Posted by Jeannie_Or on 5/18/07 7:31pm
Msg #190884

Insane Signing

I suppose compared to some of the other stories out there this is nothing but it was my craziest signing yet. Scenario: 7pm signing, borrower is in the process of trying to sell her house (where we are doing the signing) and is purchasing a condo with a piggyback in CA (this is what we are signing on). Being a piggyback, of course there are two sets of docs to sign. So, I show up and she is obviously frazzled. Her house is almost completely empty and we are doing the signing on an outdoor patio table (in the house) complete with the little hole in the middle for the umbrella and patio chairs. She is accompanied by her two granddaughters (3 years and 21 months) which she is raising. First off, does she have a copy of her I.D.? No, so I pull out the handy digital camera (all proud of myself) and guess what the battery is dead! Yeah! So the next door neighbor comes over and takes a picture of her license and promises to email it to me, very sweet. Then she proceeds to take the next 10 minutes taking snapshots of the kids and the borrower. I wasn't complaining because it was really nice of her to take the picture and by the time I got home she had already emailed it to me. Anyway, we proceed with the signing and the kids are COMPLETELY out of control. Now don't get me wrong I am a mom and I know how kids can be and they were quite cute. However, the 3 year old kept standing on the tray to the high chair, yes on the tray and the 21 month old kept putting loose change in her mouth and chewing on it...pennies, nickels. I thought I might have a heartattack. The borrower was pretty unconcerned, perhaps just beaten down. I don't think I have met a better candidate for the supernanny. It was so crazy trying to sign docs when they kept stealing her pen, sitting in her chair, hitting each other, throwing their bottles on the table, taking off with my notary bag, screaming, drooling and just generally acting like feral children. I left the signing with a greater appreciation for my children and the necessity of discipline.

Reply by Linda_H/FL on 5/18/07 7:36pm
Msg #190886

Re: Mine was a little more peaceful

Two hours at the table reading HUD and talking to LO for a no-sign...yes...no noise..and no sign...<<sigh>>

Reply by DebbieT on 5/18/07 8:17pm
Msg #190891

Re:A big fat lie

I was at a signing this evening and the borrowers were upset that the interest rate was 9.5 instead of 8.5 so they called the LO. The property was investment property. The LO told them not to worry because "there is a three day right of recission." NOT!!! I told them that there was no 3 day cancel in their package (obviously).
Borrower told LO that I said that there was no right to cancel in the package. Can you believe that the LO told the borrower that they had a three day recission anyway and that I should know that. Thank goodness that after awhile they decided to do the loan anyway BECAUSE they were told not to pay the mortgage and now they had no choice but to sign the papers. Snake!

Reply by BrendaTx on 5/18/07 8:59pm
Msg #190895

Re: Re:A big fat lie - I have a question.

Do you think it is possible that the loan officer actually
didn't know that there was not a three-day rescission?

Reply by Linda_H/FL on 5/18/07 9:06pm
Msg #190896

Re: Re:A big fat lie - I have a question.

Why not? The LO in my case didn't know the loan was for 20 years and not 30 (which was what the people wanted, 30) - I had to read the note to him on the telephone....

Reply by DebbieT on 5/18/07 9:18pm
Msg #190898

Re: Re:A big fat lie - I have a question.

She knew that it was an investment property.

Reply by BrendaTx on 5/18/07 9:32pm
Msg #190899

Re: Re:A big fat lie - I have a question.

It's just curiosity. Just b/c a loan officer knows it's an investment property doesn't mean they have educated themselves properly....that's my point, do they even know what they are saying?

The downside of loan origination fees is that loans are no longer sold by financially educated people.

They are sold by sales people who have been taught to close, close, close on a sale. Sales people don't want or need all the details to sell a product.

Understanding the product isn't necessarily a factor. In this situation, they are making a few hundred dollars as a commission while the borrower can lose everything. Bankers aren't the ones selling a loan any more...it's just sales people with enough knowledge to make them very dangerous to the "buyer" of what they sell. I don't think that's a mistake.

Just a thought...not excusing them...just wondering if they have a clue.

Reply by Linda_H/FL on 5/18/07 9:37pm
Msg #190900

Re: Good point, Brenda..

