Posted by Matham on 4/26/11 9:48am
Msg #381304

General questions

How long is the typical signing, at least for you? How long has your longest signing been? How long is too long?

If the borrowers do not want to initial/sign every page of the borrower's copy, with exception to the borrower docs that need notarized, is that okay?

I discovered last night that post it flags were quite cumbersome in their application. I found that it was easier when I was explaining the kind of document being presented to the borrower, I would just indicate where they would sign/initial. While post it flags may not be a requirement, I observed how they are essentially useless - I mean, once you take them off, where do you put them to store them for later use, as won't they stick together?

Reply by Linda_H/FL on 4/26/11 9:55am
Msg #381306

1, Borrowers don't sign or initial their copy nor do their copies get notarized - only the title/lender package gets signed and initialed.

2. Typical Signing time - 60 minutes; longest - 2.5 hours.

3. Post-it flags - I only use them to mark places through the package and only use about 5 or 6 of them - package remains in the order received and I flag the docs I want to present first (HUD, Note, Payment Letter, RTC, ID Verification Forms); When I remove them I just stick them on the front of my journal and peel them off later for storage/re-use.

Reply by Les_CO on 4/26/11 10:06am
Msg #381311

I agree with Linda, I don’t do a thing with the borrowers copy, except give it to them.
I don’t use post-it flags at all.
I’ve had a first and second POA done by an older couple that took over 3 hours, I usually schedule an hour of more.
My quickest about 20 minutes..an attorney for the CO attorney general, just took the docs, and signed them, I notarized after (still at the table while doing my QC.) She was on the phone.

Reply by James Dawson on 4/26/11 10:55am
Msg #381317

Same as Linda and Les except, I only use post-it to flag errors or corrections to Docs I send back so they'll know who did it. signings, quickest? 18 mins longest about 2 1/2 hours.

Reply by Dennis_IN on 4/26/11 2:31pm
Msg #381358

Linda, I find your procedure of leaving the documents in the same order as received to be problematic. I just downloaded a pkg where the HUD was three pages from the end. I have a hard time leaving it there. I do understand that you flag the docs in order you want to present them to the BO but that seems awkward. I do rearrange the docs in order to allow for a smooth flow. HUD first, note, mtg, TIL, RTC then the rest of the docs. No one has ever complained about the order of docs received by the TC. Just my way...

Reply by Linda_H/FL on 4/26/11 2:38pm
Msg #381362

Dennis, the HUD usually ends up on top...

but that's the only one that's re-arranged. As for awkward, not really, instead of flipping over one page you're flipping over stacks at a time -

Haven't had any problems with awkward so far. Maybe I've just been lucky..

Reply by Jodith/WA on 4/29/11 4:57pm
Msg #381770

Re: Dennis, the HUD usually ends up on top...

I pull the legals (HUD, TIL, IAF, Note, DoT and Riders) and put them up front. I put post it notes with the doc name on it to show where it belongs in the stack. As they are signed, I put them back in the appropriate place. That way I'm happy and so is title.

I do put post-it flags to mark anything the signer needs to sign, initial or fill out. I find it helps the signings go a bit quicker (especially when we're not in a situation optimal to passing forms back and forth), and then I also have a guide when I doing my review at the end to make sure we haven't missed anything. As I remove them, I stick them to the page of my journal to carry home. Works great. I probably use them 10-15 times before I have to replace them.

And, yes, borrower copies don't get signed. Jiminy, it would take forever if you're trying to sign both sets of documents.

Reply by Art_MD on 4/26/11 9:57am
Msg #381307

Time - Depends on type -
Modification - 10 minutes.
Refi - 30 min to 2 hrs. Some lenders include a whole lot of "junk docs". This takes extra time. Also, you "system" matters. Some SA have signatures done after decribing doc, others go thru whole package and then get all signatures. Some states require notarization at the table, others don't. Some SA notarize at home - depends on state law.
Why would you have borrowers copies signed or initialed? Many SA don't give borrowers their copies until after all docs are signed. Absolutely no reason to have borrowers sign their copies or initial!!!!

As you become experienced, post it notes are a waste of time. You will come to know which docs need signatures, which don't.

Art

Reply by SReis on 4/26/11 10:00am
Msg #381308

(1) 2nd Linda re: do NOT have borrowers sign their copies. If they want copies w/their sig they can req that from title or the LO.

(2) I do not use post it notes at all unless there is a really weird signing sit that I have to remind myself to have them sign a part doc that they would not normally sign.

(3) I always have them sign the HUD first, the new HUD is great because the last pg has a summary of their entire loan so if there is an issue you will discover it right away. I leave the rest of the docs in the order received.

