Posted by Beverly Kinlaw on 11/10/12 9:15am
Msg #442892

another Chase loan cancelled

so the signing for this am will be rescheduled because once again the bo was told "no closing costs and they have a GFE showing loan amount, interest etc." They do not like ideal of their taxes being paid w/o talking to them first as part of the loan esp. when there was money in prior escrow account to pay them. Even though escrows would be credited to payoff amount point with them is noone asked them about it. ????
So next??

Reply by Linda_H/FL on 11/10/12 9:27am
Msg #442895

You know, is this stuff explained to borrowers?

There may not be costs on the loan, but they still have to pay their taxes, prepaid interest, insurance, etc etc...

If taxes are due for payment within a certain number of days of funding, lender requires the taxes be paid in full from proceeds. THESE ARE NOT COSTS

If escrow accounts are set up, they have to be padded at funding, and all escrow monies are not always credited to payoff. THESE ARE NOT COSTS.

COSTS are normal lender charged fees and possibly title charges. But some may require that borrowers pay for new title insurance and recording charges at funding.

I'm amazed how many uninformed borrowers are being reported here. "??"

Reply by Dennis_IN on 11/10/12 11:21am
Msg #442916

Re: You know, is this stuff explained to borrowers?

I had a chase loan yesterday where the BO's could not understand why their loan amount was $2000 more then the payoff. The LO was an a 'Conference call" and joined the closing at the very end. I offered to get the LO to explain why but after I reviewed the HUD with them they understood the need to re-establish their escrow acct, prepaid interest & Nov Property Taxes, they signed but were just not "happy campers". I was pleased that TC did get me the docs the day before (the way it should be) so it did not affect my other closings. They tell me Chase feels it is acceptable for they docs to be sent to the closer up to 2 hours before the closing. I tell them if they deliver the docs that late they risk the need to push the closing time back. However I like doing their closings, I just wish they had better customer service.

Reply by Barb25 on 11/10/12 11:36am
Msg #442918

Re: You know, is this stuff explained to borrowers?

No, Linda, I don't think this stuff is explained to borrowers. Because that would the the LOs job. And from what I have seen for everyone that does their job there are 3 that do not. And you don't want to get me started on that. It gets worse at a branch closing. Which fortunately do not happen for this notary because there are no branches where she is.

So Chase can do all the notary training they want but until their people get on board what is the point?

Reply by CopperheadVA on 11/10/12 11:44am
Msg #442920

Would be very helpful if they included a payoff statement

in the file. When you can show borrowers in black and white where their old escrows went and that's why the payoff is lower than the new loan, there would probably be fewer issues at the table.

Reply by Barb25 on 11/10/12 12:07pm
Msg #442923

Re: Would be very helpful if they included a payoff statement

Sometimes in the First American 7 pages of closing instructions that you have to remove the first 6 pages of. The seventh being conditional for closing I believe, it will outline all of this. But NOT always, for some reason. I found this there. But for FASS (only that I can speak) there is a form in the package that tells them that they have applied their escrow toward paydown of the loan being closed. That explains why loan closed is lower. That is also why there is the money to put into escrow from the new loan. Nowever, most borrowers don't even have their last statement around. And of course that is not even accurate because of interest not shown on that but it is still better than nothing. I only know this from a couple of years of fielding these and it is usually enough to get borrowers to either understand or to sign and get borrower to finish the conversation with the LO when they can find them. I also draw it out on paper. But we should not have to do that. It ain't right.

Reply by CopperheadVA on 11/10/12 12:33pm
Msg #442929

Re: Would be very helpful if they included a payoff statement

I don't work for FASS so I have never seen the doc you are speaking of - there is no payoff statement of any sort in the Chase packages I receive from LSI or other TC's. There is a document buried in the package that says that the old escrows will be applied to the loan balance, but a copy of the payoff statement would be so much better.

Reply by Barb25 on 11/10/12 12:54pm
Msg #442935

Re: Would be very helpful if they included a payoff statement

Absolute 100% correct. Not a doubt!

Also that page 7 explanation was so perfect. In Chase's own words, an easy to read explanation of every dime and every penny how they arrived at the figure of payoff. What a way to make the borrower feel secure and comfortable. And I am so serious about that. So why not do it all the time. I have no idea.

Reply by 101livescan on 11/10/12 9:29am
Msg #442896

Complete lack of attention to detail.

These banks are pipelines so full of files that no one is paying attention to the borrowers' needs, requests.

Lots of amateur LOs and processsors, IMHO. And too much to deal with....when the banks were healthy, and aren't they now? they had expert technicians, now they are hiring folks with no experience and trying to make them experts, OJT...nightmare.

