Posted by dutchcloser on 12/16/11 1:36pm
Msg #406842

Late Docs..just venting

What is it with these lenders and title companies sending docs 45mins-1hr before a closing???? Do they not realize that it takes time to print 2 sets of docs and travel time....uugh

Reply by Frances Kany on 12/16/11 2:18pm
Msg #406846

They don't care. They just want the job done. I start at 2 hours before signing time calling if I don't have docs. I tell these people very nicely that I will be unable to accomodate them if I don't get docs by my drop dead time. That time depends upon my schedule and how far away the closing location is. I can tell you after many years of doing this you figure out just how far you can be pushed. I stand up for myself. Good Luck

Reply by JulieD/KS on 12/16/11 4:54pm
Msg #406854

Do they realize? Probably. Do they care? No.
Your problems are not their concern. They just want someone cheap who is 'flexible'. (Flexible meaning you'll bend over backwards to accommodate them but will work for pennies).

Give them a 3-hour drop-dead deadline for receipt of the final and complete doc package. Tell them this WHEN THEY HIRE YOU and make them accept your terms that if the docs arrive after the deadline, you will remove their signing from your schedule and when their docs are ready, they can call you. If you haven't accepted another signing and are free, you will do it...but for an additional fee of (minimum additional $25 fee on top of signing fee).
Then...let them be late, but they can then pay you for you time to wait on them.

Believe me, if you give them a deadline, they will usually heed it. I learned that if I give a company free reign of my time...they will use it.

Reply by mwm143 on 12/16/11 9:20pm
Msg #406862

I'm sure if it could be avoided...

It would be in a perfect world. Nature of the business.

Reply by Saul Leibowitz on 12/17/11 8:57am
Msg #406879

Business as usual

It is Saturday morning at 8.50 a.m. CST; I have a closing 45 minutes away at 9.00 a.m. CST. No documents; the TC is in California and when I called them Friday at 5.30 p.m. PST they said they were still working on Friday files and would start Saturday files when they finished the Friday files.
I have spoken with the borrowers this morning and they are willing to wait. I have been calling the TC's phone system for over two hours and they don't answer.

I have come to the conclusion that closings before 11.00 a.m. are risky if the TC is not local.
I am not faulting the individuals at the TC but this is frustrating.

Of course I well remember running a TC, getting a notary through NotRot and then having the lender get the documents very late or canceling the transaction altogether.

No reply needed to this post; Merry Christmas, Happy Hannukah, and a Happy, Healthy New Year to all!

Reply by LKT/CA on 12/17/11 10:40am
Msg #406884

Here's what I found that works so business and personal events can co-exist with no loss to either: Put all daily events in your schedule as an "appointment" - whether it's grocery shopping, medical/dental appointments, dinner and a movie with your BFF, taking Fido to the vet, taking the kids to the zoo, etc. EVERYTHING should be an appointment.

Based on your location (whether living in the city or rural) and experience, YOU know how long it takes YOU for each signing - from printing to driving to borrowers to the signing, notarizing, invoicing and shipping. And YOU know best when the edocs should be in your Inbox to get the ball rolling. So an example of your schedule could be:

9:00am - loan signing in Noodletown
11:30am - doctor's appt. (took you 3 weeks to get this specific day & time)
1:00pm - Child's/grandchild's recital at XYZ Elementary
3:30pm - loan signing in Happytown
6:00pm - Dinner with____________

Let's say you needed the 9am signing docs in your Inbox by 6am - no docs. You call and email, but no response from hiring party. 6:30am.....7:00am....8:00am - still not docs and no response from hiring party. Then the docs appear in your Inbox at 8:45am. You can disrupt your schedule, take on the job that may or may not happen, foregoing a doctors appt that took weeks to get. OR you can call the hiring party and ask if they'd like to (a) take back the job and reassign it; (b) reschedule the signing for 8pm which is when you have an opening <and are willing to do the signing>; (c) reschedule the signing for the next day (hopefully docs aren't date sensitive, there's no rate lock that will expire, or the borrowers are not leaving town).

There was a post in recent months where the NSA had either a grandchild's evening concert or out-of-town family visiting - cannot remember the story exactly. NSA receives a last minute call, doesn't want to take loan signing but does so anyway (hiring party may have begged). The signing didn't happen - borrower never responded to voicemails and when NSA finally got a hold of borrower, she'd left town for a cabin in the woods. NSA missed an important family event. Recap: NO signing, NO money, NO family event - a colossal regret by the NSA.

ALL loan signings are 50/50. There's as much of a chance that the signing WON'T be completed as there is that it WILL be completed. With those odds an NSA has to ask themselves if the loss of the personal event is worth the signing fee or the frustration of the pre-signing circumstances......only the NSA can decide that.

Reply by Saul Leibowitz on 12/17/11 1:12pm
Msg #406891

I remember the post you referenced and the long list of responses.
In this case BOA dropped the ball and the title co. got me the docs around noon and we are closing at 2.00. Good thing it works for the bo. and for me.

Reply by Cyndi on 12/17/11 7:08pm
Msg #406918

Been at this for 25 years and it never changes. It was just easier when I worked for a company because there were other people around. I had one of those days yesterday, late docs, switched 2 appts and got to the last one 2 hours late. Bottom line, I was up til 4:00 am to get everything done and ready to go, sending out invoices and printing pkgs for today. All you can do is brg for docs, and grin and bear it if you want to keep your clients.

Everyone have Happy Holidays, whichever you practice and DO NOT WORK those days. You owe it to yourseld.

Reply by BossLadyMD on 12/18/11 11:16am
Msg #406963

If docs are late, I just call borrower while printing...

and tell them I will be there as soon as I'm done. I dont stress late docs anymore

Reply by Karen/OK on 12/18/11 12:34pm
Msg #406970

Re: If docs are late, I just call borrower while printing...

Exactly what I do. I never get stressed over late docs, anymore. Not worth it!

Reply by Mike_D on 12/18/11 11:20am
Msg #406964

yep it sucks. however, if someone out there cant deal with late docs it is time to get out of the business. there is nothing we can do to speed it up. i seriously LOL at these arbitrary deadlines. that isnt going to work either. the best thing you can do is just let them know you may not be able to accommodate them because of the docs being late. that is it.

and FYI when docs are late 90% of the time it is the lenders fault.