Posted by GLRMbile on 3/16/08 12:35pm
Msg #239461

Loan Officer Present

When the borrower has a question concerning his/her documents and the loan officer is there for the signing,do you defer the questions to the LO?

Reply by Ilene C. Seidel on 3/16/08 12:40pm
Msg #239463

OF COURSE. In my estimation a loan officer that attends the closing is giving great customer service and the borrower is more confident. He's the one getting the big bucks not us, he should be answering all questions.

Reply by Cari on 3/16/08 12:44pm
Msg #239464

I'd ask the LO at the start of the signing if they want...

to answer ALL the questions of the BO, and they usually say yes. Turns out that these are the shortest signings for me, 15 to 25 minutes tops!

Reply by Linda_H/FL on 3/16/08 12:48pm
Msg #239465

Depends on the LO...if the LO wants control of the signing

you should see it right off the bat. In that case I'd defer to the LO at all times..even if (s)he doesn't know the answer - watch him/her squirm...

The very few times I've had a LO present at the signing, I've chatted with them prior to the signing - asked if they wanted to conduct the signing. Most times they say no, you go ahead, so I do....until I get to a question I'm not authorized to answer, such as "why" is my loan like this, or is a question requiring an in-depth explanation of the loan or loan docs, in which case I glance at the LO and clam up...LO takes over and explains..

So far haven't had a problem with LO "interference" - mine have all been very smooth..

JMHO

Reply by GLRMbile on 3/16/08 1:03pm
Msg #239467

Re: Depends on the LO...if the LO wants control of the signing

Thanks for responding Was told by a real estate agent that deferring questions to the LO made them look bad and was rude and unprofessional.

The Title docs were still being worked up for this signing and when they finally "appeared" the borrower's name was misspelled and the co-borrower was not listed(which I "caught"we had to wait further to have this straightened out and the final HUD sent before we could close.

Now it's MY fault the signing took longer than 45 minutes to complete and they will no loger request me for their closings.

Reply by dickb/wi on 3/16/08 1:12pm
Msg #239469

i would say they are a-- h----..and ignorent of the facts.. n/m

Reply by Linda_H/FL on 3/16/08 2:19pm
Msg #239473

What company is this??

I think I've had one closing in 18 months that was done in under an hour...and I'll be danged if I'll accept responsibility for TC/Lender mistakes...

"Now it's MY fault the signing took longer than 45 minutes to complete and they will no loger request me for their closings"

Ya know what...that might be a blessing in disguise...

Reply by GLRMbile on 3/16/08 2:45pm
Msg #239477

Re: What company is this??

Local real estate company and local Mortgage broker.Title was done by Commonwealth Funding through Flagstar.

Let me correct my typo while I'm here
"took longer not took loger"

Reply by jba/fl on 3/16/08 2:30pm
Msg #239475

MY fault the signing took longer than 45 minutes ???

What difference is it if the signing took longer than 15 min or 45 mins.? Who has the stopwatch out? I might, as I just want to get it done and leave, but the bor. is the indicator on the actual amt of time I will be taking at a particular signing...if he/she/they have questions, longer; otherwise, let it rip and get me going down the road.

I don't understand..."does not compute"

Reply by GLRMbile on 3/16/08 2:43pm
Msg #239476

Re: MY fault the signing took longer than 45 minutes ???

My sentiments exactly

Reply by CJ on 3/16/08 3:58pm
Msg #239479

Are LOs being paid by the hour? I think not.

Just like us, it takes as long as it takes, and if they don't like it, they are in the wrong business. When I have an LO present, sometimes they slow it down by explaining every piece of paper to death. So I do this: I tell the LO that I have a system that really expidites things, and I will cover the main parts, and he can answer the tough questions. That usually works. So I review the Note, TIL, and HUD with the borrower, and then we start signing. I tell the borrower that their people really care becuase they sent the LO to help us. Then the borrower feels pampered.

But one time I said, "Here is the interest rate" (about 8%) and the LO said, "No, it's really 4%". The borrower would not sign and they started arguing in Spanish. I was glad that I could not understand because I did not want to be responsible for the lies. Finally the LO went outside to make a phone call. I said, "I don't know what he told you, but THIS is the figure on the contract." He said, "I'm not siging". I grabbed the papers and left. But I could have left 5 minutes into the signing if that LO had not been there. But that was a rare situation.

Reply by Cari on 3/16/08 6:05pm
Msg #239483

wished I'd been there to hear that conversation...

the LO probably told the BO some crap about how they'll promise to change the paperwork after they sign...bla bla bla - yeah right...it's lyin', sorry a$$ LO's like this one that truly pi$$ me off! I'm hispanic, but do not look like it at all - would've loved to hear what the LO was telling the BO...I'd most definetly would've told the BO the truth as well!

CJ you deserve a medal for standing up and telling the BO the truth! Keep up the good work!

Reply by MichiganAl on 3/16/08 6:15pm
Msg #239484

Re: Are LOs being paid by the hour? I think not.

