Posted by Kathryn Harmon on 9/26/08 7:41pm
Msg #265538

Loan application signing

I just received a call to do a loan application signing. I have never done one before. All of my signings have been for closing docs for first and/or second mortgages. Has anyone had experience with this and what kinds of documents are included? I asked if this was for a reverse mortgage application but the caller said no.

Reply by Michelle/AL on 9/26/08 7:56pm
Msg #265540

Kathryn, I've done about ten of these appointments.

The lender I've worked for emails me around ten forms. Usually none of then need to be notarized. If the applicant is elderly they rarely have photocopies of all the things that have been requested so I use my own portable copier (check stub, bank statement, ID and a few other things that I can't remember right now). I usually get 2-3 calls from the broker asking me, "Are you there yet?". The appointments average 30-45 minutes. Then I'm required to fax everything back and place the originals in the mail. I rarely get more than 1-2 hours lead time so I've turned down more than I'd like to have turned down.

Reply by Sylvia_FL on 9/26/08 7:56pm
Msg #265541

Just know that those loan application signings can take as long as a regular loan signing.

Reply by Michelle/AL on 9/26/08 8:00pm
Msg #265543

You're right, Sylvia. I was being very modest in my

estimation of time (30-45 min). I was trying not to exaggerate but truth be told I've had a few last as much as an hour. Some of the forms for the application are identical to the ones in the closing!

Reply by Pamela Hoyle on 9/26/08 8:17pm
Msg #265544

To make the process faster for you, look over the stips you need from the borrower,,typically last note, survey, dl's, ss cards, recent mortgage statement, pay stubs, dec pg from homeower's policy....call borrower to have them assemble all of these things BEFORE you get there and it will go much more smoothly...I hate waiting at the table in the borrower's home whil they look for everything...
p.s. Excuse typing...had major surgery on rh wrist yesterday. Just call me "lefty"

Reply by sue_pa on 9/27/08 6:50am
Msg #265556

I have no idea why the other poster said they are usually elderly ... that makes no sense whatsoever.

Also, these homeowners are adults. They have applied for a loan. They understand (or should understand) certain things are required of them. I would NEVER take a copier nor would I sit there while people gathered info. If they have it ready I send it back. If not, they contact their lo to get instructions on how to send it in later. I am not their mommy ... they can take responsibility for their own loan or not. My job is to be certain signatures are correct.

Reply by Lee/AR on 9/27/08 8:12am
Msg #265564

Have to agree w/sue_pa... who do we think we are?

The LO...who makes 50 times what we do? I have been a r. e. broker and an LO... and, for that kind of money per deal, sure, I'd babysit 'em. For what we make? I don't think so.
They are adults and if you do your initial contact call properly, they'll have what's needed ready.

Reply by JanetK_CA on 9/27/08 8:10pm
Msg #265597

Once again...

As usual, sue_pa and Lee/AR = the voices of reason!! Thanks to you both for years of wisdom and good old fashioned common sense!!

Reply by Tannis Zamora on 9/27/08 8:34am
Msg #265566

I am assuming that this is a RESPA signing.

I have had RESPA's where the document package would include TWO different sets of paperwork, one set with 15 year loan figures and one with 30 year loan figures. These signings, although do not include any notarizations, DO take as much time as Helocs, Refi's etc.

The only difference is a copy of the package is not usually required for the borrower. Hence my fees for Signings are same, minus the full eDOC print fee.

Hope this helps.

tannis zamora TN

Reply by Virginia/PA on 9/27/08 3:59pm
Msg #265591

I've done a RESPA signing and was told not to make copies for the borrower. However, when they actually started signing, some of the documents ask them to sign indicating they have received a copy of "this notice". How can you not provide a copy and yet ask them to sign that they have a copy?
In one instance I was specifically told NOT to provide copies to the borrower. I offered to give the borrower a copy of what they signed on a disk or e-mail it to them since they were signing saying they had received a copy. In one instance I called the signing company from the table and told them the borrower was hesitant to sign something indicating they had a copy of something or had received a certain disclosure which they had not actually received. It is my understanding that the RESPA signings are part of the disclosure phase of the loan application process. Lack of disclosures to the borrowers are at the heart of the fraudulent mess our industry is now experiencing. I don't believe in not giving copies to borrowers of what they are signing. JMHO and my 2 cents worth.

Reply by Kathy/IL on 9/27/08 9:21pm
Msg #265600

I totally agree with all of you. As a consumer, I'd want a copy of the documents I was asked to sign or any that would pertain to obtaining a loan.