Posted by BossLadyMD on 5/21/10 10:50pm
Msg #337611

how long on the phone with lender/broker

I had a closing the other day and the borrower was on the phone with the lender for about 30 mins. I was about to leave when he indicated that he now understood everything and we were able to finish the signing. He questioned EVERY charge, line by line!!!!!

I was more frustrated because this was a late signing (10pm), my last of 3 that day (EOM rush) and I was very tired. My fee is great but I was ready to tell him that I was leaving since I would have got my full fee anyways if he refused. I didn't finish until close to midnight - 155 pages later!!!!

I'm just curious to know how long you give the borrower to 'sit on the pot'

Reply by taxpro on 5/21/10 11:02pm
Msg #337614

Usually, I wouldn't wait more than about 15 minutes. But sometimes "one thing leads to another", so when you think it's just about resolved, it goes on another 15 or 20 minutes while they discuss more things with the broker. What else can you do, besides sit there and wait? I do feel your pain, but sometimes it's just life.

Now, if the borrower wanted to drag it out for more than about 30 minutes, I'd probably say "I'm leaving", and "call me when you're ready to sign," and then I'd leave. But it's a hard call to make, really, because any minute they could decide it's ok, and sign the docs. Then you'd be done! What a nightmare...

Reply by BossLadyMD on 5/21/10 11:37pm
Msg #337618

It was tough. I even yawned a couple of times. I know the broker was close to tears on the other end of the phone. When the borrower hung up, he calmly turned to me and said, 'Oh I definitely want the loan, I would not have went through all of this for nothing." I wanted to say 'Really!!" Instead, I just politely smiled

Reply by cadmonkey/CA on 5/22/10 1:04am
Msg #337621

I always tell the borrower that I have another appointment after them and that if we can't finish in 45 minutes, then I would have to come back. I assure them that 45 minutes is plenty of time to sign the documents.

Reply by BossLadyMD on 5/22/10 10:52am
Msg #337660

good idea! thanks :) n/m

Reply by Notarysigner on 5/22/10 8:25am
Msg #337634

Broker don't know how to cry. I always ask the bwr is someone explained to them my purpose for being there. Then I ask if they have seen the HUD? (that's usually where the problem will be) if the answer is yes, smooth sailing for there on. I f the ans is no, I let them look at it while I'm logging their info into my journal (this was suggested in a previous post and it works to speed up signing).

If there is a problem based on what the problem is, you will be able to make the determination at that point whether you will have to leave or not. After suggesting they contact the lender/broker, if they can, listening to the conversation should give you a clue. I'd give them 15 mins before I called the person who hired me and explain what was happening then asked them what they wanted me to do.....you'll find out what type of SS you're working for at that point, then leave.

It is important to know if you will get a No sign fee or not in advance.

Reply by BossLadyMD on 5/22/10 10:57am
Msg #337663

thanks for the advice. the borrower definitely had not seen the HUD and the GFE was off. everytime i was about to leave, the broker was able to thoroughly explain something and then the borrower moved on to the next line.

before i agree to another late appt, i will ask if the borrower has at least been told of any changes to the final HUD.

Reply by CopperheadVA on 5/22/10 6:12am
Msg #337627

This only seems to happen to me when I've driven a distance to the closing. I will usually wait however long it takes, within reason (assuming I don't have another appt right after) but yes, after 30 minutes then you have to make a decision about how much longer you are willing to stay. I had one last month where I had driven a distance. Payment was more than what the B was expecting. Called loan officer and he never called back. Left a message with the after hours number for the TC with no call back. I left after waiting 20 minutes for callbacks (I had already been there 10 minutes before that), as B was unwilling to sign until her questions were answered.

Reply by Kay/IL on 5/22/10 6:24am
Msg #337629

This Is Why.......

I wish the broker would provide the HUD to the borrower prior to closing so that the borrower could go over figures prior to my arriving. (I started a thread about this a while back.) Sometimes this happens but many times not.

Reply by CopperheadVA on 5/22/10 6:30am
Msg #337630

Re: This Is Why.......

Problem is, the borrower has to request this and most of the time they aren't aware that they have the right to request it. I love the companies that send the HUD automatically - wish they all had to do that!

Reply by MW/VA on 5/22/10 9:27am
Msg #337643

Re: This Is Why.......

There are a few companies (Citibank for one) that call the borrower ahead of time & go over all the nos.