Posted by Leon_CO on 3/2/06 10:21pm
Msg #101528

shortest amount of time at the table ...

... 2 minutes.

I got a call to do a signing yesterday. Everything went smoothly. All I had to do was hand each document to the borrower and he was ready to sign. Maybe he should have had his wife take a look at them.

Today I get a call from the borrower's wife saying they want to cancel. No problem. That's their right. She calls the lender. They straighten everything out. She changes her mind. A new HUD is drawn up. I'm supposed to reprint the same docs I used last night and just substitute the HUDs.

I take the docs back to the borrower this evening. The wife takes one look at the new HUD and says, "Sorry Leon, we're not signing. This is wrong." She tries to contact the lender. No luck. I call the SS and tell them it's not going to happen tonight.

The husband is the borrower. His name is the one on all the docs. But the wife is the one making all the decisions.

Anyway, that was the shortest amount of time I've spent so far at a loan signing. They want me to come back out tomorrow to do the signing if they can get the problem resolved. Personally, I don't think this loan is going to close. By the way, the place was a zoo. Animals everywhere. I noticed something was poking me in the back. I turned around and there's a parrot perched on my chair.

I suppose the trade-off is that I got a call to do a "Disclosure" signing tomorrow. It's in the afternoon, just a few miles down the road. I got the docs already this evening. Only 15 pages. Print just one set. Borrower doesn't get a copy. It's a correction to a loan that has already closed.

Life is good. Sometimes.

Reply by Mike_NJ on 3/2/06 10:28pm
Msg #101532

5 minutes - CITI Bank HELOC.. Avg CITI HELOC 12-15 minutes.

Reply by Joan Bergstrom on 3/2/06 10:57pm
Msg #101548

I wish I could clone this guy! Walked in the door with 2 loans (1st & 2nd) he threw the borrowers copies on a chair next to him and grabbed the pen I gave him and positioned it ready to sign!!

Both loans got signed in 12 minutes. I was out of there in less than 25 minutes. Every so often you get lucky!!

Reply by Korey Humphreys on 3/2/06 10:31pm
Msg #101535

What has been your longest time at a signing??? n/m

Reply by Leon_CO on 3/2/06 10:40pm
Msg #101539

Re: What has been your longest time at a signing???

My longest one was definitely yesterday afternoon. The borrower wanted to make sure that he was getting a copy of EVERYTHING he was signing. I assured him that he would, at the conclusion of the signing. No, he wants to be assured NOW.

So, for each and every document that I presented to him to have him sign, I had to pull out the corresponding document in the borrower's copy pack. "Here is page 1 of your Deed. And as you can see, here is a copy of page 1 of the Deed ..."

Hey, whatever makes them happy.

Reply by Dotti_CA on 3/2/06 10:40pm
Msg #101540

Re: What has been your longest time at a signing???

Would you believe 4 hours! New wife, first mortgage, wanted to read every single page. If they hadn't kept my coffee cup full I would never have made it.

Reply by MichiganAl on 3/3/06 12:57am
Msg #101567

2 signings last week, one done in 4 mins., one in 8 mins.

Both were investors that had done this a dozen times. Showed them the bottom line on the HUD, showed them the monthly payment and interest rate, and that was it. I couldn't keep the papers moving fast enough. The 4 minute signing was done at a mortgage office. When we walked out, they were looking at me like "what's the problem, is he refusing to sign?" "Nope, we're done." You should have seen the jaws drop.

Disclaimer: For those SS, title companies, or mortgage companies who think I'm getting overpaid, let me assure you these are the exceptions, not the rules.

Reply by Pandagirl_FL on 3/3/06 7:19am
Msg #101585

Re: 2 signings last week, one done in 4 mins., one in 8 mins.

I have had a few that were about 10 minutes. They were people who had been down this road a few times. Just wanted the important facts and sign, sign, sign!!

Those are my favorite. They make up for the ones that don't speak english and must be translated, spend 45 minutes arguing with the broker, and telling me their life story. (approx. 3 hrs)

Reply by PAW on 3/3/06 7:48am
Msg #101600

Re: 2 signings last week, one done in 4 mins., one in 8 mins

How can you possibly do that so fast? The AIV takes that long to complete. And it would take me at least 4 minutes just to sign and stamp the notary certificates, much less fill them out and make them FL compliant too. I've had signers take the paper and simply sign them too, but I make them watch me sign and seal if they get done before I do.

Reply by Julie/MI on 3/3/06 8:06am
Msg #101609

Re: 2 signings last week, one done in 4 mins., one in 8 mins

It's possible if you have Deep Greens or similiar small type loans. Abn's used to be that way too, but not anymore.

Since I don't have stamp per state law, I just sign at the closing and do the stamping in my home office as I do my final checking for errors. I don't have them sign my journal either, as it is not required by state law. If the loan goes through, the borrowers' signatures will forever be with the recorder.

Way back when Radian Express paid well for overnighted docs, I had one borrower refinancing his primary and 3 investment properties at the same time. He was proficient with loan docs and he just took all the docs and signed; there was no "presentation" on my part.

So speedy closings can happen, if that's the way the borrower wants it.

Reply by MichiganAl on 3/3/06 4:42pm
Msg #101800

Re: 2 signings last week, one done in 4 mins., one in 8 mins

No AIV, just copy of license, three forms to notarize, everything else already filled out, borrower had a signature like a doctor, just a scribble, no spouse. I can sign and stamp while the borrower is intialing the 1st 13 pages of the mortgage (no seal in MI) and I don't make a production of the borrower having to stop everything to see me stamp and sign. He can see me with his peripheral vision and he can hear the sound of my quik stamp.

Like I said, not the norm, just one where everything fell in place.