Posted by pat/WA on 8/8/13 11:06am
Msg #479665

applications

anyone having problems with borrowers having all the documents ready to return with the application? Waited one hour while borrowers searched for a copy of their mortgage note. This was after I had called them and gone over the list of documents that I was required to pick up. This seems to happen all the time. I am considering not signing applications.

Reply by Lee/AR on 8/8/13 11:11am
Msg #479668

2 failures. 1. LO should have gone over this with them prior to your call--which (2) should only be a reminder that these crucial docs must be available at the signing or it'll hold up the whole process.
If still not available, I'd tell 'em to call their LO and find out how to get said docs to him. Let him sweat it. Actually, have never had to do the latter.

Reply by pat/WA on 8/8/13 11:23am
Msg #479672

LO called borrowers and gave them a list of documents to have available for the notary. I called them in advance and went over the list with them. They still were not ready.
Loan Officer was not available to call at night.
You are right loan applications are a PIA

Reply by ct on 8/8/13 11:27am
Msg #479673

usually a pain..I always go over the list with the borrowers before I go out..check to see if I.D. are expired, explain what the declaration page of CURRENT Homeowners policy is(not the bill)..still a pain when I get there..I have literally gone thru files and piles to help these older people out..I turn them down during busy times only because of the unknown time constraint...but when its slow..money is money..and an extra half hour wont kill me..

Reply by Linda_H/FL on 8/8/13 11:11am
Msg #479669

Well, new federal law aside - I've always found these

jobs are a PIA - too involved and don't pay well or timely. Borrowers rarely have everything ready for me and they are very time consuming.

But a copy of their mortgage note? I've never had to pick that up - copy of the latest statement or payment coupon, yes, but never the note. Most borrowers don't even have that.

Pat, you'd better research and see if you should even be doing these..

JMO

Reply by Linda Juenger on 8/8/13 3:16pm
Msg #479702

Linda, I haven't done an app for quite a while, but remember

very vividly that the Note was needed. I remember because the borrowers didn't know exactly what that was and handed me their last refi pkg and asked me to help them find it. They knew what the Mortgage was, but not the Note. Older borrowers know the term "note", but I find younger borrowers don't. My experience anyway.

I rarely do apps anymore. Not my favorite. Just depends on the company that calls me.

Reply by MW/VA on 8/8/13 4:02pm
Msg #479714

I get copies of what docs they have available. I wouldn't

use my time for them to go hunting for them. They can always fax them later.

Reply by LKT/CA on 8/8/13 4:33pm
Msg #479725

I agree MW/VA

Additionally, I let them know I have an another appt at X time and will be leaving their place at X time. The "next appt" could simply be to watch paint peel, or grass grow, or sit in the Starbucks parking lot counting blue cars, or go home & sort laundry. The BOs don't need to know the specifics - not their business. But I will ALWAYS have a "next appt" when handling loan signings or GNW.

Reply by Scriba/NM on 8/8/13 10:13pm
Msg #479753

This Is Nothing New

This has been going on for years - for some reason some companies think that they need a "notary" to go to a potential borrower's home and "take an application." This is idiotic and wastes
everyone's time - especially ours. The LO's (as previously stated) are worthless when it comes to
letting the BO know what he or she needs. I have to call and confirm and go over the list of needed documents again, and when I get there, these dummies haven't lifted a finger to gather even a copy of their ID, even though they were given a list two or three times.

My response nowadays is that "I don't do applications." The reasons are abundant (as previously expressed above) and I note from talking to other notaries that they're trying to chisel everyone down, even for these. These things can be more time consuming than the ones I have done for people who are (almost) blind (these are fun, where everything is slid under a camera that enlarges the documents to something huge and they peer at this TV screen while skidding the documents around under the camera.

Those of us who are pros, know that this is a complete waste of time.

Reply by Yoli/CA on 8/9/13 8:34am
Msg #479765

Re: This Is Nothing New

Scriba/NM is absolutely correct.

When I first started this business in '06, I did an app for $50 (believing the scheduler that it was just a matter of picking up some docs and getting a couple of signatures and nothing to notarize - he was right on one count) and it was as described above. Nothing ready. Wait for applicants to find needed docs. Took just as long as a regular refi. I thought it was just a fluke. So, I accepted the next one a few weeks later. Nope. Same thing.

Nowadays, if they want to pay the same fee I would charge for a refi at that location, no problem. Funny ... haven't had any takers!

Reply by jba/fl on 8/9/13 8:21am
Msg #479763

MW and LKT do as I do. this is not something they cannot gather and submit on their own. If they want the loan, they have to get off their duffs and do something - that is it in a nutshell.

I include a note and also email that something is missing and the BO's are going to send it in. I have books to read and paint drying - gotta go, but I know you can get this sent in. You LO is going to be of value to you - then I write in big bold letters what they need to do on their copy stack with the phone numbers and address.

It doesn't matter how many times I'm told to bring home a gallon of milk, I still sometimes have to go back out. Just move on - that's life.

Reply by Darlin_AL on 8/9/13 10:09am
Msg #479771

no longer do them-too much time/sad & stress situations- imo n/m