Reply by ikando on 11/10/12 9:39am
Msg #442901

All you need to know about the hiring of inexperienced loan officers is to look at the want ads. The job descriptions tell it all.

Reply by bagger on 11/10/12 10:11am
Msg #442907

It is an entry level position. n/m

Reply by 101livescan on 11/10/12 10:23am
Msg #442910

Re: It is an entry level position.

Apparently.

Reply by MW/VA on 11/10/12 7:54pm
Msg #442978

How are they getting away with that. It's my understanding

that everyone now has to be licensed.

Reply by Barb25 on 11/10/12 11:47am
Msg #442921

Unfortunately I think you may be on to something. I was at a Chase branch closing which BTW I no longer accept. Branch closings, that is. Anyhow, the LO, a good one, told the Borrower in response to a question, that he is not paid on commission but salaried. (I believe that is how he said it). To the point, if this is so what is the incentive? I suppose bonus maybe. But the hunger of an independent sales / broker is missing, I would think. The corporate umbrella is providing a paycheck no matter what. I have been to signings where the LO says Hi, I have to leave now. Others they don't show up. And yet some where they do all the right things. Professional no doubt.. Few and far between.

So who is at fault. Not us, not TC, LOs? oh yes, Chase,, you betcha... Just my not so humble opinion.

Reply by Beverly Kinlaw on 11/10/12 12:25pm
Msg #442927

Seems like I remember a couple of years back that notaries were asked not to try to explain HUD because we may say something wrong and cost them the loan. ha
The problem with whole situation is that "we" who have to deal with borrower do not get paid for the time spent dealing with this.
So wonder what we could do as a group to motivate Chase to correct this??

Reply by Barb25 on 11/10/12 12:45pm
Msg #442932

To answer that would be like trying to answer: How do you stop notaries from taking lowball offers for signings. We could refuse to do them. But there will always be someone there. First Chase has to recognize the problem and accept where the problem lies. You raise a very good question. Could it be nobody cares. I don't know.

Here's a thought:

How many of us were around during the Countrywide days and came home and said after looking at the terms of the loan and the income of the borrowers and the amounts of the loans and so forths and just shook our heads and thought, this is a ticking bomb. Something is very wrong. Can it be we are the only smart ones on the planet. I don't think so. Who should we have told about that?

Reply by jnew on 11/10/12 4:24pm
Msg #442951

This may be slightly off point but I think that if the notary signing agent saves the loan by explaining the loan properly to the borrower, that notary signing agent should be paid a bonus by the loan officer for doing his or her job.

Reply by Barb25 on 11/10/12 4:29pm
Msg #442952

That would be lovely...

And you have my vote.

Unfortunately they would have to admit they hadn't done their job. So you see the problem.

Reply by John/CT on 11/11/12 10:20am
Msg #442999

Re: Your "Here's a thought:"

Ah, yes, I do remember those days well. Especially when I saw the same borrowers more than once during the course of a year, when they continued using their homes as an ATM, as interest rates kept dropping. And it wasn't just Countrywide ... although they topped the list.

Now, I'm seeing something of a reversal with H.A.R.P. refinances on higher-end cost homes, where borrowers are in the $125 K +++ income range, and their 1003's don't seem to show any particular hardship. You have to wonder, what comes next?!?!

Reply by Beverly Kinlaw on 11/11/12 2:55pm
Msg #443004

This is the reply back from Servicelink

So, I take it this loan did not close? These are no cost loans. The borrowers are not paying the closing fees. Which is why the lender credit is on page 1 of the HUD. If you are refusing to complete a closing unless the LO is going to go over the HUD with the borrower, then we will need to remove you from the Chase closings. We need notaries and/or attorneys that are going to make the trips no matter what, since they are being paid no matter what. I will advise vendor management to remove you from the Chase closings. Thanks so much.



Amber Kush
Chase Closings Team Lead

-----------------------------------------------------------------

Reply by Barb25 on 11/12/12 9:51am
Msg #443073

They are paying you your full fee whether or not the

borrower signs? Is that true? The full fee? I didn't realize that. Then why would you not go to the signing? Worst case you are out of there in a short time but get paid IF this is truly the case. "Borrower refuses to sign"

Reply by Linda_H/FL on 11/12/12 10:05am
Msg #443075

Re: another Chase loan cancelled...yeah, jeez

"We need notaries and/or attorneys that are going to make the trips no matter what, since they are being paid no matter what"

I'll do these all day if this is true. wow...sign me up!!