Posted by Mary_in_VA on 12/10/07 2:41pm
Msg #225357

"Once bitten, twice shy" borrowers

Has anyone else noticed this trend: at the same time the industry is trying to cut our fees, it's taking longer to close loans because borrowers are more cautious? The borrowers have either previously been burned themselves or have heard so much about subprime ARM loans that they have to scrutinize every detail, so some loans are taking longer than ever to close!

Reply by Joan_OH on 12/10/07 3:43pm
Msg #225372

Tell me about it!

I do mostly purchases, but those refi's I do go something like this .... "Are you sure it's fixed?" ..... next doc ..... "Show me again where it says it's fixed" ..... 2 docs later ....... "is there any way this loan can go adjustable?" ...... next doc ...... You get the picture.

Borrowers are seeing it on the news, newspapers, radio everyday and they are VERY cautious!

It's to the point I won't even let them sign anything until I've gone over the note, HUD, Mort and TIL & RTC showing them several times it's fixed.

Joan-OH

Reply by jba/fl on 12/10/07 8:27pm
Msg #225404

your description fits to a T on mine too! n/m

Reply by Terri Garner on 12/10/07 4:20pm
Msg #225381

I show these docs now before I even take out my notary journal or pens:

1. HUD
2. Note
3. RTC
4. TIL
5. First Payment Letter

Give 'me these first and the rest get signed, no problem.

Terri
Lancaster, CA

Reply by Ernest__CT on 12/10/07 10:47pm
Msg #225416

Yup. n/m