I certainly can be done in those 3 pages, but I have a different approach. I go straight to that nice box on page 3 where the entire loan terms are all in one place.
"Mr & Mrs. Smith your loan amt. is $xxx for 20 years at 4.2% fixed rate. Your interest rate cannot rise, your loan balance cannot rise, there is no prepayment penalty, no balloon payment. Your total monthly payment beginning 1-1-2012 is $xxx and I see that it includes escrow payment for taxes & insurance in the amount of $yyy. Does this sound familiar to you?" If they are nodding yes, we continue. If not, we have to discover the source of discontent. If we can't on our own, then LO needs to be contacted.
We then do a fast review of the first page and end on the bottom line of page one and let them know that they either have to give me a check or that at the end of the recission period a check in the amount of $zzz will be sent to them.
By then, they are either nodding yes and ready to sign and usually quickly (their questions having been answered whether voiced or not) and we don't see surprises as we go through the docs.
The new HUD settlement statement really simplifies everything - I really am happy with that revision. Now if someone could just explain why that "statement of information" is included with these packages....shouldn't that have already been completed? Don't these companies realize that the longer people sit at that table with paperwork to fill out, the more aggravated they become? That they have already been subjected to several months of paperwork going back and forth and it is redundant information? Why is that form there anyway? (I guess you can see this is a huge pet peeve of mine.) |
