Posted by RobinS/MI on 5/16/09 7:06am
Msg #288655

Last Minute Signings from a Signing Company Prospective

I saw the post yesterday in reference to last minute closings. The problem as I see it working at a signing company, Is that every one has so many in the pipeline right now, that no one knows when the underwriter or the closing department is going to release there file to close.

I spoke to 12 different LO officers this week and they all say they have about 30 or 40 to close this month, I haven't seen those numbers since the 2004. Our Clients are telling us that this is the way it going to be for a while. Which is a good thing but it causes different problems like finding agents available to close. I guess I much rather be too busy than have no closings at all.

I can tell you we hate last minute signing just as much as you do, but it going to be the trend for a while. I also hate to hire a closer and then have to cancel them because of no docs, that not right either, because I know their time is money. So if you have a printer in your car you will get alot of last minute closings. That my prospective from this side of the table.

Reply by Julie/MI on 5/16/09 7:26am
Msg #288656

It's quite simply the nature of the business!

Personally, I enjoy the "rush" of month end and the profitability it brings. Yestdeday I had 2 and ended up with 5 and all the docs were late, but somehow it just always works out. Just wish I had my payment when each closing was completed, but again, it's how the system works. You didn't see me whining and complaining that docs were late, I see it as a challenge and in the end, everyone is happy.

I have never ever complained about last minute and/or late docs since I began my business in 2001. It's not for everyone, but it IS a reality in the industry.

Keep those last minute docs coming!

Reply by Lee/AR on 5/16/09 7:46am
Msg #288657

Late or no docs is the nature of the business. My annoyance factor goes up tenfold when I've been told 1/2 hour before the closing 'we're still working on them & you'll get them ASAP' and then I call the Borrower to keep them in the loop.

Then an hour after the scheduled closing, with still no docs, I make a courtesy call to the Borrower--ONLY TO FIND OUT FROM THE B THAT IT WAS CANCELLED/POSTPONED and nobody bothered to let me know.

Reply by Carole Breckbill on 5/16/09 8:26am
Msg #288658

This is almost better than calling the borrower as a courtesy - only to find out that nobody bothered to call the borrower indicating that the signing was canceled!

Reply by Teddog/CO on 5/16/09 8:47am
Msg #288662

Good case for revivifying your appointments :) n/m

Reply by Steven Pearce on 5/16/09 8:50am
Msg #288663

How about waiting for docs, call BO and they say

the signing just finished with someone else. Title used more than one SS and didn't tell one that they had it handled elsewhere.

Reply by Teddog/CO on 5/16/09 8:55am
Msg #288664

Steven there are days when you could just pull your hair out

The fun just never ends. Upside, at least it's busy

Hang in there kiddo!

Reply by MW/VA on 5/16/09 9:49am
Msg #288670

IMO, the way the market is right now we need to be extra flexible. This is the nature of the business. There are a lot of loans in the pipeline w/the phenominal rates. The lenders & tc's are working at a fever pitch to get the loans to closing. We're at the end of the pipeline, and there's a lot of stress. I set schedules & am always on time for an appt. So far I've been getting bookings well in advance, and have had to turn away a lot of last minute calls.
I know there is always another notary out there that can cover it, so I don't worry about it.
I'm preparing for a crazy EOM, because I think it will be absolutely slammed. I don't carry a printer in the car. I made that choice because I don't want the added stress. I know many that are going that route, though.

Reply by Yowheelz on 5/16/09 12:25pm
Msg #288686

I think if the docs are going to be late that the borrower

will have to go to the end of the line or just fit in where I can. It's not fair to my other closings to be late because the first in line is late. I really hate when you get a series of 3 or 4 closings all in a nice circle and the docs are all late so you end up driving twice as far as you should have. Sending docs 1/2 hour befor a closing (or a 1/2 hr after the closing time) is just not acceptable, it's almost impossible to arrange a schedule. The TC's and SS's don't seem to realize that we do more than one closing a night. JMHO

Reply by MW/VA on 5/16/09 4:12pm
Msg #288700

Re: I think if the docs are going to be late that the borrower

I guess we can't expect them to care about our plight--they have their own. I may have 4 signings scheduled for the day. The tc or ss may have 100's on their board.

Reply by OR on 5/17/09 12:32am
Msg #288729

Re: if the docs are going to be late tell the borrower....

I always let the borrowers know when I call to confirm the signing appointment. I tell them that docs sometimes run late. I tell them I will also call them when I have the docs so they are free to do their day. I ask for a cell phone number. Then I tell them that about 95% of the time docs arrive on time. Now we are all on the same page. The borrowers are far more flexible if they just know what to expect.

Reply by HrdwrkrVA on 5/17/09 5:46pm
Msg #288780

That's pretty much how it happens w/ me. I have some SS's

that are ALWAYS late & even get docs 1/2 hr AFTER the signing time! Then, the 1 time they are on time, they give you the 3rd degree about why you were 15 min late. I always call BO to let them know their docs are late. And while I understand this is the nature of the business, it still grates on my nerves regardding the lack of professional courtesy from SS's, Title, etc. They NEVER let you know they're late, they just call 20 min before closing: :I just sent docs". I've learned not to stress, call BO & politely explain their docs are late & after I finish the appts that ARE ready, I'd be happy to work out an alternate time w/ them. The kicker is that the SS's always say not to change the time w/o approval, but if the docs are not available - duh - isn't the time automatically changed/canceled?