Posted by Leon_CO on 11/23/07 12:01pm
Msg #222577

appropriate action when bwr cancels before the appointment

You received a call to do a closing. You make a confirmation call to the borrower. He tells you that he is not going through with the loan (he canceled it).

What action do you take?

a) ask the borrower why he changed his mind
b) simply notify the title company, because it's none of your business why he changed his mind
c) ask him why he changed his mind, and notify the title company
d) other

Reply by cassiewi on 11/23/07 12:03pm
Msg #222578

My answer would be b, unless the borrower offered an explanation to me, otherwise I wouldn't ask.

Reply by Linda Spanski on 11/23/07 12:25pm
Msg #222581

If the borrower said he already cancelled, then whoever he talked to should already know why.

If the borrower says "I've changed my mind" and I'm the first to know, then I say "I'll pass along this info to your loan officer; may I tell him your reason?"

Reply by Hugh Nations Signing Agents of Austin on 11/23/07 4:40pm
Msg #222620

Of course I would ask: Tactfully, I hope, but I surely would ask, for many reasons.

The borrowers may never call their loan officer, or they may refuse to talk to the loan officer for whatever reason. If I can get an explanation of the cancellation, why should I not?

Whatever has precipitated the decision to cancel might easily be curable; might, in fact, be curable wth an explanation of something by me.

Not the least reason, though, is that at the time I make a confirmation or reconfirmation call to a borrower, I have already invested time in the closing. I have scheduled it with the TC or SS, assigned it a number, logged it into both my calendar and my monthly financial record, filled out an order form and established a file. I don't want to lose that time investment if a sentence or two from me can prevent it.

Reply by Michael Edmonds on 11/23/07 12:26pm
Msg #222582

B )with an add on. Ask the borrower to please contact who ever they are working with and advise them of the same.

Reply by JK/TX on 11/23/07 12:26pm
Msg #222583

B or D .... depending on the his attitude.

If he was short w/me I would choose "B", because it really is not any of my business.

If the Bo was not short and/or rude I might ask if he had notified anyone of the cancellation. That way, I could let my contact/client know ... for instance, I could then call the TC and tell them the Bo said he cancelled and he said he contacted his LO about the cancellation.... or "The bo said he cancelled, he said he had not notified anyone, just changed his mind (if that's the case) and did not tell me why." But I would not ask why.

Reply by Ernest__CT on 11/23/07 1:38pm
Msg #222591

It is none of our business why. We should encourage ...

... the borrower to call the Loan Officer with whom the borrower has been talking.

There was a situation recently where the borrower cancelled and told the lender, the lender told me, but nobody told the firm that contracted with me. There was never a reason for me to talk to the borrower. Should I have contacted the person who called me to set up the appointment in the first place?r Maybe.

Reply by LJ on 11/23/07 2:05pm
Msg #222596

Re: It is none of our business why. We should encourage ...

One time I got to the borrowers home. At the door they said they changed their mind and didn't want the loan. I then asked them if I could just "show" them what the numbers were and their would be no pressure and if they didn't like it, I would leave. They agreed and actually thought it was ok for them. They talked privately for a few minutes and signed the loan. Just never know what can happen.

Reply by OR on 11/23/07 3:04pm
Msg #222609

Re: Long

It depends on my signing instructions.

I always ask first if they have called there Loan Officer or the contact person who they have been working with and let them know. I tell them it is there responsibility to do that right now. I ask them if they have that number, if not I give/get them one. I always close that call with "if any thing changes can I leave you my number. I tell them I am here for them if they change there mind".

Then I follow your signing instructions.

Some say call the Company that hired me and some say call the Loan Officer/title Co/SS or some have 18 names to call but whatever it says I do that first. I always personally contact the Company/Person who hired me via phone and email.

Usuly the borrowrer will let you know why they are backing out so I relay that information to everyone that I talk too. I never decuss the terms of a loan with a borrower. But if the reason is due date/time/place to sign, I tell the borrower that only there loan/person can tell them if they can pospone or change the date they sign because loan docs are date sensative. They need to call them now and let there person know that I am willing to be flexable for them. We may then decuss what time or date that would work better for the borrower to sign. I close the call with You need to get your Loan offers permission first, can I leave you my number so you can call me if you need to.

Reply by titleme2nc on 11/23/07 9:04pm
Msg #222645

actually i think it is other.. because you are to inform him that he has a 3 day right to resend. Also if he is able to work thru the problem with lender than his loan can still be processed on time, but there should be a form in your package so that if you get to the appointment and then he cancels you will have to have him fill out that form. Your main goal is to get the signing done and then if he backs out, so what.

Reply by Lora/FL on 11/23/07 9:26pm
Msg #222652

Good question, Leon, and some great examples in the responses. Maybe it's just me that gets lucky and lands all the crazies, ha, but I've never had to decide to ask or not...they make sure I know in great detail and sometimes using "colorful" language, the exact reason they are not signing. Fortunately, I have seldom experienced the situation.

Reply by Ernest__CT on 11/23/07 10:45pm
Msg #222657

The "I'm not going to sign" form is not that common.

It is a great idea, however.

Some of us have made our own "I'm not going to sign" (or "I've stopped signing" forms. These can be useful in our _attempt_ to get paid after spending a lot of time and effort only to have the signing so awry _through no fault of our own_.

Reply by Ernest__CT on 11/23/07 10:48pm
Msg #222658

!Double Drat! How can I stop accidentally having emoticons? n/m

Reply by Susan Fischer on 11/24/07 12:09am
Msg #222663

Stop emoticonning. ;) n/m

Reply by Leon_CO on 11/24/07 2:40am
Msg #222665

"What we have here is a failure to communicate."

That's about the best way to describe what happened.

I was called last week to do a closing, scheduled for Monday the 19th. I made a confirmation call. The borrower said he didn't want the loan. I told him to make sure he told his LO. This was basically a situation in which the borrower was letting me know, 'Don't waste your time coming out here, cause I ain't signing anything.' I didn't have the documents anyway.

I called the signing company and told them. I also replied to the email confirmation they sent letting them know that the borrower canceled. I wanted to have a written record that I notified them.

Yesterday morning I got a call from the signing company asking me ** why ** the borrower canceled. I told the caller that I notified them. He said that they have a record of it. He just wanted a reason why.

Apparently the signing company never did anything after I called. They obviously knew that the closing didn't take place on Monday.

Reply by WDMD on 11/24/07 5:43am
Msg #222667

"Yesterday morning I got a call from the signing company asking me ** why ** the borrower canceled. I told the caller that I notified them. He said that they have a record of it. He just wanted a reason why. "

I had one last week where someone from the title co. called me to tell me the signing was cancelled. The next day the same title co. called me asking why the loan did not close.

Reply by Leon_CO on 11/24/07 6:35am
Msg #222670

communication

>> The next day the same title co. called me asking why the loan did not close. <<

One would think that they knew that already.

I had the same thing happen, from this same company that called asking why the borrower changed his mind. A couple of weeks ago they called me to tell me that the closing was canceled. Then a few days later someone called and asked if I went to the closing. 'No. You said it was canceled.'

This is a very big company. Yet it seems that in many cases, the bigger the company, the worse the communication. People aren't talking to each other. With some of them, you never speak to a human after the closing assignment is given. Everything is done with voice messages. And some don't even contact you personally. They send emails and text messages notifying you of a closing in your area. So it's no wonder that these kinds of breakdowns in communication occur.

The best communication I have is when I work directly with the title company. There are some signing companies that have good communication. But for the most part, there is a lack of it.