Posted by OnTheDot_CO on 3/29/07 2:21pm
Msg #182674

Outside the Home

Has anyone ever been told they have to close the loan at a professional location and the loan can't be closed in the borrowers home? This just seems a little odd to me but it is the rules of the lender and title company.

Reply by Lee/AR on 3/29/07 2:24pm
Msg #182675

Yep. So much for B's convenience, hey? n/m

Reply by Vince/KS on 3/29/07 2:36pm
Msg #182676

Yes, many times. Sometimes it is because the borrower lives in MO and works in KS and wants to sign during an extended lunch hour or just before or after work. Doing so is a convenience to the borrower.

Sometimes they say they requested it in an office because they thought it to be more professional (borrower's perception - or perhaps they had a dirty kitchen).

Reply by Mumbo719/FL on 3/29/07 2:50pm
Msg #182678

2 or 3 times per month, often on a lunch hour.

Reply by OnTheDot_CO on 3/29/07 2:59pm
Msg #182682

The borrower wants to close it in their home for their convience but I was told I can't close it in the home. It must be closed outside the home.

Reply by rengel/CA on 3/29/07 3:08pm
Msg #182684

Do they have a porch or patio? tee hee hee

Reply by Dorothy_MI on 3/29/07 7:41pm
Msg #182755

Sounds like

an HFC. Many times these must be closed in a neutral location. Try the library or a fast food restaurant.

Reply by Lisa Prestegard on 3/29/07 3:18pm
Msg #182688

Have seen it occassionally w/World Savings loans...

usually, they'll want it to close at a World Branch and do not allow a branch-Notary to close the loan.
Other than that, only one request from a TC that it be closed at a "professional location" for a high-end buyer. Mr. Buyer chose The Boston Market! lmao

Reply by jojo_MN on 3/29/07 3:46pm
Msg #182697

Re: Have seen it occassionally w/World Savings loans...

Some companies want it in a neutral setting for safety reasons so they can't be held liable if the notary should be assaulted

Reply by Becca_FL on 3/29/07 3:29pm
Msg #182692

HFC used to have this stipulation.

Reply by MikeC/NY on 3/29/07 4:13pm
Msg #182705

No, but I've had a couple that included an affidavit requiring the borrowers to state where the loan was closing and give a reason why the loan wasn't closing at the lender's office. I thought it was odd, but I'm not there to figure out why they want the papers signed...