Posted by PJM/MI on 9/29/07 8:28am
Msg #213820

Getting docs late

As we all know, getting a re-finance isn't as easy as it used to be. And with that thought in mind, WHY oh WHY can't the lenders get the docs out in a timely fashion? It's not like there are 1000 to do a day anymore.
And little do they know how scary that is to the borrowers! I have been late to THREE closings this week because of getting the docs late. And I mean late.. as in 2-3 HOURS late.
The one closing almost didn't close because the borrower was scared he was getting into a "Bad" loan.
Little do the lenders know that they themselves look BAD when we arrive late because we didn't get docs in time. I'd be scared too, if I was told "you're going to close at 3 pm", and the notary arrives three hours late because of not getting docs.
I wish there was a board where we could post back to the lenders and let them know what message they are sending when docs are late.

Reply by CJ on 9/29/07 11:02am
Msg #213834

I agree.

When I have to tell the borrowers that the docs aren't here, they get so panicky and confused.

They ask, "where are you? who does have the docs? How can you possibly get them anyway when it is late afternoon and the mail is not running? Will the mail drop them off tomorrow? When WILL you get them? Can you call someone? I thought my loan officer was brining them? Who are you anyway? Can you drive and pick them up? How about we just do this tomorrow, becuase I don't want to wait around anymore."

They think the docs have fallen into the wrongs and that's why they are "lost". They don't know that people processing the docs are making promises they can't keep.

Reply by Barb/MO on 9/29/07 11:45am
Msg #213843

Amen, sister. Preach on!

Maybe they have deluded themselves into thinking that it's not they who are going to look bad, but US. Of course, that would still reflect on them for contracting such incompetent signing agents.

Maybe enough of the LOs habitually submit their deals for execution with an ASAP or today/tomorrow deadline to simply mess up the production system. Not everyone can be first in line, so such doc packages are inevitably "late," doomed from the start.

Maybe there's antagonism and the resultant fall-out between the LOs, brokers, et al., a/k/a sales personnel, and the document processors, a/k/a back office. That antagonism is a natural phenomen in many industries. Sales reps promise the moon (in this instance, favorable terms or specific appointment times or whatever to hook the prospective borrower) and leave to everyone else down the chain the task of miraculously making that happen. I've had experiences when the documents are late where the borrower tells me at the signing that these are not the terms s/he agreed to (PPP, balloon, closing cost amounts, etc.), which causes me to speculate (to myself) that there's been quite a row going on behind the scenes to produce the package I'm now presenting to borrowers.

As you said, Pamela, it's hard to understand why it's happening now with the drop in refis overall. EOM and staff cuts aside, it seems this has always been a chronic problem, regardless of the time in the month. This is my number one stress producer in this work (now that I've worked out all the wrinkles to the printing process ;-) ), and can screw up an entire day, or at least the balance of a day, especially EOM.

To those with experience inside the industry, what's your take on what's happening here?

Reply by LisaWI on 9/29/07 12:19pm
Msg #213849

Re: Lack of Communication or Very Little, IMO-To Barb

Going thru too many channels, and no communication directly with a LO or processor. We are the loose thread that needs to be tied to complete the circle.

Im not inside the industry but that is what I see in the whole picture.

Reply by Lee/AR on 9/29/07 12:45pm
Msg #213851

Everyone needs a scapegoat. Mine is...

UPS, FedEx & DHL... never am specific...but one of 'em surely is late. First, I address the problem of 'late docs' during the initial call. I "imply" (implying is not lying) that neither the Lender, TC, or myself can control when the docs arrive....(this is true, sort of). Ask them how flexible they are on scheduled time...and juggle stuff around accordingly. They don't need to know that I'm printing the docs.

Reply by Barb/MO on 9/29/07 1:03pm
Msg #213852

Lisa: Well, I know I'm fit to be tied over it. <groan> n/m

Reply by MichiganAl on 9/30/07 12:18am
Msg #213911

If I were a lender or t.c...

I'd look around watching other companies dropping like flies and figure that I'd better make sure my company provides the absolute best service possible. And yet I'm seeing late docs, appointments scheduled without consulting the borrower first, and a TON of docs with misspelled names and mistakes on the HUD. Not the way I'd run things if I were trying to survive all of this.

Reply by PJM/MI on 9/30/07 9:14am
Msg #213924

Re: If I were a lender or t.c...

You got that right!
I've had several appointments scheduled, and yet when I call to confirm with the borrower, I am told, "I can't meet you then!"
Sometimes I wonder if the loan officers LISTEN to the borrowers.

Reply by cassiewi on 9/30/07 9:27am
Msg #213927

I just have to agree. Twice yesterday the appointments

were scheduled with me for 3 pm and one was an open time. I call the borrower for the 3 pm, "my LO scheduled this with me for 9 am" and I had to give the open time back. They scheduled that for between 9-10 am with the borrowers but told me open time. I had other appointments. If they had told me that when they scheduled it with me at 9 pm fri. night (which they tried to get me to go out at 10 pm to do because they sent the notary to the investment property address in northern WI, not the actual address the bo's live at, lol), I would have said I couldn't do it.

It boggles the mind, almost every signing I did this week, the edocs were late.

Reply by Linda_H/FL on 9/30/07 10:10am
Msg #213931

Re: If I were a lender or t.c...

" I wonder if the loan officers LISTEN to the borrowers"....no...they don't

I've had a couple set for X time...calll borrower - they're out of state on vacation!! won't be home for a few days - and I told LO this!!...grr