Posted by ME/NJ on 11/7/11 9:04am
Msg #403001

Another bad start to the day

Two loans put on hold one from Friday, don't think that will come to table until EOM now. Another out right cancelled and just got a call from a company that said 60 days to pay and I turned them down.

It's only 10am

Reply by 101livescan on 11/7/11 9:27am
Msg #403003

Sounds like a wide open day for lots of opportunity! Go for it!

Reply by Eva75Eva on 11/7/11 9:28am
Msg #403004

I've been noticing lots of mistakes and misinformation lately. It's like off the hook. I hardly go to a signing anymore where there isn't a problem.

For example: major errors like incorrect loan amounts, vesting on Deed of Trust wrong, name of subdivisions incorrect on PUD, borrower cancelled signing because they were under the impression that there would be no closing costs-NONE (who gets loans for free?!) A loan officer was insisting that there was a four day recission period before realizing that they were including the day of disbursement. Another person had waived their escrow but was charged on the HUD for half a year's worth of taxes and shouldn't have been.

Last week I had two cancellations and a no-sign.

I'm just scratching my head over this. What gives?

Reply by ikando on 11/7/11 9:39am
Msg #403007

I recently asked my contact at a title company why there were so many errors on the package I received. Her comment was that because they had so much work, they were hiring temps to put the packages together.

If that's the case across the board, there'll be more work for us, but potentially more issues too. Gotta keep our eyes open.

Reply by 101livescan on 11/7/11 9:58am
Msg #403010

I also have had quite a few errors in final docs for signing. From the biggest lenders, too. You're right, they are using temps with no experience in this field, and there are a lot of mistakes. I had a Chase last week with borrower's wrong middle initial. These are kinds of errors, however, than may bre corrected with the DOCUMENT CORRECTION AGREEMENT, thankfully, and not hang up the process for the client.

Reply by Notarysigner on 11/7/11 10:11am
Msg #403012

Yesterday on a grant deed there was a spelling error on the Doc. The interesting thing is, the names were on the next line BUT mispelled; Example

FOR A VALUABLE CONSIDERATION, receip of which is hereby acknowledged,
John Doe and Karen Doe, trustees of the bla bla bla
Hereby GRANTS TO John Dae and Karen Dae, trustees of the bla bla bla

it read just like THAT!

Reply by Linda Juenger on 11/7/11 10:13am
Msg #403013

Had one last week where the name on docs was a nickname, not a real name. He refused to sign aka. Can't blame him. Title docs got corrected but he was told that the lender docs could not be changed. I just don't understand that. He has NO ID stating his nickname. Kind of like Bill and William. He wanted his legal name not nickname.

Reply by Jillian Hinrichs on 11/7/11 11:47am
Msg #403020

When name is wrong...?

I know it can be corrected, but are you supposed to make them sign the wrong name or do you get permission to line out and correct it? Say the name shows Tom M Watt and his name is Tomm B Watt or shows Tomm Watt and his name is Tom Watt? Some say to get permission to correct and others say to try to get them to sign it the wrong way...

Reply by ME/NJ on 11/7/11 12:03pm
Msg #403022

Re: When name is wrong...?

Crossing out name's, signature aff, all work the one thing that maybe an issue is documents going to the county. My county does not take any cross outs or additions by pen for mortgages.

Reply by Doris_CO on 11/7/11 12:18pm
Msg #403024

Re: When name is wrong...?

It could be the lender can't correct the names on the application without cancelling the application and starting the whole process over again. The borrower could lose their rate lock or be so frustrated they cancel out of the whole thing. All of this could be prevented if the LO asked the borrower what their legal name is when taking the application initially.

Reply by BrendaTx on 11/7/11 6:40pm
Msg #403075

Perhaps if it is is a refi the property was titled in

the nickname.

Should Joseph Smith have a loan on property that is titled in the name Joey Smith?

And, if that's the case, the borrower did sign his nickname once upon a time.

Reply by CopperheadVA on 11/7/11 12:12pm
Msg #403023

Re: When name is wrong...?

I would never ask someone to sign it the wrong way - also I don't see how a notary can notarize their signature if they are signing a name other than what their identification says.

Reply by Jillian Hinrichs on 11/7/11 12:27pm
Msg #403030

Agree with Copperhead

I would never have someone sign the wrong name, but have been asked to do so! Eventually they give up and either allow the names to be lined out and corrected and initialled (a real pain) or make a new set with the right name and reschedule (also kind of a pain but oh well)

Reply by CopperheadVA on 11/7/11 2:07pm
Msg #403051

Re: Agree with Copperhead

Yes they do ask. I just tell them that I cannot notarize that name and the TC will usually drop it at that point - either they OK changing the name and initialing, or the cancel to redraw docs.

Reply by Buddy Young on 11/7/11 12:29pm
Msg #403031

Re: When name is wrong...?

I would never ask the signer to sign their name the wrong way. What happens if they decide to refi down the road and their name is wrong because they signed the wrong way last time.

On signature afidavits, if the name is wrong they can line through it and inital and write "never know as"

Reply by Buddy Young on 11/7/11 1:05pm
Msg #403044

Re: I meant name afidavit. n/m

Reply by ME/NJ on 11/7/11 6:45pm
Msg #403077

Well at least made 50 bucks today GN work.

Three tomorrow have documents for two of them, lets hope tomorrow is a better day.