Posted by BetsyMI on 5/9/07 9:24am
Msg #189506

Readers

Had a closing yesterday with a couple of "readers". Even though I mentioned the 3 day RTC to give them time to go over everything, they took their time reading every single word and then discussing it with each other. Took one hour and 45 minutes for a simple refi. To try to keep it moving, a few times I continued on with the next form, explaining it to the first borrower while the second borrower was still reading a previous form. But then the second borrower stopped reading to listen to me while she was still holding on to the previous form so that didn't work too well.

Good thing I didn't have another closing after this one. Just wanted to get home in time for Dancing with the Stars, which I did!

Reply by PJM/MI on 5/9/07 1:12pm
Msg #189542

Dontcha just LOVE 'em? I tell the borrowers straight up "You do not need to read through everything, and if you do, I'm spending the night on your couch" (with a smile on my face).
I also tell them, " I am going over the high points of your loan with you."

Reply by Adan/NV on 5/9/07 3:04pm
Msg #189562

Those are the WORST!!! It's usually the elders who were always warned ... "don't sign ANYTHING before you read it" at least you got to watch ur show.

Reply by SharonMN on 5/9/07 4:06pm
Msg #189568

I myself am a reader. I think it's nuts that the industry expects someone to sign a stack of 100+ pages for a deal involving a huge amount of $ without reading it. I had some readers the other day who didn't have a RTC (2nd home). I just smile and tell them it's their right to read before signing although most people don't. I also suggest that next time they request the documents to read ahead of time, which is also their right.

Reply by BetsyMI on 5/9/07 4:26pm
Msg #189571

I agree they have a right to read every page if they want to. But this was a mother daughter team who would stop and say things like..."we didn't move into the house in May of 1978 did we? I thought it was November"....daughter would answer "no I think it was March because it was around my birthday".

They thanked me when I left for "being so sweet", and for it taking a lot longer than I told them it would take.