Posted by Matham on 4/21/11 3:09pm
Msg #380878

My First Loan Assignment

I just accepted my first loan signing appointment for this coming Monday. Actually, it's for two appointments, 12.5 miles apart, two hours apart.

I received the confirmation letter from the company a couple minutes ago, and in pop two questions.

In both letters, it does not indicate whether a check is to be picked up or not, but only says that if a check is to be picked up, that if it exceeds a certain amount of money, to be sure that the check be a certified check but also indicates that if one is to be picked up at closing, to please keep a copy for my records.

Well, I assume I would need a copy of the check for my records as proof that a check was received - right? But I was also under the assumption that the notary confirmation would indicate that a check should be received or not - correct? If the notary confirmation does not confirm whether a check should be received, when would I get that indication - in the documents that they will email at some point later on?

Secondly, when I call the borrower to confirm the appointment - and this is undoubtedly a stupid question - which company should I reference to the borrower that assigned me the appointment - the bank they are seeking the re-fi from, or the company that just contacted me.

I only ask this because I don't want to run the risk of confusing the borrower where none needs be, if that makes sense.

And lastly, any suggestions or recommendations for my first loan appointments (so that it can go smoothly, not that I doubt it won't go smoothly, but just saying)?

Reply by Teresa/FL on 4/21/11 3:18pm
Msg #380883

Congratulations on your first assignment(s)!

You probably will not know until you receive the documents if funds are due. It would be shown on the settlement statement (HUD).

When you call the borrowers to confirm, I would not mention a signing service name because it might just confuse them. Mention the TC or bank/lender name if you know it or just reference their "real estate closing/refinance/purchase, " whichever is applicable. The confirmation call is also the time to disclose that if funds are due what methods of payment are acceptable for the transaction.

Good luck!

Reply by Matham on 4/21/11 3:22pm
Msg #380884

That also makes me nervous; receiving the HUD statement. According to my training, that's the very last document to get, which usually is sent at the last minute, so I'd like to avoid not getting it in time...

Reply by Linda_H/FL on 4/21/11 3:25pm
Msg #380885

Welcome to our world!!!

You'll get the HUD when it's finalized and approved by the lender...and not until then...with a little luck the LO has already gone over the numbers with the borrowers and it's okay. There is nothing you, the notary, can do to avoid "not getting it in time"...that's all on title and lender. You'll probably be fine, but late docs DO happen.

While you wait you can review the packages, take note of where you need to notarize, familiarize yourself with the note terms and other docs, etc., etc...

Good Luck!!

Reply by Linda_H/FL on 4/21/11 3:30pm
Msg #380888

Also, when you confirm the appointments

check with your borrowers about their flexibility with the appointment time - you have two signings 2 hours apart - if docs are late your whole day's schedule is going to change -

and don't forget to give the companies a "drop dead" time for receipt of docs to make the appointment. It will make it less stressful for you.

Reply by Matham on 4/21/11 3:39pm
Msg #380891

Re: Also, when you confirm the appointments

The first is at 5:30, the second at 7:30. These times were given to me by the LO. And since they're 12.5 miles apart, I don't see any significant time crunch/restraints.

Knock on wood...

Reply by Les_CO on 4/21/11 3:56pm
Msg #380894

Re: Also, when you confirm the appointments

Wait until you have a signing when the wife is cooking dinner, while feeding the kids (and the dog) running back and forth asking where do I sign this one, while the husband is answering the door, and speaking with the neighbors about taking the kids to soccer practice. Some of those 5:30 ones can be a problem.

Reply by Matham on 4/21/11 4:21pm
Msg #380903

Re: Also, when you confirm the appointments

Both signing only include a single name so I assume I may not be dealing with couples?

Reply by Lee/AR on 4/21/11 4:57pm
Msg #380912

Re: Also, when you confirm the appointments

maybe/maybe not. A page or two below, HisHughness and many other discussed 'the confirmation call'. Might not hurt to review that thread.

Reply by MikeC/NY on 4/21/11 5:16pm
Msg #380919

Re: Also, when you confirm the appointments

"Both signing only include a single name so I assume I may not be dealing with couples?"

Assume nothing. Always ask.

Reply by Linda_H/FL on 4/21/11 5:26pm
Msg #380923

Never ever "assume" that .... I've lost count of how

many confirmations I've received with only one name and I find out in the confirmation call that they're married...or find out when I get the docs that there's two signers....

Reply by CopperheadVA on 4/21/11 7:59pm
Msg #380938

Re: Also, when you confirm the appointments

Yes on paper the times work fine. But have you thought about what you will do if the first set of docs are late and you don't arrive to the first appointment at 5:30? What if you don't have docs for the 7:30 by the time you leave for the 5:30? You'll have to go back and print in-between appointments. Also, never make the second appointment wait for you if docs for the first one are late. If docs for the first one are so late that you will not be on time for the second one, then bump the first one to the end of the line.

Reply by Les_CO on 4/21/11 3:48pm
Msg #380893

Re: Also, when you confirm the appointments

I agree with Linda, especially if those 12 miles have some traffic. If you double check all the signatures and initials on all the docs at the table (remember the signers are to sign their names EXACTLY as it appears on the docs) you could be a little pressed for time. Especially as it’s your first deal, and sometimes the borrowers ask questions, and sometimes they will need to speak with their LO, and sometimes…??? Give yourself as much time as you can. Do it right the first time…better to spend the time double checking than make a second trip for a correction.
Good Luck!

Reply by CopperheadVA on 4/21/11 3:25pm
Msg #380886

You don't have any control over when they send it to you. Don't leave for the appointment without it, though. It's not always sent at the last minute - it *usually* comes with the rest of the docs, but it can get revised.

Reply by JimAZ on 4/21/11 3:57pm
Msg #380895

Did you check out the company that gave you the jobs on SC. I always do so with new SS's to me. I've also turned back jobs due to poor payment comments on SC. Can't afford to work for free in this business.

Reply by Linda_H/FL on 4/21/11 4:00pm
Msg #380898

Good thought, Jim!! n/m

Reply by HisHughness on 4/21/11 4:00pm
Msg #380896

Remember if you are over 60 to use the bathroom before you go, and plan to use the bathroom en route also.

If you are over 70, do the same, plus do not drink any liquids for 48 hours before the appointment.

Reply by James Dawson on 4/21/11 4:00pm
Msg #380897

Congrats. first of all. Unless you live in the valley, time will be you enemy. The borrowers will usually know you will be calling them so make sure you're 2nd appt is flexible. Let us know how you do...do your best and make sure you have s o m e o n e you can call for help, that's your safety line.

Reply by MW/VA on 4/21/11 4:21pm
Msg #380902

Congrats & good luck. My recommendation is not to be

intimidated by the overwhelming amt. of paperwork. It's paper & nos. If you just look at what's in front of you, it will go fine. I've never made a copy of a check.
I hope you are ready to receive docs & print them properly. That's a huge part of the job.
Again, good luck.

Reply by Stephanie_CA on 4/25/11 5:43pm
Msg #381224

Great to see how many care about this first

assignment and are giving ideas of help.