Posted by pat/WA on 10/27/11 10:41am
Msg #401925

EOM

I had approximately 20 calls yesterday for signings that I had to turn down. My question is, "If they can't find notaries to accept those 20 rejected signings, what do they do?"

Reply by ME/NJ on 10/27/11 10:46am
Msg #401927

Depends

Who called, TC or SS

If TC called and can't find someone they will use a big name SS to get someone (fast and Cheap)
Settlement Corp was big for that - used Nations Direct when i turned them down

If SS can't find someone, they lose the job and another SS is assigned.

Now if no one did the job, it will get pushed maybe 3 days or maybe next month. Depends when clients lock in rate expires.

Reply by HisHughness on 10/27/11 12:46pm
Msg #401952

Re: Depends

Almost reported this as advertising based on the subject line.

Olde Phartz have different things on their minds than you young'uns.

Reply by Bob_Chicago on 10/27/11 11:02am
Msg #401929

Re: EOM Lenders and brokers would be so much better off

if they abandoned the EOM system, and just chose a random date during the month for
bonus and contest purposes.
They would be able to spread out NSA, title companies, processors, etc work more evenly
and not have to deal with scrambling for scarce, competent resources in the last few days before the EOM.
I was on the road yesterday from 7 AM to 10PM with return trips to print dox. Monday and Tuesday were pretty much the same. Had to turn down a few from good customers because you can only do so much.
Just have a few for today and tomorrow.

Reply by desktopfull on 10/27/11 11:12am
Msg #401931

Re: EOM Lenders and brokers would be so much better off

It has to do with amount of prepaid interest to borrower.

Reply by Linda_H/FL on 10/27/11 11:20am
Msg #401935

I tend to believe it's more related to commissions paid

and loans closed than anything else.

JMO

Reply by Claudine Osborne on 10/27/11 11:52am
Msg #401941

Re: I tend to believe it's more related to commissions paid

On Tues..I received a call from a poor paying TC to do a split signing..told them sorry Im booked..which was true..Wed a SS called me to do a split..in the same area . I was available to take it with much more money than the TC offered. I spoke with the BO yes they were to close on Tues..but issues came up..Good they are ready to sign..This a couple that are separated which I knew would be a little more difficult. Just as I finished printing the last pages..The Mr. calls says the wife will not sign!

I will get a print fee for this just glad he caught me before I headed out!

Reply by desktopfull on 10/27/11 12:20pm
Msg #401948

Re: I tend to believe it's more related to commissions paid

It's really bad when you get caught in the middle of a divorce and the parties are using the property as leverage. I had several of those, but I was already at the location.

Reply by Linda_H/FL on 10/27/11 12:23pm
Msg #401949

I've had one like that in the past 5 years

and I was really leary of it going in - sure enough, the wife's attorney told her "don't you dare sign those papers"...

Reply by Blueink_TN on 10/27/11 7:01pm
Msg #401983

Yes it's the interest

Not only the prepaid interest that's added to the loan but if it's an FHA loan, the pay-off will increase to include another FULL MONTH's worth of interest if the loan funds in the next month. This usually causes the borrowers to be short to close which can and usually does, open up a whole new set of issues.