Posted by ZeeCA on 12/10/06 12:56pm
Msg #165138

how do you handle this situation?

What I find so annoying is when I get the docs and there are pages that ask for information that should have prev been addressed such as the insurance information etcetera.

I now ask the B/O to have this type of information at hand when I call for confirmation but we still stand there and cool our heels while they fill it out. I have asked L/O if they can fax it later but no, they want it sent back in the package.

So, please tell me how you handle these situations. When I bought my house this was all done prev to the signing...

tia

Reply by Larry/Ca on 12/10/06 1:38pm
Msg #165144

Borrowers Informational Statements, Insurance....

information, Wire Transfer forms, these documents which require more than just a signature certainly slow up the signing. You simply have to wait as the borrower riffles through piles of papers to complete these things. They are part of the package you agree to have completed.

Larry

Reply by ZeeCA on 12/10/06 1:58pm
Msg #165148

agree but how do you keep it from taking forever? I have

had b/o disappear to get the needed paper and they never can find it in 3 mins. One was upstairs for 15 min or more

Reply by LkArrowhd/CA on 12/10/06 2:06pm
Msg #165150

Re: Zee just remind them hen you confirmed appointment

they will be needing insurance information for a form they will need to complete in the packet.

Reply by Pat/IL on 12/10/06 8:50pm
Msg #165189

Re: That document is bull.

In my experience, the lender has always required, as a condition of closing, to be listed as a "loss payee" on the declarations page of the borrower's hazard insurance. They generally receive a revised dec page prior to closing, rendering the doc in your package...bull. Do what you will, but I have always just asked them to fill in the info if they have it at hand. Never been called on it.

Reply by MelissaCT on 12/10/06 11:15pm
Msg #165197

I do the same

I'll ask them to complete what they know, the lender will get the info anyway. Most cases the dec pg was sent to the LO during the processing to get to the point of signing docs. I tell borrowers it's just so that all the information is in one place (the signed docs). I don't ask them to go looking for the info, however, I won't stop them from looking, if they so desire.

Reply by LCS_CA on 12/12/06 5:51pm
Msg #165457

Zee, let them know when you make the appointment that you will need this information. I usually place forms that need to be completed at the bottom of the package and have the borrower complete them while I double check all the other signatures in the package - that way you're not just wasting time sitting around.

Although the lender may have requested the insurance information upfront, often (usually), this info does not get to the escrow and (in California) the escrow notifies the insurance agent of the new lender info, proof of insurance is required in escrow in order for the loan to fund.

The statement of information is, I agree 100%, a total PIA, however, if the borrower's name is John Smith, this really is to his benefit because it allows the title company to determine if other people with similar names and with liens, etc. against them are indeed your customer or not. I don't know if you have ever read it, but these forms used to have a little explanation on them "there really is a reason..." and it would go on to explain why they needed the form. In California counties with large populations, these forms are an absolute requirement by the title company.

Hope this helps...