Posted by Claudine Osborne on 4/8/11 10:05pm
Msg #379251

Difficult closing tonight..

Arrived at the bank..the LO says hi and states the name of the Bo coming in..Yes..then he beat feets out of there..Bo arrives and bumps into Lo who makes a quick exit..

We start looking at docs..Bo not happy that he needed to bring funds to close..LO promised there would be not out of pocket. As they are looking at HUD all kinds of questions arise, payoff amount appears wrong, escrow deposit too high, what about escrow money from the old loan, why are the settlement charges so high? I asked them if they looked the GFE? They asked what is a GFE is? They have to sign a document that they saw and agree with the GFE. They also stated the LO never asked for paystubs or verification of employment.

I attempt to call TC of course its 5:00 on a fri..closed. Bo calls the LO who told them that if they didnt sign he would charge them 150.00 for a resign. He did not anwer their questions at all. Finally the bank manager comes over and discusses all of these issues with them and they finally understand and sign..

1:45 mins later the closing was finally completed! TGIF!

Reply by Linda Juenger on 4/8/11 10:12pm
Msg #379256

I had a difficult one tonight also. Borrowers were told they had to bring about $100 to close. It was NOT $100, it was $1,000. What???? HOW and WHY does this happen? I get so sick of it, I could scream. These people don't have $1,000, they barely had the $100. When is this going to change and stop?? Probably never. It just sickens me that they can get by with this.

Reply by JanetK_CA on 4/8/11 11:15pm
Msg #379267

Maybe both your borrowers ended up with LOs who used to work for Ameriquest or Countrywide! Yeah, sadly, I think some things never change.

I was hoping that most of those lowlifes were now washing dishes or tending bar somewhere these days... (No offense to the dishwashers or bartenders of this world - I have plenty of respect for people who work for a living, but none for those who try to make big bucks by cheating or misleading others.)

Reply by BarbaraL_CA on 4/8/11 11:51pm
Msg #379271

If the Bank Manager is smart the LO won't have a job Monday.

Reply by Linda_H/FL on 4/9/11 6:56am
Msg #379279

Re: Difficult closing tonight....agree Barbara

OR a commission check!!

Reply by MW/VA on 4/9/11 9:43am
Msg #379295

Sorry, Claudine. It's terrible when we're caught in a

situation like that. I haven't encountered any "bait & switch" since page 3 was added to the HUD & have seen some sizeable credits for "tolerance cure". Why did the borrower go ahead & sign?

Reply by S Peterson on 4/9/11 2:57pm
Msg #379326

This time of year, look for Prop taxes due, sometimes HO Ins

LO's, especially inexperienced ones always forget to calculate property taxes must be paid in full if the refi is within 2 to 3 months of property taxes being due. This is a semi-annual headache every year. Then there is the HO Insurance premium which must be paid for a full year if the Insurance is due within 4 months. I had one the other day, BOA, where they were collecting $427 up front for property taxes due June 2011 AND the collected enough money up front to fund the new Tax and Insurance Escrow Account to pay the same Property Taxes again in June 2011. BOs were told no money out of pocket, but because the inexperienced LO set the HUD up wrong, the BOs were pi$$ed. 2 hours and way too many minutes talking with the LO, then her supervisor to get them to see the error of their ways. Finaly got it resolvd and the Supervisor actually admitted I was correct. Borrowers were happy I was there.