Posted by PJM/MI on 3/22/07 6:57am
Msg #181282

A different prospective of the LO

Yes, I know.. we all have our "horror" stories of bad/shady lo's who lie to the bo's, write bad loans, etc.
Here is a different "spin" on this: The LO has hand-held the borrowers for anywhere from 7 days to a couple of months. It isn't the lo's fault that the bo didn't have all the necessary paperwork together or has bad credit scores. It isn't the lo's fault the bo didn't call him/her back when he/she left many messages.
The LO has "baby-sat" with these people and listened to all of the "woes" and problems. The Lo is surely going to make a buck or two on this deal.. just like we are.
And then we go in. And yes.. we as the signing agent can blow the deal in a matter of minutes.
Unprofessional behavior and NOT knowing the documents can kill a loan.
We are meeting the bo's ONE time (and hopefully, only ONE time) and WE are the face of the lender at the closing table. How we behave and present not only the docs but ourselves can make or break the deal.
Without the LO...we don't have any closings.
I used to have a "bad" taste in my mouth regarding lo's and I wasn't comfortable having them at the closings. Then I realized how hard they actually work to get these loans to the table.
Just like us, there are the GBU lo's.
To all of the good lo's out there, I tip my hat. It's a job I certainly wouldn't want or I would have jumped on that bandwagon many years ago. And a hearty "thank you" for all the hard work and effort you put into your job.

Reply by SueW/Tn on 3/22/07 7:21am
Msg #181290

I totally agree with you PJM

A very close friend of mine is a LO and I can't tell you how many times she's been close to tears with her clients and that's after spending a month holding hands and walking papers around. Even though BO's know what they need and what they should NOT do, they do it. They stop making mortgage payments (ut oh) because they're "refinancing". Their credit scores hit rock bottom, drop 100 points in one month! The underwriters go crazy and tell the LO this isn't happening without X, Y and Z. I appreciate the majority of LO's and wouldn't want to swap jobs.

Reply by JanetK_CA on 3/23/07 2:43am
Msg #181502

Re: I totally agree with you PJM

Good points, both of you. I know I've done at least my share of LO bashing on this site, so I'm glad you brought up the other side of the situation. While it's true that there are some headcases out there who are trying to make an easy $$ and can make for some challenges for us, the shoe can just as easily be on the other foot. There are many hard working, professional LOs, and sometimes the notary can be THEIR worst nightmare...

And talking about borrowers -- they are absolutely certain the LO said "---[fill in the blank]..." I remember one woman who swore up and down that the interest rate she was quoted was .125 lower than the Note said.... until she finally found the envelope where she had written all her notes from their conversation. At least she had the decency to finally admit she was wrong. ('Course that was 15 - 20 minutes later...)

But your posts are a good reminder to not jump to conclusions and keep that smile plastered on... ;>

Reply by Lee/AR on 3/22/07 7:55am
Msg #181301

Well said & very true. n/m

Reply by Michelle Smith on 3/23/07 10:32am
Msg #181548

I am a former loan officer and you are SO right. As a Signing agent, we spend very little time on the "deal". The Loan officer spends weeks or months getting to that point. (And sometimes the loan never closes, so they never make a dime.)