Posted by LJ on 4/26/07 9:48am
Msg #187083

Borrower making me look stupid to LO

Had a real aggravating borrower last night. We were going over the escrow disclosure page. I explained it and explained it. They had a cushion set up of $400 and the borrower just could not understand that. No matter how I explained it, he did not get it. I said it 10 times that its there in case your taxes or ins goes up. You shouldn't have to come up with any more money to pay these. He insisted on calling LO. No problem, we called. On speaker phone, the LO explained it exactly the way I did and he understood it. The borrower said to the LO that if I had explained it that way he would have gotten it. The LO didn't say anything any different than I did. I explained it 10 times and the LO 1 time. Made me look really, really stupid. There were 2 more instances like this and we had to call Title. It was a real tense closing. The borrower also was refusing to sign the 4506T. He read the entire thing and tried to tell me that I was a "third" party and it clearly says not to sign this form if a third party is requiring it. I was kind of stern and told him that I am not a thrid party to anything. I am here to witness your signature and ID you and nothing else. I actually got up from the table and walked in the other room for a minute to stop myself from saying something I would regret. We had to call Title on this also. He was trying to tell Title that they had no business requesting a transcript of a tax return. Title had to get stern with him also in telling him they and the lender have every right to request this if needed. Thanks for letting me vent. This is the first time that I could have just walked out of a borrowers home and could care less if they got the loan or not. He was just being stupid about the entire thing and nit picking and trying to make me look like I didn't know what I was doing. Thanks for listening.

Reply by SharonMN on 4/26/07 9:54am
Msg #187086

Some borrowers are aggravating, but it looks to me like you are getting upset about "looking stupid" about things that you aren't required to know anyway. Your business is to witness signatures. If they have questions about WHY certain docs are required, or WHY the terms/fees/etc are what they are, just politely refer them to the lender or title company and say something like, "I'm sorry, these are the documents your lender and title company prepared for your loan. If you have questions about them, you'll have to talk to them. My job is to witness your signature."

Reply by Dorothy_MI on 4/26/07 10:19am
Msg #187099

Although I can feel your pain, I do think you're making more out of this than needs to be. As far as both the escrow disclosure page and the 4506, I spend almost no time going over those two docs. Escrow page, I present by saying "this is your escrow disclosure page, your payment with your escrow is Blank dollars. This page shows how the money comes into and goes out of your account, sign here". The 4506 I present as "this is a government form that needs to be signed. Sign here". If they give me any problem about not wanting to sign any form, my stock answer is "That is your choice, but if you don't sign there's a real good chance your loan won't go through". I've never had them argue with me after that. Now if you really are worried about the LO requesting that you do not close any more loans for them, give them a call and explain how you'd told the borrower's exactly the same thing he told them. Real good chance they've given him problems on other steps in this loan and he will understand, if they didn't he'll still know you are a consciencous (sp) NSA and knew enough to call him when you couldn't get anywhere with the borrowers because you didn't want the loan to not fund.

Reply by LJ on 4/26/07 1:43pm
Msg #187172

I agree Dorothy that I spend almost no time at all explaining the 4506T. That was what was so frustrating about this borrower. We spent nearly 20 minutes on this 1 doc. He was reading and reading it and kept trying to tell me that "I" was the third party and it says not to sign it then. He could/would not understand that "I" am NOT the third party. I am not party at all in this. He insisted we call Title and have this explained. I even told him he has a choice to sign it or not. If he doesn't, I told him the loan will probably not go through. His choice. I certainly understand and can appreciate a borrower wanting to call if the "numbers" aren't right. I encourage them to do so if they feel uncomfortable or don't understand something. But, this was ridiculous with this guy. I can't say what I really feel like saying on this board. This kind of borrower fits a certain sterotype that if I said what I want to say, I would certainly offend a lot of people. Just proves I'm right again about this kind of person. They are all the same.

Reply by CaliNotary on 4/26/07 1:52pm
Msg #187175

Message Deleted

This message has been deleted by a forum moderator.

Reason: Generally Inappropriate

Reply by LJ on 4/26/07 3:03pm
Msg #187194

Believe it or not, its not race I'm referring to. It's his line of work. I run into this kind of person quite frequent around my area and its hard to take sometimes. I have to bite my tongue with their know it all attitudes. Some of these people are not in the real world and the world revolves around them.