Posted by Beverly Kinlaw on 11/9/12 8:18pm
Msg #442842

Chase

Just got docs for a signing tomorrow am. Being that it is a Chase loan I called the borrower to reconfirm appt and find out if LO had gone over HUD. Of course the bo said no.
My drive would be 55 miles 1 way. I told her to please call her LO and when she talks to LO to let me know that it is my policy to not print docs or get in my car to come until she has spoken to LO and that she is satisfied with HUD.

What is it going to take to get Chase to go over HUd with borrowers? I thought it was law that the HUD statement had to be given to borrower within 24 hours of closing???
Yes no????

Reply by desktopfull on 11/9/12 8:25pm
Msg #442843

I've never had that problem here with the Chase closings that I've done and the LO is always at the closing to answer any questions the borrower has.

Reply by CopperheadVA on 11/9/12 8:33pm
Msg #442844

I think that the borrower can request to see the HUD 24 hours prior to closing - not sure it's a law that it is given to them without them asking.

If I drive that far one way, it would only be for an established and trusted client.

Reply by MW/VA on 11/9/12 8:36pm
Msg #442845

Your policy is your policy, but I rarely see borrowers get

the HUD in advance. Yes, that 24-hour thing is good, but I think it mainly applies to purchases. I know from experience they often get final approval from the lender just in time to make the signing. Since they now have to tie those final nos. into the GFE on page 3, I haven't seen issues with the HUD in a long time. Also, adjustments can be made during the 3 day RTC, as long as loan amt., etc. are correct.
I'm curious as to how many signings you actually do if you require the HUD to be reviewed in advance. I can also understand that a 55 mi. drive is a risk. I wouldn't drive 110 miles to do a signing in the first place, but I'm spoiled by being in a heavily populated area.

Reply by Beverly Kinlaw on 11/9/12 8:46pm
Msg #442849

Re: Your policy is your policy, but I rarely see borrowers get

Only have policy with Chase loans. There are other notaries in our area that are having same problems with Chase lo telling bo no closing costs. I drive those distances several times a week and rarely do I leave without signing going through. It has only been with the Chase loans in last couple of months that this has been happening. So, my policy with Chase is that borrower has to be aware of Hud before closing.
I am in a rural area but average 40 to 50 signings a month.

Reply by MW/VA on 11/9/12 8:49pm
Msg #442851

Yes, I've read about a lot of problems with Chase loans here

on the forum. I haven't seen many in my area. I hate when the borrowers think it's no closing costs, instead of no out of pocket costs.
I don't know how many lenders are doing it these days. I'm seeing brokers who are underwriting loans with absolutely no costs except for prepaids.

Reply by MW/VA on 11/9/12 8:53pm
Msg #442853

I think I'd insist on a full fee, regardless of the outcome. n/m

Reply by HisHughness on 11/9/12 8:50pm
Msg #442852

Re: Your policy is your policy, but I rarely see borrowers get

***I wouldn't drive 110 miles to do a signing in the first place,***

I will drive, bike, motorcycle, fly, walk, swim, crawl, hop, skip, jump, tumble, glide, parachute, or rocket any distance to any locale for a closing -- PROVIDED I am appropriately compensated for the distance and the method of transportation. I see no difference in being paid $XXX for a closing 15 miles away and being paid $XXXX for a closing 250 miles away.

I may have exaggerated a bit when I said I would tumble to the destination. Stumble, maybe; tumble, probably not.

Reply by Beverly Kinlaw on 11/9/12 8:58pm
Msg #442854

Re: Your policy is your policy, but I rarely see borrowers get

Thanks Hugh Proper conpensation I do not mind traveling a distance. Get to go to some lovely beaches here in southeast NC but with these Chase loans I have learned to eliminate risk of not signing by settling the HUd issue first.

Reply by cal2az on 11/9/12 10:15pm
Msg #442858

Re: Your policy is your policy, but I rarely see borrowers get

You are still soooooo very funny.

I hadn't been to the NotRot site in some time, just came in to post about Pioneer Title in Boise, ID and had to look for some of your funny posts.

Heeheehoohoo..