Posted by michnott on 3/10/11 6:22am
Msg #375692

This is a weird one

I get to the closing and the lady tells me the lender processor told her not to sign any documents. OK let's call the processor. She tells me she is not finished with the docs. Does not have a clear to close. And has not even scheduled it yet. I tell her I have a full set of docs from your company and I am ready. She tells borrower not to sign and she would look into it. So I leave. I did talk to title by the way. Ten minutes after I leave the borrower calls. They found the problem. Two lender offices in two different states were processing the loan. Two loan numbers. Two sets of disclosures. Poor woman faxing info to two different places. Ten minutes later the processor calls and tells me to have borrower sign my set since it is ready to go and she would just kill her loan. OK. So back I go. We start signing and the phone rings. It is the processor. Stop the signing. Since her office had the loan first they will issue the loan and documents. End of signing...out the door I go. I call title and tell them the story. To their credit they paid the full fee. Then I find out that each lending office uses there own national title company. I do work for both so maybe I will go back. The borrower was as nice as could be and kept apologizing to me.

Reply by 101livescan on 3/10/11 8:30am
Msg #375707

This takes the cake. I had a similar one last year in the high point of the lowest interest rates. Mortgage broker invited me to the signing, but meanwhile the same lender who he brokered the loan to had gone in behind him with the borrower and already closed the old loan with a new refinance. It had just closed the week before. Now, the borrower was in his 80s. I think that's bordering on elder abuse. The lender absolutely knew what they were doing because they knew there was another payoff demand to cure the old note/deed of trust. There are some pretty unscrupulous and incompetent lenders out there still.

Reply by MW/VA on 3/10/11 9:56am
Msg #375718

That is wrong on so many levels. Unbelievable that they're fighting over the loan & don't seem to give a d@#m about inconveniencing the borrower. Really bad business, IMO.