Posted by Hugh Nations Signing Agents of Austin on 11/21/08 1:52pm
Msg #270248

Query

Though I have been a signing agent for six years, I have never worked for a title company, so if this question appears naive, please forgive me.

Every signing agent who knows which end of his stamp goes on the paper has many times encountered the problem of late docs. I'm sitting here waiting for docs for a 6 p.m. closing; with two closings between 3 p.m. and 6 p.m., I'm not going to be able to get back and print out a packet. The 6 p.m. closing has been scheduled for two days.

My question is: Why don't title companies schedule closings far enough in the future that they KNOW they will have all the documents ready? This closing could have been set up for next Monday. I understand that beyond that they are past the EOM, but the same thing happens in the middle of the month. It just seems to me that when a title company is setting the date for a closing, they could say, "Okay, all the docs should be ready on the 5th, and we should be able to close on the 6th. So...let's set the closing up for the 10th; that will give us plenty of time in the event there is a glitch."

Explanation, anyone?

Reply by MistarellaFL on 11/21/08 1:57pm
Msg #270250

Blame the lender/broker/brw/buyer/seller.
The TC also expects docs to be ready when the lender says "go".
Rarely have I ever encountered the TC to blame for late docs.
Occasionally, I have seen encumberances/liens show up or not being cleared up by the date of signing. JME

Reply by Lee/AR on 11/21/08 1:57pm
Msg #270251

What!?! And spoil all the fun?

Yes, it would make more sense. Sometimes it even actually happens. Most times it doesn't.

Reply by MW/VA on 11/21/08 1:58pm
Msg #270253

Sure--in a perfect world. Same issue with real estate closings that all get pushed to the end of the month & push, push, push. It's the nature of the business.

Reply by MW/VA on 11/21/08 2:01pm
Msg #270254

Also, at EOM "schedules" are for the very optimistic--just need to be very flexible. I know notaries who say "yes" to every call, and then just move them around to when they're able to do them, "rack'm & stack'm".

Reply by parkerc/ME on 11/21/08 2:09pm
Msg #270256

What's that adage about "poor planning on your part does not make a rush job on my part" . . or something to that effect?

Reply by Derrick/MT on 11/21/08 2:40pm
Msg #270258

Alot of times the TC will schedule the closing after the lender tells them to go ahead and do so. The problem then is that the TC is waiting on the lender to finish the docs and also waiting on the lender so that they can finish the HUD and they can not do that until they get the final numbers from the lender.

Reply by Hugh Nations Signing Agents of Austin on 11/21/08 2:46pm
Msg #270260

So, then, I guess my query becomes, why can't the lenders to exactly what I suggested the title companies do?

Reply by Derrick/MT on 11/21/08 3:04pm
Msg #270266

That Hugh is a question for the ages. My take on it is that there is a loan officer sitting around telling his/her loan proccessor to get theses loans closed by the end of the month. Most offen the loan proccessor is working for more than one loan officer and while the loan officer is out playing golf the processor is trying to get all of these loans closed. Most offen the loan officer does not get everthing needed to close and the proccessor is running around like a chicken with their head cut off trying to meet dead lines.

Reply by JandB on 11/21/08 5:30pm
Msg #270289

Speaking as an ex-processor at both the broker and lender level, you are very close, Derrick. It's worse at the lender level because the Account Exec. is probably not on the golf course...he's breathing down the processors neck. You can't imagine the pressure on processors and underwriters to get a file cleared to close. Once cleared docs must still be drawn and HUD approved etc. Everybody knows it is all for naught if they can't get a closer either in the title company or the field (notary) so they schedule closings on a hope and a prayer they can get it cleared in time. As I set here typing I am waiting for docs for my 6:00 appointment. It is 6:22. But, thank God I am not the processor. I love my job.

Reply by JanetK_CA on 11/24/08 3:00am
Msg #270431

Bingo!!!! ;>) n/m

Reply by BobbiCT on 11/22/08 10:41am
Msg #270333

KISS answer ...

Please do not take offense to my snippy reply:

Question: Why don't lenders and title companies get docs out on time?

Answer: Because they don't have to. You (or another signing agent) let them get away with it. There is NO incentive to be efficient because the lender always has another hungry or novice NSA somewhere in the wings to take a last minute assignment.

Lenders and title companies know they do NOT have to be efficient because they can always find a signing agent who works at the same fee for on-time or late docs, juggles his/her schedule to accommodate late docs, and deals with the unhappy customer. LO or scheduler just "blame the notary"; odds are the customer will believe this coming from the mouth of their friendly LO and, even if they don't, the loan gets closed anyway. No harm, no foul to the lender or title company; they got their $$$ without inconvenience to them. Your 4 pm becomes 6pm because docs are late and you can't do it; customer hears, "We have to re-schedule because the notary canceled and we have to find another notary." New notary hears: "The other notary didn't show up. Can you do this?"

Reply by Kevin/Ct on 11/21/08 2:50pm
Msg #270262

Do you run your own business or not. In this type of time squeeze you tell the TC or SS that you need to be in receipt of the edocs by a specific time or there is no deal.

Reply by Hugh Nations Signing Agents of Austin on 11/21/08 2:57pm
Msg #270264

Been running my own business for many years, Kevin; probably longer than you've been sucking air. I know what I can and cannot tell a client. That wasn't the focus of my query. The question was, since this is a continuing problem, why don't THEY conduct THEIR business so it is unnecessary for anyone to tell them that.

Reply by Linda Juenger on 11/21/08 3:14pm
Msg #270267

I'm sitting here waiting for them to correct the wife's spelling of her last name. Gee, the nobody notary catches this?????

Reply by MW/VA on 11/21/08 3:25pm
Msg #270270

BTW, I l-o-v-e your profile, "your Hughness". See, you're thinking like an attorney, not like a mortgage lender. HeHe!

Reply by Pat/IL on 11/21/08 4:51pm
Msg #270277

Many moons ago

Before email became the preferred method of delivery, the lender had to have a complete set of documents prepared the afternoon BEFORE the scheduled closing. If they were not sent on time, no closing. Since the documents were prepared, they would fax the closing instructions, with all of the figures, to the title company the day before the closing.

So, yes. It can be done. I think the lenders these days just run lean enough to get the job done at the last minute.

There are others in the line of blame, but it's mostly the lender and the inventor of email.

Reply by jba/fl on 11/21/08 8:27pm
Msg #270297

Re: Many moons ago

"but it's mostly . . . the inventor of email."

That would be Al Gore - those tricky Dems. (Just so that Hugeness understands)

Reply by PA_Notary_II on 11/22/08 10:12am
Msg #270331

Re: Many moons ago....

a mortgage was 3 pages long and the note was 2 pages.

Reply by desktopfull on 11/21/08 10:49pm
Msg #270314

ROFL, we have all wondered why they can't get docs out. n/m