Posted by Kay/IL on 4/15/10 9:46pm
Msg #331935

The Chase Push

Over the past week, I've done at least 6 Chase closings where borrowers told me that Chase sent them an unexpected FedEx notice encouraging them to refinance to a lower interest rate but must respond within 2 days of receipt to be eligible. Mind you, these people did not contact Chase about refinancing and go through the typical regimen for refinances i.e. application, appraisal, check stubs, etc. Chase contacted them in late March via overnight mail, took their information over the phone, requested an item or 2 to fax or e-mail and closing took place 2 weeks later. One borrower said that Chase sent this FedEx package to about 10,000 customers as some sort of pilot program to get more of their customers to take advantage of the lower interst rates.

And just think so many other Chase borrowers have waited anywhere from 2 to 7 months going through the regular channels to get a lower rate. I guess Chase calls themselves "jumpstarting" the economy in their own fashion.

Anyone else familiar with or come across these quicky Chase closings?

Reply by Susan Fischer on 4/15/10 10:33pm
Msg #331940

Not here on the Central OR Coast. Just the end of long,

drawn-out waiting games, some a year in the works.

Quite a few complained of their files getting "lost", and had to start over...

At least their happy to finally see their friendly neighborhood mobile Notary...

Reply by Dorothy_MI on 4/15/10 10:50pm
Msg #331941

I'm not familiar with this program

however, I closed a couple today in the local Chase office where they both worked and they told me they started this process last Oct. What is going on, trying to gather more business when you can't even take care of your existing business.

Reply by parkerc/ME on 4/16/10 8:03am
Msg #331953

Did one just like this last week for Chase. Same thing, borrowers said Chase contacted them. Borrowers said that Chase must "really really like them"!

Reply by cawest/PA on 4/16/10 8:23am
Msg #331957

Well I hope it will bring work to many notaries NSA's all over the Country ...

Reply by Tish/CA on 4/16/10 9:20am
Msg #331961

I just closed 2 Chase refis yesterday and neither one matched that scenario but both pkgs required BO to initial every single page of the lender docs. I called title to clarify the "New Notary Instructions" and was told yes, you read correctly. Chase now requires BO to initial all their lender docs. Oh boy!

Reply by pan/nd on 4/16/10 9:28am
Msg #331963

Tish,

The initialing might area of the country or TC sensitive.

I just did two Chases this week and neither had the initialing requirement.

Maybe the next ones will....hope not.

Reply by parkerc/ME on 4/16/10 7:58pm
Msg #332053

Neither did mine.

Reply by Kay/IL on 4/16/10 10:00am
Msg #331970

Some of the Chase packages I receive require initials, others don't. It seems to depend which Chase location the package is comng from.

Reply by Kay/IL on 4/16/10 9:55am
Msg #331969

That's what I hoping for as well. n/m

Reply by Karla/WA on 4/16/10 10:27am
Msg #331978

Re: Initials, initials, initials.

Well, LSI is now requiring initials on all docs in all packages. When I asked about this new policy, one of my escrow contacts indicated that "post closing" is spending a great deal of time tracking down those notaries where they are not initialing the specific pages.

As a result, LSI is now adding this additional requirement. I've done a couple of these and they add about 10 minutes to the signing....making sure that everyone has signed, dated, initialed. Those pages that we normally skip over, like closing instructions, etc, now need initials....
I guess we'll see how this plays out.

Reply by Tish/CA on 4/16/10 10:36am
Msg #331979

Re: Initials, initials, initials.

hmmmmm - and I was told it was a lender reqmt. Guess I'll find out next closing I do for LSI with a lender other than Chase.

Reply by CopperheadVA on 4/16/10 11:30am
Msg #331986

Re: Initials, initials, initials.

I have not heard this from LSI, but I mostly do USAA and BOA for them. I do a few Chase for them here and there but have not heard about initialing every page from LSI.

I make very sure that all initial lines are initialed, though. The USAA are a pain on the 1003 because several pages require both signatures AND initials, and the initial lines are not all that obvious on those pages. I use sticky flags on those pages so nothing gets missed.

Reply by parkerc/ME on 4/16/10 8:01pm
Msg #332055

Re: Initials, initials, ..maybe just LSI West rqmt? n/m

Reply by CopperheadVA on 4/16/10 9:44pm
Msg #332070

That's what I was thinking... almost all my orders come from

LSI East.

Reply by parkerc/ME on 4/16/10 8:00pm
Msg #332054

Re: Initials, initials, initials.

Have done several for LSI the past couple of weeks and didn't require initials on all. Just did one today and still no initials requirement.