My LO tonight alluded to the borrower on the telephone that *I* should know that their mobile home can't get a 30-year mortgage....sorry...even if I did it's not my question to answer - that's his job...I don't feel it's my job to tell the borrowers what kind of loan program they are eligible for.

Reply by DebbieT on 5/18/07 10:04pm
Msg #190903

Re: Good point, Brenda..

I do see where you are coming from Brenda. Could you imagine though if they were in a situation where they could consider canceling and tried. Its just sad to see some of these people so misinformed. Especially on something that could probubly change their financial situation in the future drastically.

Reply by Susan Fischer on 5/18/07 11:45pm
Msg #190907

Re: Re:A big fat lie - Isn't that the truth, Brenda. The

good salesperson ~knows~ the products, and the loans go through like silk.

The SalesGuyz just bounce around in the industry like pinballs, doesn't matter the industry; car sales, loan sales, mobile home sales, on and on.

Hope your Friday evening is fine, fine, fine.

Cheers!
Susie

Reply by Kari Schaffner on 5/18/07 9:13pm
Msg #190897

Yep - me too!! 45 minutes of the borrowers arguing with the LO about the terms. Meanwhile I was being mauled by their 2 dogs who really seemed to like my legs...all for a no-sign Sigh...here is for hoping for something better next week!!

Reply by OR on 5/18/07 10:03pm
Msg #190902

Re: Insane Signing/down a long long bumpy bumpy road

I guess my wasnt too bad after all. My borrowers signed everything. Then told me that I could send my loan, but they had questions and were going to call the LO. I wasn't even out of their home and the Mrs's was already calling the LO. Wheesh I was out of there. Back down the long long bumpy bumpy road. How do people drive every day on some of there roads but this one was so full of pot holes it knocked off my GPS off my dash board. I am just glad I dont live on road. Have a great weekend All!!!

Reply by Joan Bergstrom on 5/18/07 11:50pm
Msg #190908

Re: Insane Signing/down a long long bumpy bumpy road

I had a signing this week that I surprised me to say the least! I looked at the HUD and saw the borrower was getting approx $48,000.00 back and this is not unusual in CA at this time.

When I got to the signing the borrower had a cashier check to give me for the $48K; I had looked at the wrong check mark on the HUD.
No one told me to collect this check. I have collected 1 check in the last 4 years.

When I started in 2002 the most important thing I had to do was look at the HUD and see how much money a borrower had to have a check for. Then by the start of 2003 until now I only picked the one check before today.

There are so many different loans out there today that I honestly don't know why this couple had to come up with the $48K; it was a refinance on their own personal home.

Maybe they were coming off an Adjustable and their equity wasn't enough to cover going to a Fixed rate; but it could have been something else.

Reply by OR on 5/19/07 12:21am
Msg #190910

Re: That is a lot to come up with WOW n/m

Reply by Linda_H/FL on 5/19/07 8:56am
Msg #190919

Re: Just a little insight here, Joan

My husband and I bought our present home here in FL last May prior to selling our house in CT - it was a case of we couldn't NOT buy this house (it was everything we were looking for and more) - we FINALLY have a contract on the CT house (yes - it's taken us almost 2 years to sell it) with a closing for Monday - we'll be refinancing in the near future for (a) a lower interest rate and (2) lower principal balance. We'll be bringing $80K-$100K to the table.

Reply by sue_pa on 5/19/07 11:55am
Msg #190940

why?

I've had people in these same type situations also. Had a lady one time who had received an inheritance from her mother's estate. she handed me $100,000 and was very nervous about it. She kept asking me if the lender was 'legitimate'. I surely didn't know but if I had $100,000 to deliver to someone it would go through as few hands as possible to get to the end destination. Being basically distrustful, I'd pay my current mortgage down by xxx and have a smaller payoff rather than funnel a large sum of $$$ through a third party. I realize the end result is the same and that seldom do things go wrong but read Source of Title's articles abuot how many title companies have 'gotten in trouble' the past few years.

Reply by Linda_H/FL on 5/19/07 12:03pm
Msg #190943

Re: why?

I'm lucky enough to be going through someone I know and trust - in my situation I have no problem with bringing funds to the table.