Posted by Stamper_WI on 3/8/11 4:31pm
Msg #375523

This should be interesting

I was supposed to do a signing tonight. It had been rescheduled from last week. It's from the national company that doesn't want you to call before hand.
Today I got a call from a state TC for the same people for Thursday night. Then the first company called me to reschedule again for the same time Thursday.
I had already printed the doc's for tonight and noticed a subordination fee for a second mortgage on the HUD.
So my take is that either they are refinancing both loans with different lenders (race to record?) or they will be comparing 2 1st loans for the same property.

Reply by CopperheadVA on 3/8/11 4:35pm
Msg #375526

One time I did one for this same company and it was an early morning appointment. I got there and the borrower opens up a FedEx package that he had received the day prior, and it was an offer from another company. He was still shopping his loan! He did not sign the docs that morning.

Reply by Linda_H/FL on 3/8/11 4:49pm
Msg #375528

Not necessarily...they may be refinancing the first but wanting to keep the (second) equity credit line in place - not pay off and close it out. First lender will require first lien position, which can't be had unless second holder agrees to subordinate since they automatically move into first lien position when the first mortgage is paid off - and they charge a fee for taking second position.

Probably kept rescheduling because they didn't have the signed Subordination Agreement back from the second holder.

Just a thought.

Reply by Stamper_WI on 3/8/11 5:27pm
Msg #375538

Well I had printed the doc's on the one last week and it was there too. The second TC said it was a refinance. Still don't know whats up. Will keep you posted.

Reply by Pat/IL on 3/8/11 9:28pm
Msg #375551

The subordination agreement should specify the new mortgage to which the junior lender is subordinating. Some of the information may be filled in later by hand, but it should at least now show the new lender's name and the amount of the new first mortgage. I don't think the junior lender would execute a subordination agreement to two different lenders -- unless the loans are on two different properties.

Reply by JanetK_CA on 3/8/11 11:41pm
Msg #375556

I ran into a similar situation a couple months ago - two different companies hiring me for the same borrower, within a few minutes of each other. I was on the road, so i didn't even realize it was the same borrowers at first. Bottom line, they were for two different properties. Loved that one!!

Reply by Mary Ellen Elmore on 3/12/11 7:49pm
Msg #376003

I will not do a closing for this company any longer.

Once they got mad and the LO yelled at me because I wouldn't sign a man after it became VERY obvious he could not understand what the RTC was and his girlfriend gave me a letter on letterhead that he had had a stroke w/i past 30 days and it affected his reasoning abilities.

2nd time they got mad because docs said Jane Doe. ID said Mary Doe. I refused until ID and papers fixed her BC said Mary Jane Doe. She fixed DL w/i an hour but they used same docs and another notary per LO.