Posted by Jennifer Jackson on 12/12/12 9:22am
Msg #446292

What would you do??

I had a signing last night at a branch. First thing I did was go over the HUD with the funds due to close. Borrower was told that they would be rolled into the loan. Needless to say, they were not. Borrower did not have a cell phone, checkbook, or phone number for the person who was processing the loan. Got branch personnel involved because the person was affiliated with the branch. We go back and forth about the money due to close for 45 minutes. I still had 4 other clients for the night, and needed to be at Fed Ex and UPS in 30 minutes. We were getting nowhere regarding the funds. I let the branch personnel know that I could do the signing later or reschedule when the borrower was ready with funds (borrower's bank is out of state so going to the local bank was not an option). My question is, how long do you wait before you politely leave a closing if you see docs are not going to be signed?

Reply by Roadie_MD on 12/12/12 10:36am
Msg #446302

I think 45 minutes is plenty of time.

That's how long it takes me to complete most signings. I think at that point you should be able to tell if it's going to sign or not. The hiring party should be paying you a trip fee as well. Any funds due at closing should be communicated to the borrower ahead of time--so that is not your fault. When I call the borrower to confirm, I always ask them if they are expecting to have any funds due at closing. That helps eliminate that surprise at least. If you see anything due on the HUD you can give them a call before you head out the door.

Reply by Jennifer Jackson on 12/12/12 11:28am
Msg #446305

Re: I think 45 minutes is plenty of time.

Only thing is most of the time I don't get the docs in sufficient time to tell the client. I explained that to the company as we (the client, myself, and different staff at the branch as well as a manager on the phone) went in circles for 45 minutes. I had other signings for this same company, and I felt that 45 minutes in, I was no closer than I was when I first walked into the branch. We offered a lot of alternatives for the borrower to get the funds, all of which he refused..I usually get a lot of calls from this company everyday, and it has been 3 hours and no calls. I am thinking they dropped me, but what else was I to do? Be an hour late to all my other clients (their clients as well) or sit at the branch while the borrower refused any remedies...

Reply by OR on 12/12/12 12:22pm
Msg #446310

Re: I would do. Hope it helps

The borrowers have the right to wire the fund to Title during the RTC period. So I would have asked them if that is what they wonted to do or is the money owed a deal beaker. I then would have used my cell phone and called my hiring party or the title co. I would have put my phone on speaker and the borrowers would let everyone know what "they" have decided. That usually takes just a few minutes. My phone has unlimited minutes for that reason. I also tell the borrower that they need to call their lender and I let them know what they did. I think that takes al long as it takes to get someone on the phone. I hope that helps

Reply by Linda_H/FL on 12/12/12 12:05pm
Msg #446308

Was this a refi? Could you not get them to sign and

hammer out the HUD during the 3-day RTC? If they decided to go for it they can wire funds - if they decide against it they cancel and be under no obligation.

I'd give maybe 30 minutes depending on how obvious it is that it's not going to go. Sometimes you know within 10 minutes - other times it takes a while. IME with any luck we're putting pen to paper no later than 15 minutes after arrival.

JMO

Reply by MW/VA on 12/12/12 1:19pm
Msg #446318

I'm with Linda. Unless they flatly weren't going to pay

closing costs, they can get them to the tc before funding day. I've often had to leave them the shipping label I had for the pkg. & get another one for the docs. There are always options, and I wouldn't have spent a lot of time haggling about it.

Reply by BossLadyMD on 12/12/12 1:10pm
Msg #446314

20-25 mins max, this includes time on the phone n/m