I briefly handled signings for a broker's office that tried to pull something like this. The interest rate would say 8%, but then the broker would print some page from a website that calculated what an "effective rate" would be on a bi-weekly payment program (not that the broker was even signing the borrower up for a bi-weekly program, they were just telling them to go do it themselves). The broker wanted me to avoid showing the borrower the interest rate and instead show them the effective rate on the printout and tell them that that's the rate (the printout wasn't in any way even a part of the loan docs, it was just something they'd get from an online calculator). I said no. I will show them the rate and I can show them how a bi-weekly plan works, but I won't tell them that their rate is 5% when it's not. Funny, I haven't heard from them since. They were offering $200 - $250 a signing. Now I know why.

Regarding the original question, I think you can tell almost immediately whether the l.o. wants to take charge or not. 99% of the time they let me handle things. The signing is my expertise, not theirs. They may know their job and do it well, but many of them don't have a full grasp of some of the documents in the package. If you've got Mr. Power Broker that wants to jump in and run the show, you can pretty much tell after the first question is asked. The fun part is when they explain something incorrectly and you've got try to show the correct information to the borrower without undermining the l.o.

Reply by CF on 3/16/08 8:23pm
Msg #239490

Re: Are LOs being paid by the hour? I think not.

I would not even do it for $2500.00...that person could start taking $$$$$ out of my household. I have bills to pay and I work for a living; not just to get some pocket money. People that do this, soley, for a living are not going to help someone take away their livelyhood!!!!!!

Reply by CF on 3/16/08 8:24pm
Msg #239491

Wrong post! Sorry!!!!! n/m

Reply by JanetK_CA on 3/17/08 1:41am
Msg #239507

Re: Are LOs being paid by the hour? I think not.

I agree! Anymore, I cringe inside when I hear the lo is going to be there. Most of the time they know the loan, but not all the documents in the package and all too often, if they are at the table, it ends up taking longer. Sometimes it's because they're trying to impress the borrowers, other times, they just get into explaining details of the loan that I wouldn't go into and sometimes they are just bored and get into chit chat. Once in a while, though, it really is good to have "the expert" available. It all depends on the person. I've only had one time where the LO was really a first class jerk. Couldn't get out of there fast enough!

BTW, I NEVER ask the LO if they want to handle the signing. However, after I go through my explanation of how the signing process will work (which usually puts the LO at ease), I DO tell the borrowers how lucky they are to have their LO there in case there are any issues that come up. Most of the time that helps.

I've also been asked by a LO to not go over certain details of a document. One time it was a Grant Deed between an ex-husband and wife. I told him that the person signing the Grant Deed didn't need to know the details of the loan that was in the other party's name, but that I certainly wasn't going to notarize a document that the signer didn't understand or have the chance to read. Some of these folks are just unbelievable!

Reply by RickG/CA on 3/16/08 8:05pm
Msg #239489

Re: Depends on the LO...if the LO wants control of the signi

My $.02 is that having a LO at the signing is good - for future $igning$ as well answering questions regarding the purpose of the documents, etc. However, having the RE Agent at the signing, well, let's just say it lacks desirable qualities. It's only happened 2 times, and oh how memorable those were.

Reply by Maureen_nh on 3/16/08 8:31pm
Msg #239494

Re: Depends on the LO...if the LO wants control of the signi

I agree with Rick. I like having the LO there, but RE Agents are another thing especially at a purchase.
They really try to grandstand.
My one signing that I had an LO problem and it wasn't my problem, was a resign.
The first time the borrower didn't agree with the stated income (too high) and per instructions the signing was adjourned. Next week same docs with LO present and she signed. O Well.

Reply by Sharon Taylor on 3/16/08 8:26pm
Msg #239493

I ask the LO how he/she wants to handle it

I flatter the LO by saying, in my best one-professional-to-another voice, something like "You're familiar with the loan terms, and they are your clients. Would you like to conduct the closing or would you like to have me conduct the closing and you jump in whenever you feel you need to?" I try to say it quickly either as a quiet aside when he/she first introduces himself/herself, so the borrowers don't hear or at least don't pay attention.
99 times out of 100, the LO will defer to me conducting the closing.
And by glancing at the LO while going through the terms and making an occasional comment like "Would you like to explain this further?" or "Would you like to add something?", etc., the LO still is made to feel he/she and I are a team working together to provide the best possible service to his/her clients.
The one and only time I had a problem with a LO is one who had the borrowers meet us at the local bank which was funding the loan. The LO was showing off for his buddy, the bank president, who sat in on the closing. As I hesitated in deference to his presence and asked if he wanted to do the closing or me, he impatiently grabbed the docs and proceeded to boisterously and flamboyantly conduct the closing, relegating me to a piece of furniture with a notary stamp. He then complained to the agency that because I was clueless, he had to take over and do the closing. Needless to say, I was thoroughly POed and have never let that happen again.

Reply by tinkie on 3/16/08 8:45pm
Msg #239497

I'm amazed at notaries who TRY to explain legal documents. .

unless you're also an attorney.

Reply by Lee/AR on 3/16/08 9:42pm
Msg #239503

Re: I'm amazed at notaries who TRY to explain legal documents. .

