Posted by Taylor on 2/27/13 4:34pm
Msg #458250

DANG IT!

Well I was rushed into a signing last Friday. SS didn't have much to say other then for me to call and find a place to meet borrowers for a REFI. So I rushed home late from another signing for 130 page eDocs with no other information about this signing and rushed out the door. Met the borrowers at a local Starbucks and on the form it said to collect closing costs. I told the borrowers that I needed closing costs and they said none were owing. I figured if anyone knew they owed closing costs it would be the borrowers right?! Doesn't the loan company let them know when they were be closing that they will be owing them money??? Then the signing service doesn't tell me this and I get docs while these people are already on the road.

So today I get an email that the borrowers told their loan company that I told them that they didn't owe any money. Are you frikin' serious?!?! I MEAN REALLY??? That just ticks me off beyond belief. I hate that people lie to make themselves look good and throw us under the bus. Now watch the SS not pay me. This is just great.

Reply by dutchcloser on 2/27/13 4:53pm
Msg #458251

Unfortunately this is common for some lenders not disclosing funds due at the table but when that happens to me, I stop the closing and call the hiring party. If I'm not able to get them on the phone to confirm either way I have the borrower's call the LO. If that doesn't happen I send an email to the hiring party to the issue and let the borrower know about the RTC and if funds are due arrange with lender to wire or overnight the funds. This way no one can say the opposite after the fact.

Reply by FormerEO on 2/27/13 5:39pm
Msg #458264

I make it a habit of asking people if they have proper ID when I confirm the appointment.

Before I finish the confirmation phone call I ask them if they are aware that they need to come in with $X,XXX to close. This gives them plenty of time before I get there to talk with the LO so I do not have to sit there while they try to get answers from their lender.

Reply by Jack/AL on 2/27/13 5:45pm
Msg #458271

Line 303 of the HUD-1 (Settlement Statement) confirms.

If they owe for any costs at the signing, that's where it shows up, as does an amount coming to them, if any. I combine that info, with a call/calls, as indicated above, and do my best to make them aware of how to send to title before closing can complete. That keeps the monkey off my back.

Reply by KimTOR on 2/27/13 5:56pm
Msg #458281

Thanks guys. I didn't get a chance to see the documents before I left the house, it was a last minute signing, print and run sort of deal. I didn't even discuss with them closing costs because I wasn't aware they would have any. The last 3 that day didn't have any at all. In fact they specifically said NOT to accept closing costs at the table.

In retrospect, I should have stopped the closing and tried to contact someone. At 9pm you are sort of in robot land and just do what's in front of you. I'm still a bit flabbergasted that the loan company wouldn't fill in the borrower on this important step. I mean wouldn't you want to know you would be departing with some funds at the signing of your loan to some stranger you just met, and that you need to come up with a cashiers check or money order at some point in your day? Most of these people do these closings after work. When do they have time to obtain these funds if the lender doesn't bother to tell them ahead of time they need to get a hold of these before the signing?

Oh well, We live and learn and do it differently the next time. Cost the borrower money to overnight. That's what they get for lying to their loan company that I told them they didn't have closing costs. How rude.....

Reply by CJ on 2/27/13 8:13pm
Msg #458315

I run into this a lot: they are told there are no closing costs, but there are. I always go over hud with them anyway (since I'm there). I say, "Whether or not you are going to sign this, I just want you to understand it, at least so you can see where the problem is". They calm down and look at it. Lately, those property taxes have been surprising everyone.

If money is owed, and they are okay with the owing the money after all (now that they understand the hud), I say that in the morning, they can get a hold of title and find out where to wire the money. Then we sign.

If, after understanding the hud, they say, "We are still not signing because they said we didn't have to bring in any money" (and you can't get a hold of anyone): fine. Their call. Not your problem. Go home early.

Reply by Pam/NM on 2/28/13 10:12am
Msg #458410

I carry along a form with me that I got from PAW (still miss that man!) called Borrower Refusal to Sign. If I'm unable to reach anyone and borrower still refuses, I ask them to fill it out--IN THEIR OWN WORDS--as to why and I outline the steps we've tried to save the signing. Since it's their chance to vent, I've never had one refuse to fill out this form. Document everything and then it's up to lender and escrow to sort it out.