Posted by LynnNC on 1/28/08 9:33am
Msg #232788
Presenting Documents
I want to share with newbies how I present documents to move the closing along. When I was just beginning as a signing agent, I read on this and another board that it was helpful to put the HUD, Note, DOT, TIL and RTC at the beginning of the package and did so in both the lender and borrower packages. Now I do it differently and it saves time preparing for the closing and moving the closing along.
I don’t change the order of the lender package any longer, as some lenders don't want us to and it saves time to not do so in both packages. I do put the HUD, Note, TIL, DOT, RTC, First Payment Letter and the Good Faith Estimate at the beginning of the borrower package. I staple the pages of the Note and DOT (not the two documents together)
I then tell the borrowers to look at those docs while I write down their driver’s license information. I tell them that most of the remaining documents are legal documents without specific information to their loan, but if there is anything specific to their loan, I will point it out when they sign them. Because the borrowers look at their package, they can make notes on the documents.
The borrowers have time to look at the key documents, "digesting" the information and can ask me questions about them. Once I finish recording the driver's license information and they begin signing the documents, I find that they don't feel the need to spend much time looking at the remaining documents because they feel comfortable that they have seen the key information.
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Reply by Michyt_CA on 1/28/08 9:29pm
Msg #232910
Thank you. I like hearing from others what helps borrowers feel comfortable. There are times I feel the borrower is not sure of our role since they do not know us personally. This puts them on defense. Letting them look at the documents without you waiting and watching them, I feel, puts them at ease. You are busy so they can focus on what they are looking at.
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Reply by LynnNC on 1/29/08 8:47am
Msg #232929
I forgot to write that I point out the key information on the documents I named above, before I write down their driver's license information. That way, the borrowers are already aware of the key documents and information on them while they have a chance to look at them without me watching them.
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