There's a very big difference between knowing where to find stuff & letting them read it for themselves and 'explaining'.

Reply by Susan Fischer on 3/17/08 1:12am
Msg #239506

Yes there is, just as pointing our salient points of a loan

package; specific loan terms directly related to the borrower's understanding for signing the contract, the right to cancel, the annual percentage rate, among other safeguards for the signers, (and lenders alike) is not 'explaining,' it is describing. Answering "Why is my interest rate this amount?" is explanation, and answering "Is this a good interest rate?" is opinion. Pointing to where the interest rate, the payment, the first payment date, the last payment date, the address to send payments, and pre-payment provision is on the Note, is description. It serves to identify the basics of the meat of the deal to the obligating party, and just takes a sec. I treat all of my borrowers as neighbors, well, they are, really.

Establishing that certainty for the borrowers is a great job. It's not 'point-and-sign.'

Look at the Big Picture. On this board alone, there is a constant barrage of elemtary questions, and askers for the beneifts of others' experience.

Dollar signs in their eyes, and hope in their hearts.

It's a job, while different, and just like any other job - it takes at least a year to learn the desk. The difference between the employed and the self-employed is when you're the boss, you make all the decisions and take all the responsibility.

The prepared will fare better than the un and under prepared. Competition for the best is at work. It is hard work to grow a business, and one of the first things, as in everything in life, is to learn the basics. Since learning this "desk" is formidable, and knowledge of other basics of accounting, marketing, analysis, among others, is necessary for success, this niche is not easy to fill.

Reply by Sharon Taylor on 3/17/08 12:07am
Msg #239505

Excuuuuuse me, Tinkie. Don't jump to false conclusions

Just because I used the word "explain" doesn't mean I do anything other than explain "this is your interest rate, this is your Note, this is your Deed of Trust, this is the date of your first payment" and so forth.
I know you believe you understand what you think I said, but I am not sure you realize that what you heard is not what I meant.

Reply by MichiganAl on 3/17/08 3:57am
Msg #239509

Oh, he's not jumping to any conclusions

This was Mr. Burton's, err, tinkie's agenda long before he appeared on NotRot.

Reply by Sylvia_FL on 3/17/08 6:04am
Msg #239511

Re: Oh, he's not jumping to any conclusions

Al, Tinkie isn't Burton Fletcher. Tinkie is Buddy Scherff.
Tinkie is in TX and Burton is in GA.

Reply by BrendaTx on 3/17/08 6:36am
Msg #239513

Does Robert Scherff also go by Buddy, as well, Sylvia?

(In reference to "tinkie".)

Reply by Cari on 3/17/08 9:26am
Msg #239525

Hey Tinkie-winkie isn't it?

"I'm amazed at notaries who TRY to explain legal documents. . unless you're also an attorney. "

I'm just as amazed at how arrogant and ignorant some people can be regarding the legal profession.

Just to clarify, you don't need to be a licensed attorney to explain legal documents - DUH. Any business/legal contracts 101 class will tell you that!

As a 20 yr experienced civil litigation and real estate paralegal, I currently own/operate a successful paralegal firm and I explain legal documents as part of my business all the time. There's a HUGE difference between explaining legal documents and giving out legal advice.

BTW, how are the rest of the teletubbies?

Reply by Sylvia_FL on 3/17/08 9:30am
Msg #239526

Re: Does Robert Scherff also go by Buddy, as well, Sylvia?

Yes

Reply by tinkie on 3/17/08 9:44am
Msg #239527

Does Brenda also go by Brenda Stone? Does Sylvia also go

by Sylvia Mease? I think we are getting a clear picture now. I thought I never would learn who everyone is.

Good morning,

Robert "Buddy" Scherff
ie; tinkie.....my cat and usnername on all sites.
Hope this helps.

Reply by BrendaTx on 3/17/08 10:05am
Msg #239529

Robert:

Okay that was funny.

>>Does Brenda also go by Brenda Stone? Does Sylvia also go
Posted by tinkie on 3/17/08 9:44am by Sylvia Mease? I think we are getting a clear picture now. I thought I never would learn who everyone is.<<

You're missing the point. We already post linked to our actual name.

Reply by MichiganAl on 3/17/08 10:16am
Msg #239531

Oh sorry! I got my sock puppets who got busted confused. n/m

Reply by MistarellaFL on 3/17/08 6:47pm
Msg #239594

Re: I ask the LO how he/she wants to handle it

Sharon, I agree with the way you handle it.
I do the same, and I believe it to be a professional courtesy.
FWIW, most LO's want me to conduct the closing (they say I am quicker), and most of them hang around to answer any specific questions.
Some just go outside for a smoke, and I have to chase them down if there is an issue or question I cannot answer.
I always try to show up 15 minutes earlier than the brw, in order to ask the LO about conducting the closing. The way I get around these "showboat" types, is to ask them if they will be sitting in on the closing.
If they say "of course!" I always ask if they want to conduct it or me.
And, I always bring them a little somethin-somethin as a pre-thank you gift.