Posted by GOLDGIRL/CA on 4/17/11 2:44pm
Msg #380163

Speaking of being nice ....

Sicne we're all making nice-nice now re the Easter post below, what's a nice way of saying you simply cannot follow the borrowers to the bank while they get a cashier's check or wait at the signing site while they run down and get one and bring it back?

If I'm able to accommodate this, OK, done it many many time, but there are sometimes I really don't have the time to follow them in one direction at rush hour, wait a half hour or more while they're inside the bank, and then head off in the other direction for another appt.

People always seem annoyed/unbelieving when I say I'm sorry, I just don't have time (I hope it's not the way I'm saying it!). I'm wondering if there's a blanket policy statement we can say, such as: "I'm sorry, but I'm really unable to do that. You can wire funds or give the check to your agent to courier back."

I'm sure this is not part of our job, otherwise this would have been included in the myriad of inane SS instructions we get, like dress profesisonally, be on time, do not discuss loan terms with the borrower, clip docs together neatly when sending them back to title, and, by the way, if requested, you are expected the follow the borrowers to the bank and wait while they get a cashier's check - never heard of the last part!

Reply by 101livescan on 4/17/11 3:26pm
Msg #380166

There is no way I can be that nice to accommodate making a trip to the bank. I always suggest they can get me a cashier's check at my office before I have to drop the package or that they contact escrow to see if they should wire or send it separately.

I'm doing a lot of REO purchases now, and most lenders want the funds to close to be wired rather than a cashiers check. In fact there are more purchases right now than refinances.

Reply by Ilene C. Seidel on 4/17/11 3:30pm
Msg #380168

Hey Livescan, how are ya? n/m

Reply by Ilene C. Seidel on 4/17/11 3:30pm
Msg #380167

When I receive the docs I don't print (unless it's a last minute closing)until I've confirmed with borrower if funds are due that the check will need to be certified or bank check and will need to be available at the closing. Even if it's a last minute closing I still call to confirm if funds are due. I rarely have "follow me to the bank and I'll get the check". You are not doing anything wrong if you say sorry I have another closing and do not have the time to go with to the bank.
I carry overnight envelopes in my car with transmittals and fill it out so they can send to title on title's $$ not theirs. I've never had a problem with the title company.

Reply by Susan Fischer on 4/17/11 3:34pm
Msg #380169

Ditto, Ilene, and thanks, GG, for yet another great thread

on the ins and outs of our work-a-day world.

Reply by GOLDGIRL/CA on 4/17/11 3:53pm
Msg #380174

Thanks, Ilene - great idea. Head 'em off at the pass so we don't get the "follow me to the bank" later. Course, borrower/lender/Realtor are often hashing out closing costs up the signing time, so borrowers are reluctant to get a check beforehand. But at least I'll be ready for them.

Also, I had thought of giving the borrower a fed ex label with the TCs courier number - however, on many jobs I print out a label, so I don't have access to the TC's account #, Incidentally, the TC does not absorb that cost - they add it on to the borrower's closing costs, so their "refund" check is less. No way a TC is paying a borrower's Fed Ex bill!!

Reply by JanetK_CA on 4/17/11 4:39pm
Msg #380179

What I've done in some situations is give them the pre-printed label (if I have one) that came from the tc, then request another one the next day for the docs. This would be in a situation, of course, where I'm not going to be able to do a same-day drop off, and maybe only if they didn't have a check because the final numbers weren't available in time. It's a judgment call - and may need to be approved by the tc in advance.

Reply by Ilene C. Seidel on 4/17/11 4:39pm
Msg #380180

GoldGirl

Did you say you print the overnight labels? IF the loan package doesn't come with a preprinted label (and most do these days) DO NOT use your account to print a label. Hand write a label with the from and to the Title Companies address. You are taking a huge risk if title doesn't pay. You may not have gotten hit yet, don't be naive.
When title has the preprinted label in the package I give it to the borrowers then contact title to send another. Never had a problem. They want to fund these loans they aren't going to quibble over an overnight fee.
And even if it's a purchase get wiring instructions don't waste your time. I've never made enough $$$ to cover the time it takes for a purchase. And so what if the borrowers have to pay the overnight or wiring fee, not your problem.

Reply by Linda_in_MI on 4/18/11 8:21am
Msg #380203

I use an extra of the preprinted normally for my file

Good idea Ilene. I also have a small supply of shipping materials in my vehicle and will have to remember this.

Additionally, when I print out any pre-printed airbill that comes with the package, I usually print out an extra so I have documentation in case there are "issues" with the docs being returned. That goes into my job file for my reference--the same file that contains all emails with contact info, maps, and or other info on the job--that comes with me to the closing.