Posted by Ndwa on 7/21/06 10:42am
Msg #134479
Test question
Prior to the signing appointment, LO sent an email saying,
"Please don’t go into fee’s. payment is including taxes and ins. If they ask. Which it is, but they still have to sign the escrow waiver form. Because I cannot set it up for them."
What do you think is wrong with the statement above when the only payment amount shown in the entire loan package is in the Note?
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Reply by MichiganAl on 7/22/06 12:41am
Msg #134618
I would tell the loan officer...
My job is to show them key terms and give them a general explanation of the document they're signing. That includes showing them the monthly payment on the note for principal and interest, and that includes the form that says they are waiving escrow. Not my job to explain anything else that he promises or can or can't do.
I've been working with a new mortgage company for about the last two months. A bunch of slick talkers. They're always trying to tell me not to show the borrower this or that, or tell them that they promise they won't have to pay the prepayment even if the docs say they do, or tell them their rate isn't really what the note says because if they set up a bi-weekly payment, their "effective" rate will be blah, blah, blah. I just say, "I will show them the loan terms exactly as is, I will not hide key terms, I will not promise anything on your behalf, I will not tell them that this is not your interest rate, etc." It's not my job and it's unethical. Funny thing, I keep thinking they won't call me again because I won't get involved with their shenanigans, but they keep calling me and they've stopped asking me to do anything other than go through the terms. I think I'M actually training THEM. Ethics over the quick buck every time.
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