Posted by Shelly_FL on 9/16/09 8:32am
Msg #304003

Disclosures prior to closing...

Don R touched on the new rules set by the Federal Reserve in the previous "Appraisal" thread. I'm curious if many of you inquire of the borrower when making your confirmation call if they have received these disclosures.
On one hand, I want to ensure everything runs smoothly with no surprises at the table, but then who am I to be the "disclosure police". Would appreciate your view in this regard. Thanks!

Reply by MW/VA on 9/16/09 8:35am
Msg #304006

IMO it's not my job & I'm not going to take it on. Business is tough enough, and if I start haggling over every issue I won't be in business very long.

Reply by MW/VA on 9/16/09 8:46am
Msg #304011

Also, it could be considered UPL.

Reply by Lee/AR on 9/16/09 8:43am
Msg #304010

As long as we're discussing this.... including the Appraisal with the docs is NOT 3 days notice nor, frankly, is it going to affect their decision to sign anything. If PIQ did not appraise for enough to justify the loan, we wouldn't be there. If it did, we're there and they don't care.

Answering your actual question, No, I surely wouldn't ask because if I did, they probably wouldn't know exactly what I was referring to and it would simply add a speed bump to the signing time while accomplishing nothing.

Reply by PAW on 9/16/09 9:07am
Msg #304015

>>> ... including the Appraisal with the docs is NOT 3 days notice ... <<<

There is a bit of confusion on this point, among title companies and lenders. The MDIA states that a 3 day period of time must be provided prior to close. With a refinance, there is usually a 3 day RTC period. The question (and obviously a very gray area among mortgage professionals) is: is the 3 day disclosure requirement met if the appraisal is provided with the documents that have a 3 day right to rescind?

Reply by Linda_H/FL on 9/16/09 8:47am
Msg #304012

Re: Disclosures prior to closing...I agree

Beyond our scope to make sure everyone before us in the chain did their job and followed the regs to a *T*..jmo

Reply by 101livescan on 9/16/09 8:52am
Msg #304013

Re: Disclosures prior to closing...I agree

We need to maintain the focus of what our scope of work is at the signing table and not render any opinions. Not our function.

Reply by BobbiCT on 9/16/09 9:02am
Msg #304014

Not my job PLUS ...

Not my job and I don't want anyone deciding to give it to me.

Start down this advisory path and some smart** beancounter turns into the signing agent's job at no extra fee, while increasing their own profit margin.

Reply by Shoshana/AZ on 9/16/09 9:25am
Msg #304016

If loans were in the pipeline prior to 7/30...

The new rules don't apply. Many of the BOA loans are falling into this category.

Reply by Frank/NC on 9/16/09 9:32am
Msg #304018

I have not been asking borrowers if they received the disclosures. However, many of them either tell me they received them or have copies with them at closing. I think it is making my job easier in that they already know the answers to many questions they would other wise ask, It also seems that they more readily sign the docs now without additional reading.

Reply by PA_Notary_II on 9/16/09 10:09am
Msg #304020

Last'weeks answer still applies...

Don't analyze....Notarize.

Reply by parkerc/ME on 9/16/09 12:24pm
Msg #304037

Haven't run into the new rules yet because all the signings I'm doing right now are from applications made months ago . . before the new rules took effect July 31. I would hope (I live on the corner of Faith and Hope streets!) that the new rules will result in fewer surprises and no-signs at the table. Would make life easier for us.