Posted by Ilene C. Seidel on 10/19/10 9:07pm
Msg #357365

Two B of A Closings a fiasco

They came from two different Title Companies. The first a local company sends the pkg for tomorrow, I call the borrower he tells me the note amount and it's wrong. He goes ballistic tells me he told the loan officer just yesterday he wanted to bring XXXXX.XX to the table to keep the loan amount no higher then original. I doubt they will turn this pkg around by tomorrow pm.
Then another title company calls me to close a loan within the hour. Sound familiar?
It's near my house so I took it, the loan pkg comes no hud or title docs. In the meantime I call borrowers. They don't know about the closing tonight. Mr. tells me the closing was scheduled for Saturday at 5pm no one showed. How embarrasing! I emailed the title company telling them this is no way to do business. Title company calls me first telling me the closer stated the borrowers didn't agree to a Saturday closing. I said excuse me? Mr. told me they were expecting to close Saturday, then she tells me Oh! the docs never came. This is no way to treat borrowers. Thank goodness I didn't print either set of docs.
I've just don't trust any mortgage company (especially lately) before I print anything I make contact with borrower to confirm terms and funds due (if any). I know ya all are saying she's not supposed to go over the terms over the phone. What I do is ask the borrower what they are expecting in the pkg. Lately I've wasted too much time with the screw ups.
B of A must be really busy to let the borrower fall thru the cracks. The follow thru is the pitts.

Reply by C. Rivera Chicago Notary Services on 10/19/10 9:41pm
Msg #357368

its a damn if you do or don't situation sometimes Ilene

and I'm not gonna hoot or holler at you because I would've done the same!

We can not afford to waste our time with useless printing of docs especially if they are wrong in the first place!

Can't tell you how many times I should've called to ask "um, you know you're to bring a check to closing right?"

Reply by JanetK_CA on 10/19/10 11:20pm
Msg #357376

Re: its a damn if you do or don't situation sometimes Ilene

I try to take a neutral approach, but pretty much do the same thing. I ask the borrower if they know if they're getting money back or if I'm supposed to collect some funds from them. Typically their response gives me a good idea of whether or not it's been discussed with them. Sometimes the response is that they already have a check ready. If they don't know, that's when I can suggest that they contact their LO to find out.

Depending on whether or not I have the HUD yet, there are different ways it can go, but I've dodged quite a few potentially problematic situations because of that. In the most recent one, the borrowers had a check, but it was for significantly less than the short-to-close amount on the HUD I had received because they'd received a different HUD a couple of days earlier. Turned out they needed another day to work out the issue. I saved myself - and them - a possibly unproductive trip.

Reply by 101livescan on 10/20/10 6:57am
Msg #357384

Re: its a damn if you do or don't situation sometimes Ilene

Top performing loan officers have made contact with their borrowers long before we arrive and have informed the borrrower's funds required at close or cash out.

You can tell who they are, the borrowers are not hostile, no surprises. This time of the year, people shirk at having their RE taxes added to the loan amount since lenders require they be paid at funding for first installment due now, but not delinquent til December 10.

Reply by JanetK_CA on 10/20/10 2:41pm
Msg #357452

Re: its a damn if you do or don't situation sometimes Ilene

You guessed it in one. The property taxes weren't included in the HUD the borrowers received, but they were with the one I was sent. Then I kept getting conflicting information - borrowers were ready to reschedule with THEIR HUD, I was told that the docs I had were still OK. We eventually signed with my docs and their HUD. Somehow they came to an agreement with the lender to not pay the property taxes now (which, as you know aren't really due quite yet.)

Reply by pan/nd on 10/19/10 10:07pm
Msg #357372

Ilene,

You're right on as far as I'm concerned.

Given what I've had happen to me over the years...I wholeheartedly agree with your

stance.

Some may bash you for your actions...but I won't.

Trust everybody...but cut the cards.

Reply by 101livescan on 10/20/10 6:53am
Msg #357383

There are many quality issues these days with several lenders. You are wise to screen these appts/terms. Saves some time and aggravation!

Reply by Ilene C. Seidel on 10/20/10 7:57am
Msg #357388

Thanks guys, maybe these large companies should have a special department to schedule the closings and review the terms with borrower instead of the processor/loan officers doing it??

Reply by 101livescan on 10/20/10 11:10am
Msg #357414

These people are so overwhelmed with the numbers of files they are processing, they can't get them out the door for signing fast enough....Also, BofA inherited a number of these CW files. Banks these days are hiring a lot of temps, not seasoned professionals.

I could write a book on "flawed" loan packages I receive from lenders.

Reply by Alice/MD on 10/20/10 12:25pm
Msg #357429

Ilene, your are so right on. I have wasted too much time with screw ups. I appreciate you sharing your process in situations that saves time.

Reply by Ilene C. Seidel on 10/20/10 2:58pm
Msg #357453

Your welcome Alice