Posted by franny on 8/30/10 8:07am
Msg #350899

2 1/2 hour closing

I had what I thought would be a standard refi the other night but the co-borrower was so difficult I debated about leaving. She needed to be reassured over and over that she wasn't being ripped off and was on the phone with the LO, her former bank, the new bank and then her LO again for an hour and half. I was at her house over 2 hrs. before we started signing, her husband walked out of the room 5 minutes after she started with all this ordeal. Bottom line the docs were right and no changes had to be made. I tried to get additional payment for my time from the TC but no deal.

Reply by 101livescan on 8/30/10 8:48am
Msg #350901

Franny, unfortunately the borrower was in complete control. On Thursday, at my 8th of 11 signings on the last day to sign in order to close by monthend, Mrs. Borrower was making a frosting in her Kitchenaid mixer, which was a priority to signing. After five minutes of observing she wasn't making her presence at the table, I told her husband that it seemed I came at an inconvenient time, and I would have to adjourn the signing and return when they were ready, as I had three more signings to get accomplished before midnight.

These people think they are the ONLY ones on the planet signing loan docs and we have to snap them into reality QUICKLY. I don't know how you did it, but it's certainly not in my makeup to be as patient as you were. This is not a time and material business, but rather a flat rate business, sometimes it's slick, other times the borrowers are time bandits. I cannot afford the luxury of allowing the borrower to be in control of my time.

Hope you don't get another one like this one any time soon.

Reply by James Dawson on 8/30/10 9:32am
Msg #350904

Time bandit..I love that phrase- thanks n/m

Reply by Grammyzoom on 8/30/10 10:59am
Msg #350910

Perfect 101livescan! n/m

Reply by pat/WA on 8/30/10 11:15am
Msg #350912

How do you do 11 signings in one day??

Reply by Linda Juenger on 8/30/10 11:25am
Msg #350913

I am also wondering how you do 11 signings in 1 day. Had to

be a special circumstance where you were in an office and they came to you for the most part. You would almost have to all docs the day before and spend a couple hours ahead of time printing them, going through them etc. I sat in a broker office and did 6 back to back and that took 7 hours with waiting for them to print the next set and then afterwards making copy sets for them to take home and a little bit of "chat" time with LO and borrower. Can you elaborate on how you accomplished this. I'm happy for you, but.....

Reply by Nina Thomas on 8/30/10 11:37am
Msg #350915

Re: I am also wondering how you do 11 signings in 1 day. Had to

The most I have ever signed in one day was 9 and it was a 14 hour day. As for the 2 1/2 hour closing, I would have reminded her she had three days to make her calls and check facts and then advise her I only allow for a 30 minute waiting period in my schedule- after that, I would have to leave as it would conflict with other scheduled closings. I would also tell her that when she was ready to sign, I would TRY to make it back before midnight to sign but all my other borrowers would be signed first.

Reply by Carolyn Bodley on 8/30/10 12:11pm
Msg #350916

Re: 11 signings in a day is a pretty typical response

from the same few posters that, for years, post how busy they are. Always good for a laugh considering that their work load hasn't fallen off any since the 1990's and early 2000's.

Reply by Frank/NC on 8/30/10 2:01pm
Msg #350926

Re: 11 signings in a day is a pretty typical response

Sorry, 11 signings in one day is impossible by one person unless you have some type of assembly line going.

Reply by James Dawson on 8/30/10 2:21pm
Msg #350928

Re: 11 signings in a day is a pretty typical response

I have only done maybe two or three signings that have taken less the one hour but then again I guess I'm slow. None rushed signings is my motto.

Reply by Mary Ellen Elmore on 8/31/10 11:26pm
Msg #351141

Re: 11 signings in a day is a pretty typical response

I have a friend in a larger town than I and she does this on a regular basis and has other signings she assigns out to her trusted family and friends that are also NSA's.

She does have a secretary and her mom and brother help out by bringing docs to her as she's moving between appts.

She is also in a town with a military base.

She had some slow down but not much.

