Posted by Nancy Witt on 10/17/08 3:39pm
Msg #267608

Signing schedules

More and more of my assignments are ending up being cancelled at the last minute or pushed way back due to having to re-draw the documents for a variety of reasons. It really ruins the schedule if I have another assignment right before or after or if I have turned one down. Is this becoming more and more common for everyone else also? I appreciate the work during this slump we are in, of course. There just seem to be more and more complications now.

Reply by Helen Gill on 10/17/08 3:55pm
Msg #267610

Yes, I'm experiencing the same pattern. It's doesn't surprise me though with all that's happening in this industry anyway. So I'll proceed with caution and wait to see what the outcome will be with each request. You're not alone though. Hang in there!

Reply by Nancy Witt on 10/17/08 4:21pm
Msg #267612

I hate to say it, but I am glad to hear I am not the only one. How true that we have to take them as they come!!!

Reply by LisaWI on 10/17/08 9:32pm
Msg #267640

Im seeing trends like the ol days except for the volume to include the crappy LO's unfortunately and I had a first and second tonight which I havent had in a very long time.

I was really hoping the shady LO's would all go away, but apparently not all of them went.

Reply by Tess on 10/17/08 10:16pm
Msg #267651

Re: Seeing the same here.

Had both tonight, the LO did not tell borrower about the second mortgage, which happened to be a 10 year balloon, negative amortization.

Reply by jojo_MN on 10/18/08 9:49am
Msg #267674

Re: Seeing the same here.

Those should be illegal.

Reply by Tess on 10/18/08 10:45am
Msg #267677

Re: I agree!! n/m

Reply by sue_pa on 10/18/08 11:37am
Msg #267678

Disagree

This product (negative amort w/balloon) may provide the end result a borrower is looking for and may exactly suit their needs. Like all products (lending and otherwise) they have a specific purpose and if used for their intended purpose are of no harm. When misused (like guns, vehicles, alcohol, etc) they can have devastating a/effects but because a few misuse, shouldn't mean illegal for all.

As for not seeing 'shady' LOs recently, you all should come on my rounds with me ... they seem to have crawled out of the woodwork the past month. Perhaps 'shady' isn't the word ... noncommunicating/misinforming and not correcting/evading ... okay, shady is correct.

Reply by Tess on 10/18/08 12:23pm
Msg #267680

Sorry Sue, but I disagree.

It is mortgages like the negative amortizations that helped cause this mess we are in. If they can not afford to make the normal 30, 20, 10 year payments now, they should not buy now.

I do not know the specifics on this person, and things could change for this person 10 years down the road, but what happens if not? She will be faced with a HUGH payment she will not be able to make. If the market happens to be like today, she will lose her home!

Now if you are talking about it as a temporary fix to stop the foreclosure mess we are in today, yes, but it will only be a band aid, and for some, only delay the inevitable that will happen in less then the 10 years.

Reply by Tess on 10/18/08 1:04pm
Msg #267682

Re: Old school! Guess it comes from being a bookkeeper :) n/m

Reply by CaliNotary on 10/18/08 2:07pm
Msg #267686

Re: Sorry Sue, but I disagree.

"It is mortgages like the negative amortizations that helped cause this mess we are in. If they can not afford to make the normal 30, 20, 10 year payments now, they should not buy now."

Why are you assuming it's a purchase?

Reply by Tess on 10/18/08 4:33pm
Msg #267691

I'm not.

The one I had was a refinance, and the person was genuinely surprised. Either way, if a person is in financial trouble with their mortgage, or can not afford one, holding off on payment on a portion that they can not pay, does not teach them to make healthy financial choices for their future. We have to relearn how to live within our means and or learn how to protect ourselves financially. Now, I will not get in to lean times, sick times, etc, because it can get pretty political, but I hope you get my general thought.

Reply by jojo_MN on 10/18/08 9:28am
Msg #267673

Are you saying it is a shady l.o. because they offered a first and second, or because ithey were charing outrageous prices for their loan? There are times when 1st and 2nds are the ONLY way to get someone out of a bad situation so they don't have to file bankruptcy.

Many of the credit cards have doubled their monthly payment obligations. Also, a few of them went from their (i.e. 7.5%) low interest for life to a vaiable rate. I know because two of the crdit cards I have did that to me. It has nothing to do with your credit history. They are just getting greedy. If you only have $1,000 on the card, it isn't too bad, but when you have $5K if you go from 7.5% to 15%, it is very detrimental. It makes a big difference in whether or not you can make your monthly payments.

Getting this 1st and 2nd loan could be their only hope at not filing bankruptcy.

And yes, there are a few just plain greedy l.o.'s out there, but the majority of them are doing this to help out others and earn a living themselves.

Reply by LisaWI on 10/18/08 9:55am
Msg #267675

Re: Signing schedules-JoJo

No. Im seeing LO's doing questionable acts, probably not illegal, but not very ethical, more often. And I did a first and second lastnight which hasnt happened in a long time. Two separate subjects.

And how do I know if they are charging outrageous prices? Not my call or say. My point was, I havent come across a questionable LO in quite awhile. And I havent done a first and second in a while either.

What I am seeing though as a whole is, borrowers are becoming quite savvy to their loans.

Reply by jojo_MN on 10/18/08 10:02am
Msg #267676

Re: Signing schedules-JoJo

That is so true, I haven't run across any qustionable ones either. I only ran across a qustionable so-called signing service, which you already know about.