Posted by Paul2_FL on 5/15/06 11:06pm
Msg #120083

Borrower(s) receive the docs

Sorry this is kind of long but wanted to get your input on how you would handle a situation like this..

Received a call to take an appointment for a refi in my local area. Docs to be sent to the borrower(s).
Ask details about the docs - T/C scheduler doesn't know any other details except where the borrowers live, time of the appointment and their names.
Take the appointment based on "STANDARD FEE". Get to the appointment and find:
1 - two borrowers AND two non-borrowers (4 signers which means 4 times as many questions and longer signing time.
2 - Document pkg contains a "flyer" from T/C requesting that numerous docs be faxed back immediately after the signing (totaled >40 pgs!)
3 - There were two URLA forms in the pkg. One for each applicant as a borrower instead of one with a borrower and a co-borrower. However, to complete the new form that has the joint credit portion in the upper right hand corner of the form, both would need to sign - right? Well, I don't know if I did the right thing or not but I had them sign both forms.

On a personal note, I hate it when they send the docs directly to the borrowers. I would prefer to get them myself overnight or e-docs so I can review them and iron out the issues with the Lender/TC before I sit down with the borrowers. It seems whenever there is a problem with a doc pkg that had been sent directly to the borrower, the appointment is always at a time when I can't reach anyone for clarification.

Getting back to the faxing, I intend to send the pkg back without faxing unless they are willing to up my fee or reduce the number of sheets to <10. Would you?

Reply by SamIam_CA on 5/16/06 12:00am
Msg #120093

I would call whoever hired me and say that I was not informed about the fax backs. Negotiate a higher fee and if they refuse send the docs back without faxing. of course you probably will never be hired by this same company again so you have to decide whether their 'standard fee' is up to your standards...

Reply by Lee/AR on 5/16/06 7:24am
Msg #120113

I most definitely would call them & nicely explain the situation & that you need to have your fee increased for the excessive faxbacks or have the faxbacks officially declared 'not needed'...and you need either way in writing. Yeah, it's sorta blackmail, but it generally works out one way or the other...

Reply by Howie35CT on 5/16/06 7:52am
Msg #120117

Tough call. Yes, you did agree to the signing. But, you did not agree to dozens of faxbacks and additional borrowers. However, you did not ask either. Feel free to attempt for a higher fee, but you should complete the job as you agreed. From now on, when negotiating a signing, make it your point to add to your repertoire to ask for the number of borrowers. I made that mistake about two months ago, and it cost me an unplanned trip to a hospital (40 miles away) for two other borrowers not mentioned during the negotiations. Live and learn, I sure did! And, good luck from now on.

Reply by PAW on 5/16/06 8:31am
Msg #120126

Since the "fax" back issue has already been covered, I'm only going to address the 1003 issue. You may be incorrect in having the co-borrower sign the top of the 1003. That is only if they are applying for joint credit. Typically, with the lenders I'm most familiar with in doing title closings, each applicant NOT applying for joint credit will have their own 1003. So, with two borrowers, and two separate 1003s, I would not have had any of them sign the "joint credit" paragraph as the top of any of the 1003s unless specifically directed to by the lender or title company.

Reply by Paul2_FL on 5/16/06 9:27am
Msg #120144

Hi Paul,

I did try to contact the Lender but it was after hours and couldn't get anyone on the phone. This problem bugged me from the moment I had them sign hence my message last night on this forum.
I spoke with the Lender this morning and she said it wasn't a problem. (She actually told me she didn't know about the signature block in the upper right hand corner!) Back to your point about joint credit; my understanding was (not sure now): if a co-borrower (not a non-borrower) is on Title and also responsible for the Loan then they must sign the signature block. The verbiage to the left of this signature block led me to believe this. My interpretation of this must be wrong.

A quick note on the faxing - I did ask the scheduler about faxbacks when I took the appointment. Her comment "DUNNO"
Spoke with the closing dept this AM. They only needed a few sent back. End of story.