Posted by PJM/MI on 10/23/12 8:53am
Msg #439859

Lamenting.

Dear Title Companies & lenders: When you send me the docs LATE, you make yourselves look bad. And I have to be the one to say, "I'm sorry".

Reply by 101livescan on 10/23/12 9:01am
Msg #439862

It's the lenders, title companies have to work up the HUD1 with lender at the very last minute, and that generally is the hitch in the get along...lenders are bulemic right now, can't get their arms around the volume of files they have on their plates. It is an arduous process these days to even get loans to the doc drawers!

Feel your pain, believe me. No fun!

Reply by jojo_MN on 10/23/12 9:05am
Msg #439867

Unfortunately, this was happening even two years ago when you were lucky to get two closings in a week.

Reply by NVLSlady/VA on 10/23/12 9:02am
Msg #439863

Maybe the TCs should set up "satellite" offices in key locations and explain to the borrower themselves that "Unfortunately, you will have to go to x office to sign your docs since they were unavailable for the notary."

Reply by jojo_MN on 10/23/12 9:04am
Msg #439865

Not only that, it pushes everyone else down the list. If it is a close signing (within 10 miles), you can try to move the next ones up. Sometimes it's not feasible to re-arrange them. The only alternative is to cancel the late closing, but there is a possibility that the borrower might lose and interest rate if last date to sign and they might not be able find another signing agent.

There really is no excuse not to have documents prepared days earlier on ANY of the parts. (meaning lender, t.c. etc) The loan is "supposed to be" scheduled at least one week in advance. In the days of overnight documents, there were a lot less of these last minute cancellations.

Reply by 101livescan on 10/23/12 9:12am
Msg #439871

LOs want their files to close before monthend so they can get paid sooner...often has to do with the rate lock expiring...docs don't go to doc drawing department soon enough.

The piles of files are overwhelming, then everyone starts panicking. Can't tell you how many borrowers say "why the hurry, we've been in the process for six months, now we have to sign before midnight?" WTH or

We're in Hawaii, can't this wait? oh, boy!

Reply by jojo_MN on 10/23/12 9:40am
Msg #439877

They still know a week in advance. If they are having problems, they need to find a new processor or just suck it up and get paid a month later. You do realize that we have to wait two to six weeks average for our payments. If we are REALLY lucky, we get paid the next week. Sorry. No compassion here. WE are the ones that are stressed out, panicking and working long hours into the night due to their lack of planning.

I was originating loans myself a couple years ago and never had problems getting docs on time because I planned in advance of not closing during the rush periods in the month. Shouldn't plan on the closing date with title company until all clear with underwriting. Get your HUD to Title company a couple days in advance so they aren't scrambling last minute and waiting for final HUD approval. The title companies would also be under much less strain if they had more advance notice also. I know...wishful thinking.

Reply by PJM/MI on 10/23/12 12:16pm
Msg #439900

Yes ,this has been going on for years & years.

Reply by ikando on 10/23/12 12:59pm
Msg #439908

I couldn't agree with you more, Jojo.