Posted by Ali/IL on 1/29/12 1:08pm
Msg #410237

Borrower questions rate

I was doing a signing yesterday, borrower brought out mailing from a different lender offering lower rate.
What do you do when they do this?
Should one just ignore them and, keep going with your signing?Does one say..call your lender? Or,I am sorry but, I cannot help you with this?
What is a good way to handle this?

Reply by C. Rivera Chicago Notary Services on 1/29/12 1:10pm
Msg #410238

I'd point out their NORTC and let them know that you can't advise them on what to do, as you're a non-attorney nsa, and can't provide legal advise.

Reply by Ali/IL on 1/29/12 1:13pm
Msg #410240

And, that is what I did with this one.

Cari, I told my mother about you so that she may go talk to you when she needs legal advice ok?

Reply by Ali/IL on 1/29/12 1:13pm
Msg #410241

Note: I know that Cari is not an attorney but, she may be able to help her with steps to take on some things.

Reply by C. Rivera Chicago Notary Services on 1/29/12 1:17pm
Msg #410243

okay thanks for that disclosure! whew.. ;) n/m

Reply by C. Rivera Chicago Notary Services on 1/29/12 1:16pm
Msg #410242

Nope, not a lawyer sweety.... n/m

Reply by Julie/MI on 1/29/12 5:53pm
Msg #410253

I just tell them I've been in the title end of the business for over 20 years and I have no idea how rates are determined and to give LO a call AFTER the closing

Reply by jba/fl on 1/29/12 8:01pm
Msg #410256

I would ask them how long they have been in the pipeline for this loan....most answer 4-8 months. Then I ask if they are willing to wait another 4-8 mos.....and we always just start signing after that.

The process is always pretty much the same - enticing ads, long waits, real terms, more waiting....another enticing ad, repeat process....next is the phone calls telling the BO that we can lower that interest rate for you....vicious cycle, no?

Reply by Sha/CA on 1/30/12 10:10am
Msg #410268

Perfect answer, Julianne. n/m

Reply by CJ on 1/30/12 11:30am
Msg #410271

It's a ridiculous question on their part.

What if you went into a restaurant and told the waitress that the restaurant down the street has a lower price on food? It's not the waitress's call. If you eat here, you pay these prices, if you don't like the prices, then fine, go eat somewhere else. The waitress can't change the prices.

The loan we bring is the loan that was negotiated. We are just the messenger. Bottom line: they can sign or not sign.

If they sign, (and they are refinancing the property they live in), they have 3 days to cancel.
If they don't sign, they might lose their rate lock.

If they want a different loan, you certainly can't cross out the numbers on this one and write in other numbers: they have to be redrawn.

So many factors go into each borrower's rate: credit score, loan amount, if they bought down the rate, etc. We have NO WAY to know WHY they have that rate, and we are forbidden to offer any opinon on it. We are also forbidden to suggest whether or not they should sign.

I tell them it's their call: they can sign or not sign, and I get paid either way ("not my problem"). I sit there patiently while they make up their mind. If they do sign - great! If not - I get to leave early.

Reply by GOLDGIRL/CA on 1/30/12 11:40am
Msg #410273

Great answer, CJ

Been there, done that. In fact, with loans taking at least 3 months (when borrowers think things should be ready to go in 3 days!), I've been getting alot of that at the signing table. Moaning about how they could have got or still could get a lower interest rate, looking at me like I can wave my magic wand and change things.

Reply by CopperheadVA on 1/30/12 1:22pm
Msg #410277

I had this happen once on one of those no-calls-to-borrower-allowed closings. I arrived and the guy sat down with me at the table and pulled out a FedEx disclosure package from another company. I called the hiring party and they had the lender call the borrower. The guy wanted his payments to begin one month later, like the other company promised. Basically, he was still shopping his loan. He got his way - docs were redrawn and he signed again a few days later. Funny thing, he thought we would just be able to cross out and change the start date on the original docs!

Reply by CJ on 1/30/12 2:04pm
Msg #410281

Often I say, " . . . and if you don't sign, I go home early, and then when I come back, I get paid twice, so I'm good either way". They usually sign.

Reply by CapCityAgent on 1/30/12 4:10pm
Msg #410294

CJ, you are a comedian. However, I like your responses. LOL That's just too funny.

Reply by LKT/CA on 1/30/12 10:42pm
Msg #410321

<<<What if you went into a restaurant and told the waitress that the restaurant down the street has a lower price on food? It's not the waitress's call. If you eat here, you pay these prices, if you don't like the prices, then fine, go eat somewhere else.>>>

Great comeback to lowballers who, after the NSA rejects their fee, say they can get umpteen notaries to do it for $xx.