Posted by JamieFL on 5/10/09 10:22pm
Msg #287955

Some input and or thoughts

My friend did a closing the other day and when he was going over the HUD with the brrower all the figures were right. When they got to the note and the mortgage it was for $2000 more. He then called the LO to tell them of the error and that he could not close the loan due to this error. The LO proceeded to tell him that he had no say in it and he HAD to close this deal. Of course my friend refused. Now I would not have closed the loan either. I am just wondering how this LO can tell him that he should have finished with the loan and then worry about it after. Anyone?

Reply by Linda Juenger on 5/10/09 10:47pm
Msg #287956

Jamie, I had this happen to me the other day. The first time in 4 years. In this case, luckily we were in a branch WF office closing this loan, so the LO was there. My initial thought that the HUD was wrong, but the Note and Mortgage were the ones that were wrong. They corrected it on the spot, printed a new one for us and we closed the deal. Had I been in a borrowers home, this loan wouldn't been able to close. I had never seen this before until the other day. The borrower caught it just as I did. I present the docs upside down to me as I read upside down better than sideways and I flipped the Note over for me to read it and the borrower said the amount is wrong. The difference in amts was a property tax payment that didn't get added into the loan amt on the Note and Mortgage but was added on the HUD at the very end. Simple to fix, but can't at the table.

Reply by davidK/CA on 5/10/09 10:56pm
Msg #287958

Making a commission outweighs doing what is right.

I had a signing the other day where the amounts on the note, the Deed of Trust and the escrow instructions were all different. BO called LO who said "Sign it anyway. I want my commission now and I don't want to wait for the documents to be redrawn."

Reply by Pat/IL on 5/11/09 1:24am
Msg #287963

"Sign it anyway. I want my commission now and I don't want to wait for the documents to be redrawn."

Did someone really say that?

Reply by JamieFL on 5/11/09 5:50am
Msg #287966

Well of course when he refused to finish the loan he called the company that hired him and told them what happened. They agreed and told him that the docs had to be redrawn. They called him the next day to go and redo the signing. Then they called him back and told him that he can't do the signing because the LO made a complaint about him. LOL. Can you imagine the LO is totaly unethical and my friend gets in trouble. Amazing!

Reply by davidK/CA on 5/11/09 10:47am
Msg #287975

Yes he really said that.

Listening to one side of a conversation you don't always get everything that's said but this was loud and clear. In CA (as elsewhere?) there is a Correction Agreement that allows title to fix minor errors without a complete redo of the documents. These documents had so many versions that I wasn't even sure myself which versions were the final ones, I was getting documents to replace other documents on a regular basis over a two day period. The "final" documents apparently weren't really final. The total package was about 150 pages, with numerous versions or just duplicates of so many documents it was silly.

The LO just wanted everything signed whatever they said but fortunately IMHO the BO was jumpy about the situation. It was one of those loans that took forever to get to the point of signing documents for whatever reasons I don't know or care.

H&W went off to discuss everything privately and came back after about five minutes and said they refuse to sign. They were really disappointed that they couldn't sign but the said they finally realized that this wasn't the way to put your house on the line. I said "I'm sorry", packed up my stuff and left. I hope I get paid but probably won't.

My take on this is that the lender and title suffered from non-existent quality control issues, and the LO was just a jerk. And of course since the NSA is on the bottom of the food chain I got to waste my time, supplies and gasoline.

If it ever gets to the point of having correct documents maybe I'll get the assignment again. Maybe not. I almost don't care.

Reply by Susan Fischer on 5/11/09 12:47am
Msg #287960

LO tells borrower he has no say in it? NO SAY? If

the quality control is so poor, how's this LO even sure he'll get paid?

Seriously, this is seriously illegal.

Sign or else? Or else what? Lowlifes like these would probably sell a 'no commission' almost-borrower's ID and a whole lot more critical info to the highest bidder, thinkin' he can get away with that too.

Breaking such a contract would be snap city.

God, I hate crooks.

Reply by MW/VA on 5/11/09 8:24am
Msg #287968

Re: LO tells borrower he has no say in it? NO SAY? If

If I'm reading it right, the signing agent is the one who said it couldn't go. IMO ,it has to be the borrowers call, and they are the ones that should have called the LO.

Reply by Shoshana Roller on 5/11/09 8:33am
Msg #287969

Re: LO tells borrower he has no say in it? NO SAY? If

I agree. It should be the borrower's call, not the SA. As it is, the SA is always the one who gets thrown under the bus.

Reply by Susan Fischer on 5/11/09 12:23pm
Msg #287996

Boy, I sure read that wrong. (Although I do call numbers

provided for guidance/direction when there are borrower questions, often handing the phone to the borrowers...)

I got it into my head that it was the LO - my bad, sorry.

Reply by JamieFL on 5/11/09 1:36pm
Msg #288009

Re: Boy, I sure read that wrong. (Although I do call numbers

No just to clarify the borrower did not want to sign it either. Said that it was wrong and the LO told the notary to get it signed and they will fix it later.