Posted by GA/Atty on 2/26/08 9:20pm
Msg #237289

I did my first RESPA application signing today!

Now I know what you guys are always talking about when you say you "do a RESPA"! I finally feel like one of the cool kids!

Reply by Elaine Sedlock on 2/26/08 9:44pm
Msg #237296

Congrats! I can imagine the feeling! Cheers! n/m

Reply by jba/fl on 2/26/08 10:12pm
Msg #237307

Did you find it to be a PITA w/bor. not ready w/info? n/m

Reply by CJ/Alaska on 2/26/08 11:15pm
Msg #237316

Re: Did U find it to be a PITA w/borrower not ready w/info?

In my experience, RESPA's take LONGER than most Mortgage signings.. its the First time they have had anyone in front of them to ask questions and of course, digging thru file boxes, and Lord help us if they dont have a home copier - even tho they knew they would have to give ya copies of Taxes, Bank statemtns etc..
Signing Companies always want to pay LESS on a RESPA because they say "You dont have to actually Notarize anything.." and No copies to the borrower - which freaks most of them out too.. I dont like doing RESPA's because of the hassle and time involved..

Reply by sue_pa on 2/27/08 7:28am
Msg #237330

Re: Did U find it to be a PITA w/borrower not ready w/info?

why do you wait while they search through boxes? Get the papework signed, if they have anything ready for you to send back, send it back. If not, give them the fax number and they can fax it later.

As for the no copies, do you tell them they don't get a copy? I have never had a borrower ask, let alone 'freak out' about copies. Should they ask early in the process, very calmly say their LO will get them a copy. If it 'freaks' you so much that you're causing the issue, print an extra copy and give it to them. (I personally would never do this because I follow my client's instructions). Also, when I do actual closings, I've got tons of borrowers who have signed these predisclosures on their own. When the final docs don't jive with their memory, often times they say they don't have their preliminary paperwork - they signed it and sent it back and failed to make a copy.

Reply by CJ/Alaska on 2/27/08 12:58pm
Msg #237397

Re: Did U find it to be a PITA w/borrower not ready w/info?

I literally had a borrower REFUSE to sign the RESPA docs because she hadnt made copies as the lender requested and she felt 'Rushed and Unprepared' for the RESPA signing..
I explained to her that this was merely the completing of the loan application but she wasnt having anything to do with it! (Even tho she asked me on the phone to come SOONER than the appointment time!) That one was just kooky to me..
And I've had several borrowers ask WHY they dont get copies. I do mean Several.. very leery of it.. maybe it was that many of these borrowers have been of other nationalities where there were some possible understanding and language barriers, Im not sure.. but the RESPA signings have been quite harrowing for me - for the most part - and I dont take many any more.. I will pass them up and let someone else have them who really wants them..