I have a 2 hr cutoff time for edocs in my agreement with the companies I will work for. If docs are late; I may work with them, charge them an extra fee, or I have in some cases even canceled on the signing company. If I have to cancel an apt because docs are not ready on time, I do charge them at least 50% of my fee. This is because I had blocked off the time for them and lost the opportunity to schedule a loan closing with another company (any) that knew how to do business.
When I first started, I used to allow companies to send me late docs and just accept it. However, when waiting on docs began to make me late to 1) that apt and 2) another apt that did have docs on time I had to stop allowing title/signing companies to send the docs late. By making me late to the original apt, it reflected badly on me and my business to people in my area, not the signing companies. It is not fair to the 2nd company that did have their act together for me to be late for their borrower.
One lender I had to stop closing for was Countrywide Loans (CW). In a 6 month period, they were 96% of the time (yes, I ran the numbers on previous jobs) either late with docs, missing docs and in one case even had 2 loan docs from 2 different borrowers (one in CA and one in TX) mixed into the same edoc closing package. Neither of the 1/2 packages made up a complete loan package. The first half was for my apt the second who knows. I refused to close ANY loan for them regardless of what signing company would call me for it. Now that Bank of America has bought CW I am beginning to have trouble with some of their closings. The edocs are on time, but missing paperwork. I close with what they send. If I have to go back out, I will but I charge them for it.
Late docs will happen, however, if a company knows they can run late with you then you become #1 on the list of people to put off until they have to. |