(4) Typical closing for me lasts between 20-45min, longest was probably about 2hrs but that is VERY VERY seldom esp now when the process is a lot longer & borrowers are kept more aware of change in terms, etc.

GOOD LUCK!

Good Luck

Reply by Bob_Chicago on 4/26/11 10:04am
Msg #381309

Signing times can be anywhere for 10 minutes to WTL

(way too long) depending on many factors. I would estimate that most expeienced NSAs would complete a typical signing in about 45 minutes.
As you gain experience and get more familiar with the typical dox in a loan package, you
will find you time at a signing decreasing.
If you have having the bwrs sign and initial THEIR copy of the dox, you are , for sure,
wasting that time. No reason for them to do anything with copies, other than say "thank you"
when you hand copy to them as you walk out the door.
As far a flags, I never use them and don't like seeing them on overnite dox.
Usually they place them right where perople need to sign and you just have to move them.

Reply by MW/VA on 4/26/11 10:15am
Msg #381312

Also, FYI never use highlighter, or put a check mark or x at

the signature line. Sometimes the lender or tc will put a check mark or x, but we never do.
I know of someone who used paper clips to mark the docs that needed notarization so that none were missed. I put the borrower's copy in a brown envelope, marked "copy" with their name & date at the top. I don't give that to them until the signing is complete. If you ever encounter a no-sign, you don't leave any documents, their copy or not, with them.

Reply by Matham on 4/26/11 10:19am
Msg #381314

Re: Also, FYI never use highlighter, or put a check mark or x at

Is 2 1/2 hours an acceptable duration for a refi?

Reply by Linda_H/FL on 4/26/11 10:22am
Msg #381315

Too long at the table...

If a single package - average should be about 50-60 minutes, depending on size of package, with some larger packages obviously taking longer.

Your time will diminish as you get more experience. Also make sure you keep control of the situation and control/avoid signers wandering away to do this or that during signing..keep them focused and signing so you can move on...

MHO

Reply by Matham on 4/26/11 11:12am
Msg #381322

Re: Too long at the table...

The doc was 110 pages. Neither one of them left the table. 10-15 minutes into it, he asked whether we could skip the signing of the borrower's copies.

Reply by Matham on 4/26/11 11:21am
Msg #381324

Re: Too long at the table...

For the record; I was not keeping track of time. I do not wear a watch as I use my phone to keep track of time, but I wasn't about to keep reaching into my pocket to find out the time. The only time I noticed the time was toward the end of the appointment and I must've been tired because I swear I saw the clock in the kitchen say 8:30 and I thought to myself - wow, longest hour ever...


Afterwards, as much as I was flustered about the duration of the appointment and tired, I chalked it up to be a learning experience.

Also, for the record, I swear, somewhere in my training manual, it says to have the borrower copies signed.

Reply by Linda_H/FL on 4/26/11 11:30am
Msg #381326

Re: Too long at the table...

"Also, for the record, I swear, somewhere in my training manual, it says to have the borrower copies signed."

Maybe they suggested having borrowers' copies of the RTC signed? Many here have suggested that, and I do it as well - I leave 2 signed copies of the RTC per borrower/party of interest....

But not the whole package....if your trainer DID tell you that the whole borrowers' copy is signed, then IMO they were wrong.

Reply by bagger on 4/26/11 11:35am
Msg #381329

Re: Too long at the table...

I agree. NEVER have BO's sign their copies, They are copies for them to read at their leisure.
Do you notarize the copies also? If so, that is wrong. Notarizations are meant fo filing with the county.
If BO's are reading EVERYTHING, that's when I pull out the Deed - 15-16 pages, they usually think, "this is gonna take forever." Re-enforce that they have a 3 day right of reciscion, they almost always will just start signing!

Reply by trnsa_IL on 4/26/11 1:11pm
Msg #381339

Re: Too long at the table...

<<If so, that is wrong. Notarizations are meant fo filing with the county.>>

Not all notarized documents are recorded. Only those which require recording. Many notarized documents in life as well as a loan package are not recorded.

Reply by bagger on 4/26/11 3:37pm
Msg #381366

Re: Too long at the table...

If the documents are not filed, then why is notarizaion required?

Reply by Linda_H/FL on 4/26/11 3:46pm
Msg #381367

Because they swear to the truth of some statements

especially the title affidavits which are signed "to induce abd title to issue their policy of title insurance"..

All notarized docs are not necessarily recorded/filed. Occupancy Affidavit, Survey Affidavit, Marital Status Affidavit, LTD POA - not filed but notarized.

Or...just simply, they're notarized because title wants it done...<<shrug>>

Reply by JanetK_CA on 4/26/11 6:14pm
Msg #381393

Re: Too long at the table...

