Posted by Lynne/OR on 2/5/10 11:43am
Msg #321412

Initial Docs/ Loan app. signings !!

I am sick of SS offering $50 for loan app. signings. The person on the phone often claims that it is "only 30 pages to print" and will take "a few minutes". In my experience, I have found the total package ends up being well over 50 pages, and I often find that loan application signings take LONGER than a typical closing because you have to explain every single detail to the borrower. I had an loan app. signing last night that took over an hour, because the borrower wanted me to explain every single detail to her, and was hesitant to even sign the docs because there were a couple figures that were unclear.

I don't mind spending the extra time with the borrower, as long as I am COMPENSATED properly, and $50 is not enough!! Does anyone else feel the same??

Reply by Lee/AR on 2/5/10 11:45am
Msg #321414

Yup n/m

Reply by janCA on 2/5/10 11:52am
Msg #321415

Agree, I never take these.

Not worth the time nor the paltry fees. The one I did take about 3 yrs. ago, the borrower,after looking over the paperwork for about 40 minutes decides she doesn't want to sign anything. I never did collect any fee on that. Lesson learned.

Reply by Frank/NC on 2/5/10 11:55am
Msg #321417

Easy solution to the problem. Just say "NO" to all these low ballers. If enough of us turn their offers down, then they go away.

Reply by Lynne/OR on 2/5/10 11:57am
Msg #321419

I should start saying no! The reason I said yes is the promise of getting the closing, if it ever happens!! Although in the past, I've only had 1 loan app. signing that actually made it to closing! Lesson learned...no more of these!

Reply by Teresa/FL on 2/5/10 12:06pm
Msg #321422

I have found that it often takes longer to be paid for these application signings than it does for a closing. Sometimes the TC or SS waits for the loan to close before paying you for the application and the closing at the same time.

Reply by PAW on 2/5/10 12:12pm
Msg #321424

You're not a mortgage broker or loan officer

IMO, taking the application is the responsibility of the MB or LO. At least someone who has been trained in the mortgage business and is capable of offering assistance to the potential borrower. Notary Signing Agents, in general, are not qualified to do that job. Besides that, it wouldn't be in the job description of a signing agent if there was one.

Now, if someone wanted me to take the application, I would certainly do it, and charge them my broker's fee, which is not $50!

Reply by Lee/AR on 2/5/10 12:27pm
Msg #321427

Re: You're not a mortgage broker or loan officer

Having been an LO in a previous life, the NSA loan app. isn't like that. Just getting papers signed. But, sometimes you need to collect a few trailing things that are needed... and they never have them ready. They do take as long as a regular signing, in my limited experience. (Limited because I don't take them any more for all the reasons everyone has stated.)

Reply by ReneeK_MI on 2/5/10 4:18pm
Msg #321479

I won't do RESPA signings because ....

It's my own little opinion that it's nothing more than a sales tactic, intended to make the applicant feel more 'engaged' and therefore more likely to follow-through. Bothers me, and I'm happy I can make these choices.

Reply by BrendaTx on 2/5/10 6:19pm
Msg #321517

According to my friends in the rev mort biz

they aren't "right" and I have never thought they were.

I'm happy to be able to make these choices as well.

The worst thing about being a signing agent is that it comes with the knowledge of how icky things really are when it comes to lending.