Posted by pat/WA on 11/2/10 11:23am
Msg #359315

Balance due

Anyone having a problem with borrowers saying they were not aware a balance due when they see the HUD?
Do you call the borrower in advance and advise them that there is a balance due and to have a cashiers check available at the signing?

Reply by Pierces Notary Services on 11/2/10 11:44am
Msg #359320

Most definitely

Reply by Teddog/CO on 11/2/10 11:47am
Msg #359321

Agreeded It pays to make that information clear when you confirm your appointment. That's one of the questions I ask when I take a job. Only had that happen once I had to drive the guy to the bank to get a cashiers check. Such that lesson the hard way.

Reply by James Dawson on 11/2/10 12:07pm
Msg #359325

I rarely have the Docs before I confirm the appointment. When I do get the Docs, if there's wiring instructions I don't bother. OF late, adjustments are being made to the HUD1 almost up to the time I leave for the signing.

If I have instruction saying I must collect funds and I get the Docs in time I will tell the BWR what is expected. If it becomes a problem, I have them contact the LO for instructions but that has only happened a few times.

Reply by Ilene C. Seidel on 11/2/10 11:54am
Msg #359323

I never know if the borrowers will have funds due when confirming the closing. When the docs arrive I review them and if funds are due I will call any and all numbers to reach the borrower to verify (1)they know I need to collect $$ (2) they know the funds need to be certified or bank check. A lot of loan officers tell them their personal check is ok, NOT!
Each title company has their own criteria how much they are willing to accept in a personal check it's usually $500.00. Be aggressive in calling the borrower a lot of times the loan officer or processor never told them.

Reply by MW/VA on 11/2/10 12:24pm
Msg #359331

Yes, it happens. Final figures come together too late for

the borrowers to get to the bank. I always call the tc, but usually give the borrower a separate Fedex/UPS label to send it off themselves. It just happened last week. The tc was going to send them their Fedex acct. no., etc. I had the label for the docs, which I left with the borrower, and printed another label. There are usually simple solutions. Sometimes they can wire the funds, but there is a fee for them to do that.

Reply by James Dawson on 11/2/10 12:43pm
Msg #359340

Re: Yes, it happens. Final figures come together too late for

Yes, true about the extra charge. When I tell them that, they will usually rush out and get a cashier's check. MW regarding printing anther label? I'm confused about how you can print another label (isn't it the same tracking #) and ship at a different time. If that works, I really feel bad because if could have been doing this all along; saves the borrower from wiring funds.

Reply by MW/VA on 11/2/10 1:18pm
Msg #359347

Sorry for the confusion. I print another new shipping label

(of course you can't use the same tracking # for 2 shipments). I either have their acct. # in my Fedex program or they can sent me a new label. They are usually very glad to have the notary think fast in this situation.

Reply by James Dawson on 11/2/10 1:24pm
Msg #359348

Re: Sorry for the confusion. I print another new shipping label

O k gotcha, thanks....

Reply by Frank/NC on 11/2/10 3:04pm
Msg #359367

I think it's best to let the borrower know in advance, if possible, if there are funds due. However, very often it happens that docs come in late and they don't have a chance to get the check. In that case I call the TC and they arrange with the borrower to overnight the check the next day. The TC also will give the borrower their UPS or Fedex number so ther is no charge to the borrower.