Posted by Bonnie_CO on 1/24/06 9:39am
Msg #90594

Well...this one should be interesting!....

Sorry---have to vent!

Got a call last night for a closing to take place either today or tomorrow, no set time, I could call the borrowers and set it up around my schedule. I got the confirmation, called the BO's and spoke to Mrs. BO. I told her who I was and that I would be coming over to have them sign the paperwork to close the loan. So far so good, THEN she says "are you saying we're closing the loan" I say 'Yes" she says: We didn't even know it went through! and went on to explain that they had been trying to reach the LO for over 2 weeks to see how things were progressing and still hadn't heard a word from them. She has NO idea what the terms of the loan are going to be, how much cash back they are getting, what the interest rate is, what is being paid off, NOTHING! Well...at least I know I'm going into a situation where the BO's have no idea! And that, I'm guessing, there will not be a LO available to answer any of their questions! So I'll make sure I have plenty of time for the BO's to go over everything! Guess this LO isn't too worried about her commissions!

Reply by Roger_OH on 1/24/06 9:50am
Msg #90601

With that kind of uninformed response from BO, I'd suggest you can save yourself some grief
(and maybe not getting paid for a no-sign) by calling the BOs when you get the docs and telling them what the rate is and how much they're getting back. If the numbers are way off
to them, then they can call their LO and get squared away. They will appreciate this gesture from you, just as you would if it was your loan. If they cancel, at least you didn't make a trip for nothing.

Reply by Bonnie_CO on 1/24/06 9:57am
Msg #90608

Roger, that's a good idea. I called BO few mins ago, when I got docs and she asked if I would fax her the HUD1 to look at. The interest rate on this blew me away, but it's not my job to say so, 1st refi for 13.5, and their scores are good. Just goes to show, shop around!

Reply by Regal1 on 1/24/06 10:27am
Msg #90624

You may also want to verify a print fee prior to printing the entire package. Just in case the loan is cancelled after BO reviews HUD.

Reply by SueW/Tn on 1/24/06 11:57am
Msg #90658

I got to vent this weekend with a LO...

best friend is dating one, I asked WHY ON EARTH DO YOU PEOPLE LAY BACK AND HOPE SOMEONE ELSE CAN SELL YOUR LOAN??? She was extremely professional AND polite to a highly agitated SA but did explain that each state has state specific laws for them...the more lenient states get the bigger dummies with no background history of working with people. Just like SA's there are bad apples with the LO's, I feel this particular LO has ethics and seemed very interested in what we all face while at the table. She asked me for a list of things that make our jobs so much more difficult than they should be and I'm mulling it over. She educated me more in 2 hours over dinner than anyone has in a year when it comes to exactly how a loan is put together and I feel alot stronger now when it comes to running the gauntlet.

She did strongly suggest to NEVER do a signing without the personal cell number of the LO AND the understanding that the LO will be available between X-X time to answer questions. She then said stick to minimum answers...FORCE THE LO TO SELL THEIR LOAN and ya know what? I'm going to try to follow her advice!

Reply by CaliNotary on 1/24/06 1:01pm
Msg #90677

Re: I got to vent this weekend with a LO...

"She did strongly suggest to NEVER do a signing without the personal cell number of the LO AND the understanding that the LO will be available between X-X time to answer questions."

Nice in theory, but are we supposed to cancel scheduled appointments if we can't get the loan officer's phone number? Besides, phone calls to the LO make the signing take longer and my goal is to get out of there ASAP. Sometimes they're necessary, but most of the time it's easy to get through a signing without outside assistance.

I've lost track of the number of signings I've been to where the borrower was told by the LO to call them with any questions during the signing, the borrower calls, gets voice mail and no immediate return call.

Reply by JBarnes_NY on 1/24/06 12:21pm
Msg #90664

Sounds like a Countrywide Loan