Posted by CopperheadVA on 3/17/12 8:09am
Msg #415228
Why last minute closings are a PITA
I have posted before that I only accept last minute closings from my regular clients. I received a call last night from a regular client - a large national TC that many of us work for daily. They called at 6:49 PM asking if I could do an 8 PM appointment. I had just gotten home from my last closing for the day - I didn't really want to go out again, but this closing was only 4 miles away and I was assured that docs were ready to send me. OK so docs arrive about 20 minutes later with 7 attachments. Meanwhile, I call borrower and leave message at the number on the confirmation.
So I have everything printed and am ready to leave but still haven't heard from the borrower. Since this is one of my regulars, I know that I will get a decent trip and print fee if borrower is not home. So I go and arrive right at 8 PM. Family member answers door, calls borrower down, and she is not expecting me! She says, "You were supposed to call me!" I said I did call, I left a message at number XXX. She says that's my work number! I called you from my cell phone and you were supposed to call me back before coming over. OK, now the wheels are starting to click in my brain by this point. Turns out she was expecting a different notary at 6 PM. Docs did not arrive and the notary had another appointment. At some point the closing got turned back to TC, who then called me for an 8 PM appointment that they set without speaking with the borrower.
So we sit down with her VA streamline refinance docs and go over the HUD. She owes over $800 in the transaction, which she is not expecting, and she is pretty upset. I call the emergency after hours number for TC and they say that if she does not want to bring the funds to the table then the loan amount will have to get reworked to include that amount, which requires redraw and reschedule. Borrower decides not to sign docs.
It turned out OK *for me* because it was very close to home, I got to leave after 10 minutes, I will get a decent print and trip fee, and I ship docs back to TC for disposal. However, this is precisely why I decline last minute closings as a general rule. Just too chaotic and you very likely will get thrown into a situation about which you do not have all the particulars. I feel sorry for the borrowers in these situations.
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Reply by DaveCA/CA on 3/17/12 9:31am
Msg #415232
Copper, to me, the bigger issue is...
That you were their second or third choice. Unless, did they call you earlier to see if you could do 6pm but you couldn't? Sometimes, I think I have these super great relationships with my "regulars" only to find out that I wasn't as high up on their list as I previously thought. I only bring it up because like you, I don't necessarily like to accept last minutes because of what you stated.
Sorry things didn't go well but I'm so glad it was close to home and you didn't have to wait 45 minutes for someone to call you.
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Reply by CopperheadVA on 3/17/12 9:40am
Msg #415236
Yes, this TC had previously called me for the 6PM appt
but I was already booked with another one for the same TC at 6 PM. I didn't realize it was the same appointment until afterward, when I found out the original time it was supposed to go.
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