Posted by PJM/MI on 11/18/06 6:18am
Msg #160944

What I'd Like to tell Mortgage Brokers

"Thank you for working so diligently with Mr & Mrs Borrower for the past 10 days, weeks or even months. You are fully aware of their financial situation, but I am not. Please do not tell the borrowers that you know me personally, unless you really do. Do not tell them I am a "gal from your office", as I am not.
Please do not tell them to NOT make their mortgage payment while you are working on the loan and then not close the loan for a couple of months.
Please do not expect me to "save" your loan after you have changed the rate, terms, etc., for the tenth time. Please do not "promise" that which you cannot deliver.
Please don't schedule a closing with a borrower at a certain time and then change everything at the last minute. I do not live around the corner from the borrowers, nor can I print out docs at lightning speed.
Borrowers have schedules also, and they expect me to be on time. If you don't get docs to the tc in a timely fashion, I cannot be at your closing at the scheduled time.
If the loan does not close, do not call me up & berate me. I did not originate the loan.. you did. If they chose not to sign, that is their right. It is their home and their finances.
PLEASE double check the documents before you send them out for the proper spelling of the borrowers name and address. Making corrections at the closing table is not only time consuming, but can make the borrower feel like you weren't paying attention.
If you are in attendance at the closing, please remember I am a "disinterested third party". I am there to witness the borrowers signatures and make sure they have proper ID.
If you tell the borrower "call me anytime", then please mean it.
Do not ask me to do anything illegal. I am commissioned by my state and I do not want to jeopardize that. If you do not know my states' laws, just say so.
And lastly, thank you for the loans you write. .without you, I wouldn't have a job. We are all in this business together. Let's strive to work together."

Reply by Teddog/CO on 11/18/06 6:34am
Msg #160945

Amen to that girl! And good morning n/m

Reply by cassiewi on 11/18/06 8:15am
Msg #160948

Re: Amen to that girl! And good morning

Ditto! I have had three of those situations this week. Good morning to you both.

Reply by closerchris on 11/18/06 8:17am
Msg #160949

thanks for making my morning :) n/m

Reply by hp/MD on 11/18/06 8:38am
Msg #160950

Re: thanks for making my morning :)

More power to you. No one could articlate this better. You could be presidential speech writer. LOL

Reply by LC/AZ on 11/18/06 8:39am
Msg #160951

Re: thanks for making my morning :)

Had one the other day where, the borrower was told not to make her last payment, and she was expressing her concern to me. I sat there and could not voice an opinion. Also, her payment was alot more than what she was told, because of taxes and insurance being added. She was crying, and all I could say was, "You'll have to confer with your loan officer on these matters." Then, shortly after, another signing where docs said Jr. and license said Sr. Had tried to call the borrower to verify ID before I went, but no answer, went anyway, and, of course, spent 3 hrs. at the borrower's house trying to get things rectified. Yeah, I think we all need a big raise!

Reply by John_NorCal on 11/18/06 9:22am
Msg #160957

Re: thanks for making my morning :) Good post pjm ...LC/AZ

**borrower was told not to make her last payment, and she was expressing her concern to me. I sat there and could not voice an opinion.**

I don't agree with this statement. I had one the other day too, same thing, borrower was told not to make the payment this month. We signed on the 15th, payment was supposed to be made by the 16th. I told them to go ahead. If anyone wants to consider that UPL go ahead, personally I can't just sit by in a case like that. But I'll draw the line there as far as advice goes.

Reply by LC/AZ on 11/18/06 10:30am
Msg #160973

Re: thanks for making my morning :) Good post pjm ...LC/AZ

Sadly, John, in my heart, I know you are right, and commend you for having the courage to speak up. But, as pjm stated, " I am a disinterested third party" and therefore, feel, I do not have a voice in the matter. I'm probably selling my soul to the devil by not giving my opinion to the borrower, esp. when I hear that something they were told doesn't seem right. I guess my fear is the borrower will go back and tell the loan officer, "Well, the notary said......", and that's when I'll be in deep you know what!

Reply by Linda Hubbell on 11/18/06 9:48am
Msg #160963

Re: What I'd Like to tell Mortgage Brokers..and may I add

PLEASE don't tell the borrowers to call me AFTER the closing to check on their funds - I no longer have any input into your file and have nothing to do with the funding of the loan.

I had a signing last Friday - funded Thursday - borrowers asked that money be wired into their account and filled out proper form and provided voided check with package. I got a call from borrower yesterday that the money had not shown up in their account - I offered to call title but told her she should call her LO who could track this down for her - she told me her LO told her to call ME!! aarrggghhh!!!

Reply by SueW/Tn on 11/18/06 9:54am
Msg #160967

Once or twice a BO has called me to ask

a question. They called me because they had my card AND obviously I'm one of the few that's answering the phone. Of course I can't answer any questions, most of the time I can't recall anything about my BO's other than their address but I do pull their invoice and look for any contact numbers for them. Most times I have the LO's cell number and I'll give them that info in a heartbeat. As far as a LO telling them to call SA....that one is a stretch and a half. I'm betting she was just more comfortable with you.

I can't think of a thing that was left out of the original post! Great job!!!

Reply by Linda_H/FL on 11/18/06 10:02am
Msg #160970

Re: Yes - this was a great post!!

Think I could copy it and fax it back to the hiring company with a copy of their confirmation and instructions? "I have your instructions now here's mine"...<G>

Reply by Lisa Prestegard on 11/18/06 9:49am
Msg #160965

Well said! Excellent post n/m

Reply by Ernest Adams on 11/18/06 12:25pm
Msg #160991

Great Post! I'd add ...

... "Please do NOT tell the borrower(s) that they do not need a witness. Connecticut law supercedes your opinion. CT requires two witnesses; I'm allowed to be one of the two. It is the responsibility of the borrower(s) to provide another witness."

Reply by PJM/MI on 11/18/06 5:22pm
Msg #161040

Now I'm Blushing!

Thank you all for comments!

Reply by JanetK_CA on 11/20/06 3:02am
Msg #161203

Re: Great Post! I'd add ...

Yep, you said it! I had a couple of those last week, too. (One Fri, one Sat.) However, in all fairness to mortgage brokers, they are not always the ones to blame. As I understand it (at least in my area - most of the time), the documents are prepared by the lender, based on info from the broker, then typically go directly to the title company for them to do their part. The LOs/brokers frequently don't even see the docs.

The no-sign I had on Saturday, the mortgage broker tried to get a copy of the HUD to review in advance, but the docs got to escrow late in the day and the EO left without returning her call. And in this case, the piggyback loan ended up with a HELOC instead of the fixed rate second the BOs and the LO had requested! (This LO actually answered her phone on a Saturday afternoon!)