Posted by Art_PA on 3/12/10 4:40pm
Msg #326983

Blackberry

My Blackberry made it possible to close a loan which would have been a no-sign. The borrowers were highly educated, highly compensated, international company financial analyst and engineer. They were refinancing a second home purchased for parents, which the direct lender classed as a rental property.

They read everything and noted that the mortgage required them to occupy the property as a primary residence, and the 1-4 Family Rider required them to maintain rental loss insurance. Due to a misunderstanding they had to close in this property, not at their residence in another state so there was no computer.

They spent over 1/2 hour discussing these issues with the loan officer stating that they would not sign documents which were incorrect were not collecting rent. The lender had lied to them about many issues during the process, so they did not believe that the LO would send them something deleting this provision which they were now told was not required by the underwriter.

They did not believe anything they were told by the LO. This was solved by having the LO send an email to us confirming that the insurance was not required which I received on my Blackberry. Once they read this, they signed.

Reply by Teresa/FL on 3/12/10 5:33pm
Msg #326987

Good for you Art. It's great when technology works for us instead of against us. I love my Blackberry! It makes it so easy to communicate from the closing and I really appreciate the immediate email notifications when documents have been received.

Some people are much easier to reach via email instead of phone and I like to have a written record of questions/answers when there are issues at the closing or with particular documents.

I am such a heavy email user that I am now on my 4th Blackberry. I keep wearing out the click-wheel or trackball so I have to either repair them or upgrade (depending on the cost of repair vs. upgrade). Two years ago I upgraded to the Pearl and then bought a 2nd unit at a really low cost to have in reserve. My trackball quit on my yesterday, so I transferred all my info over to my "reserve" unit last night. Now I will be looking for a deal on another unit to keep in reserve when this one eventually breaks down.

Reply by Leticia Sandoval on 3/12/10 7:30pm
Msg #326995

I just purchased my 3rd Blackberry the "Bold" and no more trackball. The trackball has been changed to a touch. I love it! Wouldn't be able to have my buisness without it

Reply by Linda Juenger on 3/12/10 8:46pm
Msg #327009

I got my bb in Oct. I'm on my 3rd replacement. The one I have had only a couple weeks keeps going dead on me in the middle of a phone call. This one needs to be replaced immediately.

Other than that, I do love the email and apps. Don't know what I ever did without them.

Reply by Bob_Chicago on 3/12/10 11:52pm
Msg #327057

Understand that this is about Blackberry, BUT as an aside

glad that bwrs were satisfied and signed dox, but in many cases
the LO has about the same authority to bind the lender as to changes
to the loan dox as the Fedex/ UPS/internet guy.

Reply by Art_PA on 3/13/10 7:23am
Msg #327067

Re: Understand that this is about Blackberry, BUT as an aside

This case will never come to litigation, but a court would certaily hold that in this case the LO had at least the apparent authority to bind the lender.