Posted by Matham on 4/21/11 7:26pm
Msg #380928

A doozy

So, I called my first loan assignment for this coming Monday a few minutes ago. I introduced myself and told her I wanted to confirm the assignment, the address and ask a few questions, and she proceeded to tell me that her husband, who would be getting off a 12 hour shift, would not arrive until 6:30. She asked whether if it was necessary for her husband to be there. I said yes, without really thinking whether if he was on the docs or not - since I don't have them.

The appointment was scheduled for 5:30, the husband would not be there until 6:30, but I have to be 12.5 miles away for a second appointment at 7:30, so I advised her she would need to contact her loan officer to scheudle either another agent to come at 6:30, or another time for me to come.

When she asked me who I should call, she referenced a different name and number from the person who contacted me earlier today and I really did not know how to handle that - it was clear who she has been dealing with was not the person that contacted me earlier - was i incorrect in the manner that I handled this?

Reply by Lee/AR on 4/21/11 7:36pm
Msg #380930

You were probably talking to a Scheduler. B's have been talking to their LO. I rarely know the name of the LO, tho' a few companies do provide that info.

You did fine. They dropped the ball in scheduling it without considering the B's work schedule.
You might have asked these folks if a later time would also be convenient...like after your 7:30 appt. Or you might see if you can swap the 5:30 & the 7:30 around. If you can offer/provide a solution that the B is happy with, I've never known the hiring entity to be upset with that.

Welcome to our world!

Reply by Matham on 4/21/11 7:39pm
Msg #380932

Well, she did ask whether Tuesday would be correct, but if it was TC that set up the appointment, I did not want to inadverntently step on anyone's foot my first go at it. Though, it does occur to me that maybe I should have suggested a later time on Monday, so I suppose 20/20 is hindsight...

Reply by Lee/AR on 4/21/11 7:43pm
Msg #380935

Time change frequently OK. Date change NOT!!

Docs are normally date-sensitive. However, as they haven't got docs now anyway, TC will probably be OK with a re-schedule for Tuesday.

Reply by Lee/AR on 4/21/11 7:39pm
Msg #380933

Re: A doozy....

adding... if you get it worked out with Bs, be sure to advise hiring co. of when you will need docs or you may have created a new problem for yourself.

Reply by CopperheadVA on 4/21/11 7:38pm
Msg #380931

The borrowers deal with their loan officer. They usually have some limited contact with the title company as well, but their main contact is their loan officer. Your contact is different - it's either the title company if you were hired directly by them, or your contact is the signing service if you were hired through them.

In any case, you should contact the entity that hired you ASAP and advise them of the time conflict for the husband and clarify whether he will be signing the docs (he probably is, but you never know). Also advise them that you have another appointment at 7:30. When they respond to you, you can proceed from there depending upon what their answer is.

Reply by Matham on 4/21/11 7:41pm
Msg #380934

Immediately after I got off the phone, I responded to the Notary Assignment Email from the TC and explained the situation to them.

Reply by James Dawson on 4/21/11 8:10pm
Msg #380941

replying to email is...

not proof that they got the message, IMO always get a real live person.

On another note, that time issue will bite you in the butt if it wasn't necessary for the husband to be there in the first place (he could have already done his part earlier for all you know) you have to have those DOCS so you'll know what to do. My .02

Reply by Matham on 4/21/11 8:11pm
Msg #380942

Re: replying to email is...

definately good to know. Thanks!

Reply by James Dawson on 4/21/11 8:12pm
Msg #380943

remember my advice ? Msg #380878 n/m

Reply by LKT/CA on 4/21/11 8:22pm
Msg #380945

When negotiating the loan signing with the scheduler, one of the questions I ask up front is if the borrowers are flexible on time. I don't change the appt time arbitrarily, it's just good to know in case of a mix-up (like what you described) or the borrower has an emergency then we can make it work for both of our schedules, and other appts would not be affected.

If the scheduler says the appt they set is *firm*, then in case of a mix-up (as you described) or emergency, I would most likely have to give the signing back if it would affect other appts. 98% of the time the borrowers *are* flexible and hiring party has no problem if the we sign the docs a little later than scheduled, but it should be within reason. If the appt is originally set for 8am and I call to confirm with the borrowers and they say they cannot sign docs until 7pm, then that's a huge time difference and probably another issue altogether. But as in your example of the appt set at 5:30pm but the borrower not getting home until 6:30pm, that can be worked around other appts if I know ahead of time that the hiring party is okay with it.

In any case, if I had to complete the signing at a time different from what was originally set, I would keep the hiring party updated on the situation and send them an email or leave a voicemail so they're aware of the actual time the signing took place. Knowing ahead of time if the borrowers are flexible on time and it's okay with the hiring party to work out a time will help if you're faced with this situation in the future.

Reply by JanetK_CA on 4/22/11 12:49am
Msg #380983

"...if you're faced with this situation in the future."

And if you stay in this business, you will be!! Over and over again!

