Posted by Donna LaBelle on 11/28/08 11:57am
Msg #270717

Get a load of this

I just received docs for a signing today, and the first page had a note about a large cashiers check that he was supposed to have at closing. I called the borrower to make sure he would have it, he didn't know anything about it and told ME to call his lender, get it straightened out, and then call him back. Of course I let him know he would have to do that, but who does he think I am ?

Reply by sue_pa on 11/28/08 12:04pm
Msg #270718

...but who does he think I am ?...

He has NO idea who you are.

With many borrowers, we can explain our role very clearly so that there is no way they don't understand our part of the process ... and yet, they have no idea. They obtained a loan, you are calling them about then loan, you have EVERYTHING to do with that loan. Borrowers have no idea what 'signing agents' are, even when you explain it to them and they understand.

Reply by Roger_OH on 11/28/08 12:08pm
Msg #270719

It's not unusual for borrowers to assume that the SA is part of the loan process, since they are often hired by the TC.

You simply tell the BO that as a notary/SAyou're not involved in his process, and have no knowledge of what has previously transpired between him and his LO. He needs to work out the situation with LO/TC to where he's comfortable to sign.

I'd also advise the TC/LO of the glitch in the situation, but they will have to "straighten it out" with him.

Reply by dickb/wi on 11/29/08 1:02pm
Msg #270745

hi roger....hope you had good turkey day........... n/m

Reply by Roger_OH on 11/29/08 2:43pm
Msg #270749

Back atcha Dick - coming to Columbus next Fall for UW? n/m

Reply by Philip Johnson on 11/28/08 12:41pm
Msg #270720

In most cases you're the only face he'll see.

That's who he thinks you are, the only human he will talk to face to face.

Reply by davidK/CA on 11/28/08 3:23pm
Msg #270723

Who you are NOT...the one that is making the big bucks. n/m

Reply by Les_CO on 11/28/08 4:27pm
Msg #270728

Re: In most cases you're the only face he'll see.

Philips got it... exactly!

Reply by goodgirl on 11/28/08 4:04pm
Msg #270724

I've had things like this happen to me. What always kills me is when I call the borrower, or arrive at their house, and they start talking about Al, or Joe, or someone I've never heard of, and they will say, "Oh, I'm sure Al told you blah, blah, blah... We just talked to him last night."
Naturally, I look confused, and ask who Al or Joe is. The borrowers look so surprised and state, with such a surprised look on their face, "Al is our LO. Haven't you seen him in the last couple of days..." Right. This kook is in CA of FL and they think he flew me up here just to close their loan...
Remarkable...but not surprising. As someone else wrote, we are often the only face these people see throughout this whole process.

Reply by Lee/AR on 11/28/08 4:29pm
Msg #270729

Yep... no matter that I explain what I do & even have a written explanation/disclaimer/whatever, they often wonder where I've parked the corporate jet.
However, as this also means that I'm generally very well treated---no complaints here.

Reply by Les_CO on 11/28/08 4:33pm
Msg #270731

I bet you made more money (net) than General Motors did this year too!

Reply by Les_CO on 11/28/08 10:56pm
Msg #270741

Re: Get a load of this/Donna

Donna, I believe that there is a very important, but usually unrecognized part of the “Signing Agent” job. That is that we (rightly so, or not) represent everyone involved the total loan/refinance/mortgage process to the borrower. It is many times part of the SA’s job to liaise with the borrower/LO/and TC, in order consummate the transaction. I had one very similar to yours this evening. The borrower had to come up with $1400 at closing. I called Title asked if they needed a Cashier’s check (this was an FHA loan, and some lenders will take a personal check. No, they (title) need good funds. I called the borrower at work and told him (I had already spoken with him to confirm the 6 PM signing, before I had the docs) about the funds needed. He had no idea, the LO never mentioned it, and he was livid, said I’m not doing this. I said well….just hold on, maybe the LO hasn’t seen the final figures from Title, so he did not know, you need to call him and discuss it with him, many times these things can be worked out; often in your favor. Call him, explain your situation, and please call me back. I then called the LO (and actually got him. Will wonders never cease?) Told him the story, said the borrower was upset, his deal was headed south, and that he should call the borrower ASAP. About an hour later I received a revised HUD from title. Upshot…The borrower zeroed out, (those pesky YSP’s sometimes change) signed the deal, thanked me, and all is right with the world. Do I get extra for this? Even reimbursed for the phone calls? Nope! Just part of the job.

Reply by Les_CO on 11/29/08 12:02pm
Msg #270743

Re: Get a load of this/Donna/correction

As one of the members pointed out to me….The YSP (pesky or not) never changes without a change in interest rate, requiring the change of many documents.
I knew this….Story of my life….whenever I try to be a bit too clever, I come off as stupid. What I meant to say was there are ways a loan broker can "give back" to the borrower. Often from the YSP if they are getting any, and are so inclined.

Reply by rengel/CA on 11/30/08 10:33pm
Msg #270788

That, Les, is called customer service. Good Job! n/m