It's a lender decision. It's my guess that most of the documents are the result of some type of litigation or issue that a lender attorney feels is critical. If a dispute ever ends up in court, they they want a little more credence to the signature, which they probably figure a notarization will provide. Whatever their reason, it's a lender choice, but I agree that it has absolutely nothing to do with whether or not the doc gets recorded with the county.

Reply by Baragona/MO on 4/26/11 12:28pm
Msg #381336

Re: Too long at the table...

I agree with others here. That is just way too long. I have had only two closings go that long. One was where the borrowers insisted on reading every single line of every single document and would not budge at all. The other time was because the LO was supposed to be at the signing and borrower had questions on fees (in that case, actual signing only took 15-20 minutes but the rest of the time was just waiting on LO, who had double-booked himself.)

The best thing to do is familiarize yourself with all of the documents. Know the purpose of each document. Therefore, you can give a short explanation what each document is for as you hand it over to be signed. Typically, if the borrower has been given an explanation, and you point out the signature line, they will just sign and move on the the next doc. As for the security instrument, which is usually 15+ pages, I generally point out the loan/property specific info on the first couple of pages and explain to them that the rest of the verbiage is uniform and the same for all.

Once you get yourself familiar and comfortable with everything, you should be able to get through a signing anywhere between 30-45 minutes and without the borrowers thinking you have rushed them.

Reply by James Dawson on 4/26/11 10:59am
Msg #381318

Re: Also, FYI never use highlighter, or put a check mark or x at

That should be about the "total" time you spend on the entire transaction. Printing, preparing/reviewing, driving, signing, drop off!

Reply by Linda_H/FL on 4/26/11 11:06am
Msg #381320

Not for me James..

Because of my area I have to plan easily 3-4 hours/assignment - travel alone for me is usually 40-45 minutes one way - and depending on which way I go, how much extra to get to package drop...

Reply by James Dawson on 4/26/11 11:11am
Msg #381321

Re: Not for me James..

I should have added, "specific to coverage area and LSA job acceptance criteria

Reply by MW/VA on 4/26/11 4:31pm
Msg #381377

Much too long. It sounds like the borrowers were part of

training. An average refi should be 45 max. I know you've heard it several times already--the borrower's copy doesn't get signed. If they want a signed copy of the docs (rarely requested) but they would request that from their lender after the loan disburses.
I suggest you do more reading or training before venturing out on more signings.

Reply by Darlene Fontenot on 4/26/11 2:57pm
Msg #381363

Feeling pretty good after reading all these post. I'm still new and think I'm doing pretty good, I have had 3 signings this week and they all have taken about 30 - 45 minutes. I did use sticky notes on the documents that needed signatures so I wouldn't forget anything, as far and the intials I didn't put them on those pages. Waited until everything was finished before giving them their copies. Like some many of ya'll have said the more we do the more familiar we will be with where the signatures go. Thank you all for the advise ya'll give on here. I read the post everyday and have learned so much, keep posting.

Reply by Linda Juenger on 4/26/11 3:52pm
Msg #381369

Love the ya'll part n/m

Reply by Darlene Fontenot on 4/26/11 5:20pm
Msg #381387

Re: Love the ya'll part

Should I have put... YOU ALL? and what does n/m mean..I'm thinking never mind???

Reply by Linda Juenger on 4/26/11 5:32pm
Msg #381390

Re: Love the ya'll part

I have family in TN and TX and they all say ya'll. Love it. Just reminded me of them. n/m means there is no message

Reply by Saul Leibowitz on 4/26/11 7:15pm
Msg #381400

Re: Love the ya'll part; means no message just this

headline.

Reply by Kay/IL on 4/26/11 8:39pm
Msg #381405

Depending on the number of borrowers and the package, I can knock a single borrower out in 20-30 mins. With 2 or more, I allow 45 mins- 1 hour. This includes doing a super brief explantion of the document (usually telling them not much more than the name of the document), having them sign, me notarizing, doing a quality check once everything is signed and calling it a day. Overall, to accept and confirm my assignments, print documents, round trip travel, do the closing itself, and drop off the package to FedEx or UPS usually takes 2 to 3 hours maximum since at least 80% of my closings are within a 1/2 hour travel radius from where I live. The shortest one for 2 borrowers for a full re-fi was about 20 mins (had a several of those). The longest one was for a reverse mortgage (of course) which took nearly 3 hours since the borrower informed me that she once worked for the subprime lending division of a major lender that is now defunct (she read everything, made phone calls, and signed when she felt everything was satisfactory).

Now, I do get some chatty borrowers, which may add on some time. But that's cool by me especially if I do not need to be at another closing immediately afterward. People are interesting and I love listening to their stories......a big part of the reason why I love this line of work.