Reply by MW/VA on 4/21/11 8:37pm
Msg #380948

You're getting your first real taste of how this biz operates. Yes, we set schedules and try to stick to them. Docs are sometimes late, etc., and adjustments frequently need to be made. Since these are your very first signings, it was a good idea not to try to rush to cover both if the first had to be pushed back. Later on in your career you might be able to juggle it by pushing the first one up or back, but NEVER without checking with the borrower to see if they are flexible & then speaking with your hiring party to get their ok. There are some in the biz that take every assignment that comes their way & just schedule them according to their time-frame. Many of us think that is wrong. There have also been reports of notaries who show up hours late or not at all. ALWAYS communicate with the borrowers, even if you're going to be 5 minutes late. Abusive as this biz can get at times, we still try to hold to a high level of customer service. Again, good luck.

Reply by Linda_H/FL on 4/21/11 8:42pm
Msg #380951

Re: A doozy...in addition

Make sure you read the instructions from your hiring party thoroughly - some companies are clear that the time is not to be changed without their prior approval ... most don't have a problem but just make sure you're authorized to play with the time a bit to accommodate both signings...

AND...again...stress your drop dead time to receive docs for BOTH signings as once you leave the house/your office you won't be returning to print in between....if it were me I'd make sure I have all docs for both closings by no later than 4:30pm to allow ample time to print both packages twice, check through them, get things set up and get corrections made if necessary.

Reply by Saul Leibowitz on 4/21/11 8:49pm
Msg #380954

Re: A doozy...in addition; separate problem about Tuesday

Monday is the last day to close a loan and have it fund in April; this affects pay for lo's, their co. and supervisors, and maybe even title co. employees if they bonus on volume or other factors. Close Tuesday instead and the first payment is July 1, not June 1 unless there is an interest credit given.
Rough week to be making a change in one day.
Matham, there are 3 days to rescind and these are business days; close Monday, count Tues, Wed., Thurs. and fund Friday; close Tuesday and count We., Thurs., Fri. and fund Monday.

Reply by Linda_H/FL on 4/21/11 8:53pm
Msg #380955

I think Tuesday would be the last day

the loan CAN feasibly fund on Saturday...most companies probably don't but there are many companies that ARE open on Saturdays (LSI comes immediately to mind) - we can't just discount funding on a Saturday - it IS possible.

Reply by MW/VA on 4/22/11 2:47pm
Msg #381031

Last day to sign or EOM means more than that. It affects

the borrower's interest if it doesn't fund my month end. FHA & VA loans pay interest in arrears (for the previous month). If it carries over it can cost them a full month's interest. Yes, we know the greater push is for the paychecks of brokers, LO's, etc.

Reply by Saul Leibowitz on 4/22/11 5:31pm
Msg #381041

Re: Last day to sign or EOM means more than that. It affects

Absolutely correct; all the prorations go out of whack; maybe the borrower wasn't planning on making April's payment and that becomes a factor; all sorts of issues pop out based on our common experiences.
The deal will not fund on a Saturday; LSI may be at work, but no title co. will fund because the time to rescind ran out at 12.01 a.m. Saturday and there is no one at the lender to say for certain that they did not receive the dreaded form or to approve the disbursal of the loan [presuming the wire was sent and in place on Friday].

Reply by MonicaFL on 4/21/11 8:54pm
Msg #380956

I tried to send you a lengthy private message and someone else got it. Are you a member of NotRot?

Reply by jojo_MN on 4/21/11 10:22pm
Msg #380970

A couple more things to think about. Is there any way you could have completed the closing in 45 minutes? Maybe you still could have made the 12.5 miles in 15 minutes and still been on time for the next one. You also could have called the next one and said there is an issue with the closing you are in and might be around 15 minutes late. Most borrowers are understanding.

By automatically canceling the loan, sometimes there is a re-doc fee to the borrower if they have to redraw documents for another day if they can't find another notary.

You will find in this business that this will, unfortunately, be happening all of the time. If you don't have some flexibility in your times, you most likely won't find yourself getting many closings. MHO

Reply by JanetK_CA on 4/22/11 1:02am
Msg #380985

I think you got lots of good advice here - probably enough to make your head spin. Depending on where you are located (i.e. if there are lots of other potential notaries to call), you probably made a good decision for your very first signing. Better to back off in a situation where you're not sure what to do than to risk messing it up, unless you've left them high and dry with no one to do the signing.

You probably got the one consistent thread in all of the above messages, which is to maintain lots of communications - both with your client and the borrowers. As you get more experience, you'll learn more about how the process works, what questions to ask whom, and when. Going back to the beginning of this forum and reading until you're bleary eyed is one way to learn things. It's called OPE, or "Other People's Experience". [BTW, you'll find a lot of nonsense here that you can skip.] Another way is the school of hard knocks. The more you pick up from the former, the less you'll have to learn from the latter - although you'll never be able to replace it completely.

One more thing... It occurs to me that you ARE in fact, benefiting from the slow market. Otherwise, not as many people might find the time to respond to a question like this. (I guess there's always a silver lining! )

Reply by bagger on 4/22/11 1:35pm
Msg #381020

Everything is a learning experience!