Posted by Carol Graff on 5/23/09 7:58pm
Msg #289785

thank you

Just got back from what was to be my first signing--an FHA streamline. I spent a couple of hrs. going over 145 pages, sticky notes, etc. some phone calls to clarify a few things, etc. & felt fairly confident before I left. However......
He did not sign as the LO gave him false info (imagine that!) on monthly payment. Tried to get him to change his mind, had him call LO (no answer), reminded him of RTC, etc. So I want to thank all of you who helped me out with my ques so quickly. Reading this forum has been a godsend--don't think I would have ever been prepared w/o this info. BTW, I now can relate (just a bit) to what I've read here as I had 3 loans cancel yesterday because the docs were not ready. No, I did not accept all 3 orig.--just after the other two (afternoon & evening) cancelled--not that crazy as a newbie!

Reply by MW/VA on 5/23/09 8:29pm
Msg #289786

You have gained some experience with the process even though they didn't sign. I am a little concerned at your remark "Tried to get him to change his mind". We don't do that. The most we can do is have them call the LO. FHA Streamline Refi's are what's being "pitched" these days. I have had several where the payment came in higher than the LO had told them & they did not sign. There's no point to try a "bait & switch" on these loans, but they do try it.
Congrats on handling your first full set of docs.

Reply by Claudine Osborne on 5/23/09 11:04pm
Msg #289794

Carol welcome to our world!! I had a signing scheduled this morning..Docs never arrived and no answer to my phone calls or emails..this is the nature or our business. Late docs and cancellations are starting to be a big trend. It seems they line us up just in case and when things don't come together it gets cancelled!

Reply by Yowheelz on 5/24/09 10:07am
Msg #289801

Accepted a 9 AM Sat further out than I normally go but much higher pay. Had a second request for a closing within 5 miles of first at 11 AM so I took it thinking I would do both in one trip. 9 am docs did not arrive and TC didn't know when I would get them so I had to do the 11, came home to find docs for the 9 am, called borrower and had to schedule for 5 PM . It's the most aggravating part of this job. You just can't plan ahead.

Reply by Lee/AR on 5/24/09 11:23am
Msg #289803

Planning in this business is like trying to herd squirrels--nothing ever cooperates. In 15 years, I've had ONE multi-signings day go as planned. And the culprit is always late docs.

Reply by CF on 5/24/09 11:24am
Msg #289804

To help yourself out at the table there are many that put the docs in a certain signing order. I set up my docs as follows: HUD (Settlement Statement) Note, TIL (Truth in Lending) Monthly Payment Letter, and the Mortgage. These documents are the breakdown of the loan. If there is going to be an issue with the numbers it is going to come out quickly. Once you are more experienced you will directly relate your time at the table to your profitability; and you will be thankful that you can get out any problems and issues fast. If there is going to be a no-sign...then I try to get in and out in less than 30 minutes. Place your calls promptly and wait the amount of time that you think is OK for a return call. Hopefully you get compensated for your time, trip, and printing.

Reply by Yowheelz on 5/24/09 12:20pm
Msg #289811

That's an excellent idea if..........

1. You get the docs in time to sort

2. You get the docs at all

Reply by Linda_H/FL on 5/24/09 12:36pm
Msg #289814

I agree..

"HUD (Settlement Statement) Note, TIL (Truth in Lending) Monthly Payment Letter, and the Mortgage. These documents are the breakdown of the loan. If there is going to be an issue with the numbers it is going to come out quickly. "

The only thing I'd like to add is lately I've had a few instances where Note and HUD were fine...get to payment letter and "Wait!! I can't afford that!! That's more than he said!!".... my order is usually HUD and Note (IME mortgage and TIL have no impact on the decision to sign or not to sign) - if those two pass muster I'm normally good to go...think I'm going to bring the payment letter up top with the HUD...

MHO

Reply by Lee/AR on 5/24/09 12:43pm
Msg #289816

Re: I agree..

Agree, Mortgage has no effect, but that 'higher' APR on the TIL usually rattles 'em, so I get that out of the way.

Reply by Dorothy_MI on 5/24/09 7:09pm
Msg #289825

That is why I do

the note before the TIL. Borrowers don't understand APR, but if you can flip back 2 pages and show them the contract rate, it usually eliminates any more questions. My order is HUD, Note, TIL, Payment letter and then the mortgage.

Reply by CF on 5/24/09 4:02pm
Msg #289819

Re: I agree..

I used to leave the monthly payment letter buried and have learned the hard way that it is very important to go over with the borrowers in the begining of the signing. Especially now, with PMI being charged on about 90% of loans. JMO

Reply by CopperheadVA on 5/24/09 4:34pm
Msg #289820

Re: I agree..

I'm with you - I think the payment letter is very important to present up front. I also show the Escrow Acct Disclosure up front so the borrower is fully aware of how their payment is being applied. Often times I have to point out that the tax figure on the payment letter plus the insurance figure = the amount being deposited each month into the escrow acct. Here's my order:

HUD
Note
Payment Letter
Escrow Account Disclosure
TIL
Itemization of Amt Financed (if there is one)
DOT

Reply by Marilyn S. Radosevich on 5/25/09 10:13am
Msg #289834

Good advice...I also pull RTC from borrowers' copy and place on top of package.

Reply by Kay/IL on 5/24/09 1:52pm
Msg #289817

Congratulations on Your First Signing!

Although things did not go as well as planned, just keep reading this site and go to those closings. You'll get the hang of it. There is so much to learn whether you are a newbie or seasoned notary. I've been doing signings for 5.5 years now and I'm still finding things out.

The next time you have a situation where the borrower was quoted a monthly figure and the payment letter states something else, first review the payment letter to see whether taxes and insurance were added. Then ask the borrower whether he establshed an escrow for the taxes and/or insurance. If he did, the loan officer may have quoted him a basic monthly amount with just the principal and interest. But do review and crunch the numbers to make sure that's the case and contact the LO to confirm.

However, if the borrower did not establish an escrow and the figure was totally off the mark, then contact the LO and get clarification. If neither you nor the BO can reach the lLO, contact your SS or TC and explain the situation and what should be done. Sometimes, the SS or TC can miracluously make the LO answer or return a phone call.

Then again, after consulting with the TC or SS and there is still no resolution, you may have to chalk it up as a no-sign if the BO refuses to continue with the closing. If that happens and the borrower is serious about refinancing (95% of the time they are), let him/her know that you'll be happy to come back to work on his/her closing once they get clarification from the LO on the mortgage documents. Also inform your SS or TC of this as well so that you will be called to go back and do the signing again once things are straightened out. Be sure to take all of the paperwork with you (do not leave anything with the BO). And make sure you know the SS or TC's policy on no-sign situations so that you at least get paid for printing and making the trip.

Good luck and stay in touch.

Reply by notaryinmo on 5/24/09 7:28pm
Msg #289826

Re: Congratulations on Your First Signing!

Congratulations on your first attempted signing.

One of the first things I do is ask the borrower if he/she has been informed by their LO of everything they needed to know. A lot of them have, a few have not. In either case, I always advise the borrower that if they have any questions or concerns about anything in the documents, we can stop and put a call in to their LO.

Something I read on here quite some time ago and put it to use. You'll find loads of information on NotRot. Thanks to all the Notaries Public who have taken the time to inform and instruct on the proper way to conduct signings!