Posted by Ali/IL on 12/23/09 9:29am
Msg #315529

How to speed up a signing

I had a signing the other night where the borrowers spent almost an hour trying to decide if they were going to sign or not. I told them that I needed to get to my next appointment it didn't move them. They had two loans to sign and wanted me to hand over the packages so that they could look over everything. I told them that I would explain as we went and that at anytime if they didn't want to sign we would stop. They ended up signing but, I was late for next appointment.
I suggested that they call their loan representative they tried and couldn't get hold of her.

Another one is when one of them is running around taking care of something. Or, when they ask me to sit down and they are just not ready.

What are the signs that you all use to let them know that you are not able to sit and wait?

I know that one is not sitting down . Maybe standing by the door with my briefcase in hand? I know that someone also suggested that one say that you would be back later. But, in my case the other night it was already after 7pm.

Thanks all and , have a beautiful Christmas!

Reply by mwm143 on 12/23/09 9:48am
Msg #315532

Agree with decling to sit down and I always suggest the kitchen/dining room table for their comfort. One method I've used is to apologize for having to make a call then "calling" my next appointment to let them know that I will running be a little late. For the readers You can also politely say, if that's possible, that these loan documents were not written specifically for them (other than the terms of course) so no verbiage can be altered or the loan is voided.

Merry Christmas to you too.

Reply by Joe/NYC on 12/23/09 10:06am
Msg #315536

Depending on the situation, if I happen to have a busy night and they want me to wait more than 10-15 mins, I basically start walking out the door and tell them to call me when they think they will be ready, but that I have X # of closings to do tonight and I cannot make everyone else late cause they are not ready at the agreed upon time and that I will not be free again till X time.... usually that will end the baby feeding, phone call, etc that they are doing while they have me wait, works pretty well. BUT I have had 1 or 2 that have told me to come back later after their dinner plans, movies, etc...

Reply by Lee/AR on 12/23/09 10:10am
Msg #315537

First docs: HUD, TIL (only because the APR messes up people's minds) and it's where it says there will/not be a prepayment penalty) Note, First Payment letter--which will include any escrows, if applicable & RTC. That's your loan in a nutshell, folks, the rest is just standard paperwork. If they're OK with the first 4--just sign and the RTC can be used, if necessary.

If they're wandering around, 'ask' if they are ready to get 'er done or if they'd prefer this be rescheduled for another day when they are less busy with 'whatever'. That definitely gets their attention because they've (if my experience is normal) been at this for 5 months to get to the table and really DO want to get it done. Never, ever start with one person while the other is puttering around.

Readers: You control the First Five then, with few memorable exceptions, readers usually get bored no later than the top of page 3 if you just sit there quietly, saying nothing while looking incredibly patient & slightly amused as you look around the room. Seems to make them a bit self-conscious and they decide to stop reading.

Reply by Ginger Peters on 12/23/09 12:22pm
Msg #315558

Good grief...I only wish things would have been that simple on some of the signings I have been on. 4 stand out in my mind as the wildest ones. 2 of those involved prison guards. They went over the docs and scruitinized every last number, dot and word. When numbers on the HUD didn't jive with what their LO had told them, everything came to a screeching halt. I tried explaining that there were 2 of those and 1 contained comparable info that the company generated THEIR rates from. I spent hours at the 2nd one's house waiting while they got their LO on the phone and they explained that the figures on the actual mortgage and on the note were what they were agreeing to.
Another one was one of those uber busy couples that wouldn't agree on a time without repeated discusions back and forth...at length...ad nauseum. I could imagine what a decision to go to the bathroom would involve.
Lastly....there was the divorced couple. The ex wife would NOT agree to sign the mortgage. The LO explained that she HAD to sign the mortgage because it was her acknowledgement that if HE defaulted on the loan that SHE would lose her claim to the property. He was simply trying to refinance into a better rate. It ended with her stomping from the house and angrily pealing out of the driveway, spraying MY van with flying gravel. Needless to say with me printing 2 copies of a 120 p doc, all I got was a basic cancellation fee.
My advice on these...make sure people know the function of various documents.

