dump in your backyard. They get reeeeeal fussy about that sort of thing. And the county folks probably wouldn't be too happy either." It gets a big laugh from the borrowers and keeps the atmosphere professional yet light and relaxed.

Reply by dickb/wi on 12/6/06 5:40pm
Msg #164384

i think you are doing to much explaining of the docs.......no need to go so deep.......just explain that the Note is the "promise to pay" the loan.....the mortgage is the "security" for that promise.........

Reply by Les_CO on 12/6/06 7:41pm
Msg #164407

I would complain to the title company and the mortgage company that they had an EX-CON working for them.

Reply by John_NorCal on 12/6/06 7:50pm
Msg #164410

**I would complain to the title company and the mortgage company that they had an EX-CON working for them.**

Therein goes a problem! How is that someone who needs a state license not have a back ground check to reveal his past convictions? Speaking only for California, whenever we get any state issued professioal license, credential, etc. we have to have a state conducted bgc. No wonder the NNA can sell their bill of goods to people!

Reply by closerchris on 12/7/06 11:00am
Msg #164541

lol I always used to use the Meth Lab line as well when covering para 21, and would usually follow it up with that when I used to close CA properties, a Meth Lab Rider would frequently be attached to the DOT (hence where I came up with the line).

One day I got sick of explaining it and eliminated it from my spiel, and now just quote "you're not going to have any radioactive or toxic substances" on the property. That seems to move things along....