Posted by Yoli/CA on 11/9/12 12:48pm
Msg #442776

Bank of Internet ...

Had a call from ServiceLink after 4 pm yesterday for a pkg from lender being Bank of Internet for a 7 pm signing. I'd never heard of this lender before.

SL didn't have docs yet and didn't know when they'd have them. In fact, she called BofI while I was on the line and still couldn't get an approximate ETA. Told her I could accept (the fee was already agreed). However, location is ~an hour's drive from me, I'd still need to print and review/prep docs. So, I'd need more flexibility. She suggested 8 pm for signing. Told her that's all well and good, I'd still need to have an ETA so I could give borrowers an idea. And, then if docs were not available on time, I'd have to cancel. She said she'd rather try to get another notary closer to signing rather than having me cancel as then the lender wouldn't want to use me again - even if it were their issue.

Two things:
1. I found that last statement interesting. Lender telling ServiceLink which notary not to use.
2. There's a lot of posts on NotRot about Chase and their late docs. Is Bank of Internet another lender we have to watch for, for late docs?

Reply by ToniK on 11/9/12 2:19pm
Msg #442792

I did on BofI loan cant remember who it was with BUT it was last minute. I just kept the BO in the know. They were pretty cool about it. I had even asked about the bank and they said its the oldest internet bank. It was created back when the internet first took off. Interesting.

But like I said I have only had one experience with that bank.

Reply by Yoli/CA on 11/9/12 5:49pm
Msg #442813

ToniK: I agree with keeping the BO advised on status. And, I would've readily accepted the signing to wait on docs if it were originally scheduled for earlier in the day. However, it was already after 4 when I got the call; signing scheduled for 7 but willing to move to 8; location was 1 hour from me; no estimated ETA for docs. Somehow, given all this, I couldn't justify (to myself) accepting and waiting. Just seemed it would go REALLY late.

My take on this: 2 out of 2 signings (at opposite coasts) and they were both last minute docs. Given the known record, I'd say the percentages are high for this being another lender to be cautious of for late docs. JMP&HO

Reply by MikeC/TX on 11/9/12 6:17pm
Msg #442819

After checking them out online, my take is that they are just another bank similar to Ally and ING - no brick and mortar presence, a bunch of people involved there who truly believe that the Internet is the answer to everything, and who also believe that everything can really happen at the speed of thought.

So the concept of actually getting docs to you in time for you to print them, review them, drive to your appointment, get them signed and then return the signed copies is probably foreign to them... THEIR job is done once the doc package is produced, no matter how late that might be, because in their minds everything happens immediately.

It may take a while to disabuse them of this notion... I would be very cautious of working with them until there's some evidence that they know how this business works.

Reply by dgd/CA on 11/9/12 6:38pm
Msg #442825

Not now, nor will I ever be "instagram!" ...... n/m

Reply by 101livescan on 11/10/12 8:30am
Msg #442884

Yoli, some opportunities like this are just no opportunity. Interesting some of the one liners you get in this business.

!) We'll pay you $XX, as we deal in volume (what volume and at such a paltry fee, no thx)
2) Borrower is only one mile from you, can you do $75 or less
3) We'll have docs to you in plenty of time to get to appointment (but docs never arrive, and it's after hours and no one is answering their phones)
4) You're driving to the site of signing, you get a call from escrow, we have an updated HUD you must print and take with you
5) You finally do get the package and some of the critical docs aren't there, again, no one to call

We could go on and on. I'm making a list and checking it twice for the companies who can't find their BUTTS in the dark, and if possible, I will avoid working for them. Sometimes you are blindsighted.

This business has definitely changed...in the old days of overnight packages, everything seemed to be more in order. I would occassionally receive docs for SB properrty, but the borrowers were in San Diego, or Texas, or some other location, so I'd have to send them back.

Before Smart Phones, texting, email on phones, we all worked with a lot less frenzy. It seems that the industry movers, shakers and doers are all moving so fast, there is more room for error. Once you hit that send button, does that mean the deal is done. Maybe, depends on how complete and accurate the processor/LO/Uwing and escrow/title have been in getting their documents in order.

Remember INSTAFI days, well, those clowns were so busy buying fast cars, big homes and all their recreational drugs, it's a wonder anything went out the door flawlessly...no one was watching the backend, because that was their big failure. At least the NMLS is screening the LOs better. I seem to remember that recently, processors also must soon also pass muster for licensing.

We'll see...we're going to have a couple more years of this, so dig in..