Posted by Sandra Clark on 12/15/07 4:09pm
Msg #226263
LO - Notary - Horror Story
It is rare that a LO calls me direct especially after loan has been assigned to me by Settlement or Title company. On Fri. this happened. At that time I was told he had a few "extra" docs to go to the borrower, would I mind taking them and leaving them with borrower. Then he says, the loan will be a father, son and wife signing, but oh, by the way, son will not be there and it be okay, the father would sign for the son. Emphatically NO says I to him - that is illegal and I will not do it. Then he states "but he is only on Title" "not the Note" Who cares! My response was under no circumstance would I be party to this. I then call the person that hired me, told them exactly what was said and if that was a requirment, get someone else to handle the closing. My contact was outraged! No way would she allow that to happen! Hooray! An honest person! Then the lo calls back, says son's going to sign in Boston - they will overnite docs to him. This happens right after Title was called. Good! Then again, the lo says more about the "extra" pages - just leave those pages with the borrower. I say, "along with a copy of the package, right"? He says, oh no, just those pages, borrower will get copy of docs next week. Hmmm. Still not sure about this character. Call the hiring person again, tell them about the conversation - told not to worry, make the second copy as usual. I am then 5 minutes from the borrower's home, the lo calls again screaming at me. I had thrown him under the bus, others knew about his conversations with me - I was totally unprofessional, etc. etc. just ranting like a maniac! He then tells me not to do the closing, I tell him, You didn't hire me and hang up on him. I then contact the hiring person, tell them what has taken place, what do you want to do? By now, Settlement, Title and Mortgage company - all involved., including Presidents, owners, etc. At this point, I agree to go ahead, close the loan. After closing is completed, I asked the hiring person to please call the borrower and get a report on how the closing was handled, me personally, the whole situation. I know enough to cover my own butt when you deal with a lo this crazy. Your comments, please. TIA (Report by borrower is outstanding according to my hiring person)
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Reply by SReis on 12/15/07 6:00pm
Msg #226281
Had one today in which LO kept telling borrower that the loan amount was $100,000 but the actual loan amt on note was $105,000. Tries to give some song & dance re: advanace PMI pymt & if you subtract that $5,000 the loan amt would be $100,000. Yup, and if you subtract out all of the other fees/escrow advances I'm sure the loan amt would be even less. Give me a break! I just kept my mouth shut & pointed to the note. In the end, no sign.
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Reply by DianeCipa on 12/15/07 9:23pm
Msg #226307
great job, Sandra
Your loan officer was used to closers doing whatever he said to do. This is why it is so important that people not be afraid to stand up and say no to people like him. I am very happy to hear that the company who hired you also supported your actions.
We had a circumstance last year - actually two closings with the same LO - in which he had falsified asset information on the 1003. It was discovered in each closing by our closer.
In each case, he had said the customers had thousands of dollars in a local bank. Neither did. The mortgage underwriter conditioned for a copy of a cashiers check from that bank. When our closer asked for the cashier check, the borrowers said they had no such accounts. The LO said not to worry he'd fix it. We said no can do. He went ballistic and started screaming.
All the time, our closer sat at the table while I was on the phone with numerous people at the mortgage lender's office. I wanted them to put in writing whatever their decision was. They wanted to verbally tell me to go along with it and I refused. If it was ok, then put it in writing.
I had to go to the very top of a very large lender to get a written statement. This is why I love the UCI fraud contact. Reporting fraud to a mortgage lender whose entire department is supporting the fraud, it tough. A direct line into quality control protects the REAL lender.
That department and LO are OUT OF BUSINESS. The very large lender is doing fine and we still do alot of transactions for them.
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