Posted by Bravo on 11/30/10 1:36am
Msg #363131

Rash of errors

Just wondering if anyone else is seeing a rash of errors coming through on loan docs, etc? This has been my busiest month in 6 years and along with it I have never seen such incompetence in preparation of documents. Are the TC's and lenders just trying to do too much or have they maybe hired some cheap, untrained staff? I do my best to cover their rearends but I'm beginning to think I'm not getting paid enough to do their job and mine! Would appreciate hearing from some of you on this.

Reply by ReneeK_MI on 11/30/10 6:01am
Msg #363135

industry brain-drain

Saw this 'phenomenon' starting around '05, snowballing. Lots of 'old school' folks laid-off - by 'old school', I mean people who knew how to sit in ANY chair & who had a working knowledge of the whole machine. Replaced later with 'niche' trained people, usually temps (no bennies), low pay & little-to-no understanding of the Big Picture.

Recently I saw an ad for a title processor job - duties included: compiling Hud (that includes calculating payoffs, checking lender's escrow set-ups, calculating pro-rations, etc, etc, etc), obtaining all items needed to clear title (HUGE responsibility), ensuring satisfaction of purchase contracts, balancing disbursement with funds received, obtaining funding approval. Pay? $13/hr. Back in 2000, this job - to an experience person - would've paid nearly twice that. Inexperienced wouldn't even have been allowed to get near that desk.

Reply by Linda_H/FL on 11/30/10 7:02am
Msg #363139

Renee...that job down here would probably pay

about $10/hour - which is why I'm not real aggressive with my job-hunting endeavors...

Reply by jba/fl on 11/30/10 7:12am
Msg #363142

Re: industry brain-drain

"Back in 2000, this job - to an experience person - would've paid nearly twice that."

I do believe this is happening - the brain drain. But, I also wonder if just cutting costs has become the mantra and in this current economy with so many unemployed the companies are taking advantage of the desperate desire of the unemployed to have a job again that it is a 'take it or leave it' proposition for the experienced and that they 'leave it' and go elsewhere. Or if they do take the job, the heart is out of them as they know they are grossly underpaid according to their skills.

Reply by ReneeK_MI on 11/30/10 7:39am
Msg #363151

excellent point, jba ...

about the 'heart' being out of it. Morale, overall sense of hopelessness, everything is down, negative, low. Can't go to work to escape it - can't go home to escape it, either.

Went to dinner with a friend who was talking about his new job - after job hunting for 18 mos. Works in a large machine shop, where ANY infraction is met with a cut in hrly rate. 3 guys he works with were cut $4/hour for getting caught having a conversation - and as our friend points out, all 3 of them took the hit and still work there. There are no options.

You have to wonder what kind of productivity & what quality of product is going to be the end result.

Reply by Stamper_WI on 11/30/10 8:37am
Msg #363158

Re: industry brain-drain

Yesterday, I received last minute doc's and took off for the closing 40 miles away. I quickly looked at the doc's as I printed them.
At the table, I discovered there were no RTC's. No problem, they would email them to the borrower.
We waited 1.5 hrs for them. First the lender then the TC person went to lunch. One of my borrowers had to get to work and I ended up taking the RTC to her office for her signiture.

Reply by 101livescan on 11/30/10 9:54am
Msg #363166

HUGE QUALITY CONTROL ISSUES! Not sure where the ball gets dropped. Last night I did a resign for an engineer up on the central coast working offsite, and his refi loan had to be signed to preserve the rate lock. The first set had impounds, and he didn't want them.

You all know that the LO makes more money on the deal if impounds are collected with payment each month, but the borrower somehow is left out of the equation and is hopping made when it is discovered they are included at closing.

That's only the beginning of the quality issues. I know working with a local title/escrow company that the LOs are frequently the cause of most errors, UW keeps adding prior to funding conditions, and the borrowers are pretty fedup by the time they get to the signing table.

Last night I profitted at the hands of the LO on three files, last minute before rate lock expiration signings, and RUSH edocs, RUSH signing. Crazy, like I had nothing else to do but drive toTimbuktu on a Monday night in the freezing night air. It's work and most people don't have it, so while it's a blessing, sometimes it's a curse.