Reply by 101livescan on 8/30/10 3:41pm
Msg #350947

Smoothly, professionally so as not to make the borrowers feel they are in a wind tunnel. I started out with my first signing at 7am, meaning I was up at 5am printing documents. Some packages came the day before so they were good to go. By 8am I was at the title company, 5pm for 3 signings. Six oclock was Betty Crocker and her Kitchenaid, 7, 8 and 9 were my last appts. I keep almonds and apples in my car, by the time I got home it was too late for dinner, i hit the hay at 11p, got up 4:30a to fax/email my completion reports, triple check my packages when I'm fresh, and drop pkgs at Fdx to start my routine all over again. How do it do it, well, with tons of energy and enthusiasm, and I always let the borrower know as I make my descent on their neighborhood street that I'm on time, on a time constrained schedule and that our appointment should only take 30 to 45 minutes. Docs are different these days, no surprises, due to all the disclosures that are made in advance of my arrival. Also, I only work for the very best clients, no fun and games for me, I don't have time.

Reply by frances arnone on 8/30/10 4:44pm
Msg #350965

WOW

Reply by Linda Juenger on 8/30/10 10:28pm
Msg #351010

>By 8am I was at the title company, 5pm for 3 signings<

What does this mean???????

Reply by CopperheadVA on 8/30/10 2:03pm
Msg #350927

I agree with the others that at some point you just have to pack up your stuff and leave, letting the borrowers know that you will come back later after they get all their questions answered and want to go ahead with signing the docs. If you really do have appointments scheduled afterward, then it's an easier decision as to how long to stay. But I think until you have experienced that situation, you may not quite know when to call it quits.

I'm sure that if Franny knew that she would be there 2 1/2 hours, then she would have cut it off much earlier. But when the questions start, you don't have any way of knowing how long it will go on for. Once I experienced that kind of thing, I made a plan for if it ever happened again. I had one last week where I stayed way longer than I wanted to, but it was for a new client who is giving me lots of business. You have to weigh that in your decision, too. That's very cruddy that the TC wouldn't give her any extra compensation, though.

I had one where the borrower, loan officer, and I met at the bank. The borrower spent the first 30 minutes asking questions about the HUD and the payment. Same questions over and over and over. Same answers over and over. I did have another appointment right after that, and I sat patiently for 30 minutes and then said in my sweetest professional voice that we had now been here for 30 minutes without signing a single document, and if she had additional questions that was perfectly fine, but we would have to make another appointment for later in the day to sign the docs, as I had other appointments that I must get to. Don't think borrower liked that too much, but she started signing.

Reply by HrdwrkrVA on 8/30/10 3:12pm
Msg #350935

BO aren't the ONLY time bandits! I had an LO who took

approx 30 min going over docs & answering questions! We are supposed to witness signatures - not tele-conferences! What do these slickies talk about BEFORE we arrive?? Evidently NOT the loan!

This LO yells "I don't care how long it takes - I'm paying you to be there!" Oh, really? ... let me introduce you to my hourly rate...!

Are these folks serious??? 2 1/2 hrs??? I'd bail!!!

Reply by frances arnone on 8/30/10 3:26pm
Msg #350939

Re: BO aren't the ONLY time bandits! I had an LO who took

I read all of your responses and believe I did mention 72 hr cancellation and all of the other arguments that your offered I kept expecting someone to get thru to her b/c it was the same questions over and over and the same responses. b/t/w once we started signing we were done in 20 minutes the husband had no problems with anything except maybe his wife. Never again even if I don't have any other closings. Oh, I agree 11 closings in one day is not possible unless you have a team of helpers.

Reply by Linda Juenger on 8/30/10 3:27pm
Msg #350940

HrdwrkrVA. I got to a closing one time and the LO was

there and he and borrower were drinking a beer having a grand ole time. They were talking about everything but the loan before I arrived. We chit chatted a few, then I said lets get down to business. Every couple minutes the LO would interrupt and start talking about his kids and their vacation plans etc etc. I let it go the first couple times, then I guess my eyes could tell that I wasn't happy. I was nice and sweet, but he could tell that I needed to get moving.

Reply by MW/VA on 8/30/10 4:41pm
Msg #350963

I heard of one notary that uses the line--"fine, take all

the time you need. I only charge $100/hr.". Otherwise, I wouldn't have waited 2 hrs. for her to decide if she was going to sign or not.

Reply by James Dawson on 8/30/10 7:03pm
Msg #350991

Re: I heard of one notary that uses the line--"fine, take all

I do that only I say $50.00 1/2 hour