Posted by LS_Ca on 2/22/10 8:59am
Msg #323721

Doc preparation

Perhaps this has been discussed before (I searched first) however does anyone have suggestions on how to prepare loan docs (other than separating the most crucial i.e. TIL, DOT, HUD-1 etc) in order to be most effecient timewise?

Reply by jba/fl on 2/22/10 9:03am
Msg #323723

Put the HUD on top, then the title docs while the BO is still fresh, then zoom through the rest.

With the new HUD reflecting all the terms now, why bother with rearranging. I want the title and junk docs up front as after they have filled out all that stuff they just want to get done. JME.

Reply by Art_PA on 2/22/10 9:40am
Msg #323734

Put the HUD on the bottom. Then if there is any issue relating to fees, charges, etc, you have the entire package signed. The lender can always send a revised HUD after you leave.

When you start with the HUD, if there are issues you get to sit there while the borrowers try to get the LO on the phone. They may or may not sign everything else while they are waiting for the return call if the LO is not available. It is most likely that you will waste your time.

With purchases present the HUD first so that if there are any issues, the title company can address them and revise the HUD while you are signing the other documents.

There is not "right way" - just what works for you.

Reply by Linda_H/FL on 2/22/10 9:57am
Msg #323741

Going to disagree with you here, Art

In every instance I find my signers want to see their numbers first - I don't think I'd be able to get the whole package signed before showing them the HUD....for me the HUD goes on top.

I leave the entire package in the order I get it except HUD on top - I flag the Note and payment letter to show before we start. I tell them they have 3 days but don't review the RTC til we get to it..and emphasize they're getting a copy of the entire package.

That's my way...and MHO

Reply by jba/fl on 2/22/10 10:15am
Msg #323743

Re: Going to disagree with you here, Art me too

If they don't like the numbers, if they don't want to sign - so be it. Less time wasted. All the sneaky stuff should be out in the open.

Also, if they sign everything, see the HUD, then state they don't want that package returned and all bets are off - where does that leave you? I feel I have some obligation to respect the BO and his,her,their wishes.

Reply by PAW on 2/22/10 10:24am
Msg #323745

What works for me - presentation order

Over the years, a signing agent will develop an order for presentation and a spiel to go along with it, ad libbing on the way as necessary.

If I have the time to 'pre-package' the docs, my preferred presentation order is as follows:

Explanation of my role in the process
Gather ID's for documentation purposes
HUD (including HUD addendum, if present)
RTC
Note (including addendum, if present)
TIL
Itemization of Amount Financed
FPL (First Payment Letter)
Initial Escrow Disclosure
Rest of Lender docs (as received)
Title affidavits and docs (as received)

What works for me, may not work for you. YMMV

Reply by Yoli/CA on 2/22/10 11:44am
Msg #323753

I, too, agree with Linda and Juli.

I present the HUD, read terms on Note, read vesting on Deed, show Payment Letter (if refi, advise of 3 days RTC) and if all's good, start with Title docs and zoom through loan docs.

I find this works for me. Of course, everyone works at their own speed and convenience...

Reply by A S Johnson on 2/22/10 9:32am
Msg #323733

The IDn Sig/Name, Marital Status, address cet, any other ID docs that require filling out.
RTC, HUD, GFE, TIL, Itemazation of Am't Finance, !st Paymnet and cupons, Note, DOT (Mortgage) and other Mortgage docs. Then all others With the IRS docs last.

Reply by CF on 2/22/10 9:40am
Msg #323735

When I have time I organize them:

HUD (regardless of time I always put this on top), Payment Letter, Note, Mortgage, TIL, Escrow Disclosure.....and then just go through the rest of the package. I generally leave the title docs until last....the borrowers are more likely to breeze through them then to question them at this point. IME it goes slowly at first if we need to fill out a lot of docs. Additionally, if I did not have time while printing I will arrange them at the table.

Reply by CopperheadVA on 2/22/10 9:47am
Msg #323736

Re: When I have time I organize them:

Totally agree with CF, except my order is slightly different. Even with the loan terms on the HUD now, (total payment with escrows is not always on there), I find the B's want the nuts and bolts first. I save title docs for the end because B is more likely to breeze through those in an effort to get finished.

Reply by Grammyzoom on 2/22/10 9:49am
Msg #323737

I found that this works great for me.

I place the HUD, Note, TIL, Payment letter and NORTC on the top of THEIR COPIES and this is what I go through. I explain to borrowers that we will be going through these critical documents which tell them the "Money In, Money Out" and all of the terms of the loan. After going through these items I ask if they have any questions. They may have one or two but usually NONE.

I then explain that I will merely be handing them the rest of the documents for signature. I let them know that if they have a question about any of the documents they can feel free to ask me.

It is extremely rare that anyone ever asks another question and this cuts the signing time by about 20 minutes. The borrowers love it and always tell me that it was a painless signing or a pleasant experience. I think one of the secrets is to be confident, in control and organized.

Reply by Notarysigner on 2/22/10 11:16am
Msg #323748

Re: When I have time I organize them:

Sounds just great to me.

Reply by SharonMN on 2/22/10 9:51am
Msg #323738

HUD on top - I give it to them to review while I write down their ID info in my journal. Then note and mortgage. If there is a show-stopper problem, usually it will be with one of these three docs. I usually just mark note with a sticky tab rather than actually pulling it out and putting it on top - I like to leave docs in the same order they were sent to me if possible.)

Title docs last when the borrower is getting tired of the process and will do them quickly instead of overanalyzing. Also if there is a title form with a lot of filling out I can then do my double-check of everything else while they are working on it.

Reply by CopperheadVA on 2/22/10 9:52am
Msg #323739

<< Also if there is a title form with a lot of filling out I can then do my double-check of everything else while they are working on it. >>

Bingo! I do the same!

Reply by dickb/wi on 2/22/10 11:21am
Msg #323749

this always works for me:

1] id forms incl my own
2] right t cancel
3] hud
4] note
5] mortgage
6] til
7] itemizatio
8] payment sheet [s]
9] impound[ if any]
10] rest of docs
i have found over the years to get the money docs out of the way and the rest goes quickly.....i have only one closing that stoped at the table in the last 18 years......but u need to do what works best for u and your [as paul puts it] spiel................

Reply by MichiganAl on 2/22/10 12:20pm
Msg #323757

I personally think it's a waste of my time to reorder the package. We sign it in whatever order it comes in. But before we sign, I flip to and go over the note, TIL, payment breakdown, and HUD. If all that is right, I know we're good to go. I would ABSOLUTELY NOT wait until the end to show someone the HUD as Art suggested.

Reply by Grammyzoom on 2/22/10 1:42pm
Msg #323772

I agree! I want to see the rat so I know to call the exterminator before I eat there.

Reply by John Schenk on 2/22/10 8:55pm
Msg #323858

First is the HUD,the Note, and the first payment coupon, showing the full amount of payment for taxes and insurance, if there's escrow, for me. After that, and once you get past that, it all falls into place. I send the docs back as I get them, but I tag those docs, and the borrowers see those first. Once you get that out of the way, it's pretty clean sailing from there, in my experience.

JJ