Reply by Rhonda Skansi on 12/23/09 10:13am
Msg #315538

sent you a pm. n/m

Reply by Alz on 12/23/09 10:39am
Msg #315542

Someone stated last week or the week

before that it is all in the presentation. I have found this to be true in my own experiences. Therefore, I try to size-up (for lack of a better word) the borrower(s) during the confirmation call, upon entering their home, and during gathering of the IDs. No, I am not psychic, but I am a great listener and have learned much from observing people.

Best wishes....and Merry Christmas

Reply by TedG/AZ on 12/23/09 11:08am
Msg #315548

It's been my experience that the key to a speedy signing starts when you confirm the appointment with the borrower over the phone and explain briefly how the signing will be structured. When you arrive at the appointment looking so professional that they mistake you for the banker, you are in total control of the situation and 9 times out of 10 they are going to follow your directions. I guess all I'm saying is that the secret to a speedy signing is the total presentation. On average, I spend about 20-25 minutes at the signing. By the way, someone said it earlier, but it does matter what order the documents are presented in.

Reply by LisaWI on 12/23/09 2:38pm
Msg #315578

In my initial phone call to the borrowers I tell them the appt should only take about an hour to complete. I also dont sit down or take off my coat until they are sitting down.

As far as the readers go, that is a tough one for me anyway. You dont want to be rude, but you dont want to be late for the next appt. I put the docs in a certain order, title docs, lender docs, broker docs, and I let them know I will be going over yada yada yada highlighting certain terms of their loan. In my opinion its all in the presentation and your confidence level in presenting the docs to them. Come to think of it, I havent had readers in a very long time, knock on wood.

Reply by Jones - Chelley on 12/23/09 3:03pm
Msg #315582

I have a friend who works for an insurance company. She puts a hanky in her hand and fakes a sneeze and cough while mentioning she was off work a few days with fever and upset tummy...lol...people don't want to hang out with sick people. She says it works like a charm...lol

Reply by jba/fl on 12/23/09 4:01pm
Msg #315587

E VIL

LY funny!!

Reply by Bob_Chicago on 12/23/09 5:30pm
Msg #315601

guess that's a bit classier than telling them that you've

developed a rapidly spreading rash, and do they know a good dermatologist.

Reply by LKT/CA on 12/23/09 4:14pm
Msg #315589

<<<I had a signing the other night where the borrowers spent almost an hour trying to decide if they were going to sign or not. >>>

During the confirmation call, ask the borrower if they've spoken to their loan officer and reviewed the numbers. If they say NO, inform them that they can call the TC and request a copy of the Hud, note and TIL or whatever else they'd like to see to review with their attorney or other trusted person. Then, when they're indecisive and/or when you announce you have to leave for your next appt, if they try to get an attitude that you're rushing them or making them feel like they cannot read the paperwork, BY INFERENCE, you informed the borrower about their option to review things ahead of time and if they chose not to, that's on them and they're not now going to do so on your dime. You're not verbally saying this, but BY INFERENCE, you are. And if they cannot take a hint, then you can come right out and say that you informed them of their options and actions to take BEFORE the signing appointment.

Reply by Ruby on 12/23/09 6:18pm
Msg #315606

I start with the Right to cancel and let the borrowers know they have 3 days in which to go over the loan docs after the signing. That, most of the time eases their fears. But if they insist on going over every last doc, with a fine tooth comb, I just tell them to go ahead take all the time you need. My company only charges $100.00 bucks a hour and I smile. 99 percent of the time the signing goes fairly fast.

Reply by Ali/IL on 12/23/09 11:01pm
Msg #315630

Maybe I should try the sneezing into the hanky.

Have a wonderful Christmas all!

Reply by LOVETEAM on 12/31/09 9:21am
Msg #316225

I always tell them about their 3 days to read it, and if that doesn't work...
I collect my pens, tell them to go ahead and read the dox but do not sign or mark the papers, and that I'll be back on three hours when I'm done with my next apponitment. Usually people look at me as if I have 3 eyes when I say this. I also add that "I am not paid to watch you read this, I am paid to watch you sign." Then I remind them of their 3 days RTC so they can save face, and that usually works. Prople have no respect for our time and situation.
Good luck to us in 2010