Posted by SatomiCO on 3/13/06 4:36pm
Msg #104495

A new trend ...

Up until 2006, I had never experienced any BOs refusing to sign at the table, and to my knowledge, only one BO canceled within the 3-day RTC. However, during the 2-1/2 months of 2006, so far I've had 4 sets of loans where BOs refused to sign, and 2 who have canceled during the 3-day RTC.

Is anyone else experiencing this?

Reply by Nd_WA on 3/13/06 4:46pm
Msg #104498

Re: A new trend ...Not uncommon

I had 7 refusals for February, but 5 of them were redrawn and the other 2 signed after LO talked to BOs. My fees basically doubled for those 7 signings. I have so far 3 no sign plus one being redrawn tonight for March.

What's new?

Reply by SatomiCO on 3/13/06 4:54pm
Msg #104504

Re: A new trend ...Not uncommon

I guess I've just been lucky.

The latest one was last week where BOs had cold feet from the minute I walked through the door. They wanted me to leave docs so they could have someone review. I explained that I couldn't leave docs and suggested they call LO. They were on the speaker phone with LO for more than 45 minutes and finally agreed to sign when they asked him if this was a loan he would have his own mother sign. I sat and bit my tongue with that response. Two and one-half hours later I'm finally walking out their front door with signed docs in hand. The next day, even before TC got signed package, BOs canceled the loan.

Reply by Roger_OH on 3/13/06 4:56pm
Msg #104508

Another month, more sets of various circumstances; it all goes with the territory.

Reply by SatomiCO on 3/13/06 4:57pm
Msg #104509

Re: Like I said, I guess I've just been lucky until 2006! n/m

Reply by Beth/MD on 3/13/06 5:02pm
Msg #104514

Re: Like I said, I guess I've just been lucky until 2006!

I've been lucky also. I've only had 1 loan cancel during RTC in the past year. And only 1 no sign at the table.

Reply by BrendaTx on 3/13/06 6:47pm
Msg #104551

Re: A new trend ... Agreed.

Yes, Satomi, I am with you. Very few no signs in the past. Everything except my rev morts are a crap shoot. Agreed.

Reply by SatomiCO on 3/13/06 6:59pm
Msg #104559

Re: A new trend ... Agreed.

I don't know if people just didn't read the docs before, or if all of a sudden the loans are horrible ... and the one where BOs asked LO if he would have his mother sign the loan ... I'm sure his own mother would be beating him over his head and possibly paddling his rear end.

I'm finding that I'm constantly asking about no-sign and/or cancellation fees, something I seldom asked in the past.