Posted by Marian_in_CA on 6/5/09 11:45pm
Msg #291477

Signing the application paperwork...in addition....

I'm a bit tired so I hope this makes sense. Package tonight was a standard Streamline VA re-fi. No big deal, really. Except for the package missing the last 2 pages of the addendum... but that's another gripe.

As I get the docs I'm sent what is basically three different packages. One is an application package that instructed me to have the bwr sign all on a specific date. Then what I guess I'll call a follow-up to that with duplicate docs (1003, GFE, TIL, Disclosures, etc.) which actually had 2 copies of the GFE and TIL. Those were all pre-dated a sepcific date. There were no notarizations involved in these first two packages... so I don't really care about the dates.

Then there were the final loan docs...which of course had "final" versions of all of the docs she'd just signed with all of the other standard docs. I just printed the files and packed up because I was rushing (to an appt that ended up in a redraw for tomorrow...of course).

This is a first for me and I wonder if it's normal. There were several emails included that indicate that one of the companies involved may have changed hands at some point and as such they were demanding original wet signatures for compliance on all of their files.

So essentially, this borrower signed a whole lot of docs in triplicate tonight. I totally understand them as final in the loan package... and the occasional disclosure tossed in for compliance needs... but ALL of them?? had I had more time to review the package before my appts tonight I would have called the SS and said, "Whoa... I'm not doing all of this for free."

What makes it even more odd, is that the borrower said that she already re-signed these same documents a week or two ago when the loan officer(?) sent them to her.

I'm guessing this is not normal? It's a first for me, and I'm kind of slightly annoyed.

Reply by Linda_H/FL on 6/5/09 11:55pm
Msg #291478

Think those are the broker docs you had signed - twice - been there done that - not fun but you just keep moving on and have hopefully priced yourself satisfactorily...

Reply by Marian_in_CA on 6/6/09 12:04am
Msg #291479

Thanks... kind of what I thought. Looooong day today! I'm getting just fine, I think... the actual loan package was pretty small... all of it combined totaled a "normal" re-fi I'd say. So it's no big deal... and like I said I was only mildly annoyed. The poor borrower, though... She joked, "If I have to sign a sixth Truth in Lending Disclosure I might cut myself!" LOL

Reply by LynnNC on 6/6/09 3:19pm
Msg #291503

As far as "price yourself satisfactorily", I never know until I print the documents if there are broker docs. I had a closing Thursday with 54 pages of "underwriting documents"!

Reply by Linda_H/FL on 6/6/09 4:04pm
Msg #291506

"I'm sent what is basically three different packages. One is an application package that instructed me to have the bwr sign all on a specific date. Then what I guess I'll call a follow-up to that with duplicate docs (1003, GFE, TIL, Disclosures, etc.) which actually had 2 copies of the GFE and TIL. Those were all pre-dated a sepcific date. "

If you've done this long enough, you see these instructions you KNOW these are the broker docs...she said she had another attachment with the final docs...

As far as "pricing satisfactorily", if you've priced yourself adequately from the get-go, inclusion of broker docs is nothing more than a repetitive nuisance, but at least you know that the fee you're getting is adequate compensation for the aggravation.

Reply by Marian_in_CA on 6/6/09 4:56pm
Msg #291509

Linda, you're right. I should have clarified that the way it was presented (lots of confusing emails with attachments, redraws... do this, not that... replace these with the 5 pages in the other one I just sent.... etc. I was so tired chasing docs the down that it didn't even occur to me. I've never seen something presented quite like it before, but after sorting through them this morning before shipping I was like, "What was the big deal ya goof?"

I'm getting paid quite well for this one... so no worries on that front.

Reply by sue_pa on 6/6/09 6:51am
Msg #291484

Welcome to my world ... brokered loans. I seldom see this with direct lender loans ... brokered loans, which are my bread and butter, have been getting better but I still routinely see the disclosure docs ... and yes, borrowers have already signed and returned them.

Reply by Marian_in_CA on 6/6/09 10:53am
Msg #291493

Thanks... you're absolutely right that this is a brokered loan. Didn't even think about that...but looking back through all of this... yep... the big dim bulb over my head suddenly popped on and I had one of those "DUH" moments. It's a Taylor Dean brokered loan.

I knew I was tired!