|Lee, I don't know why TCs will set up a loan as a RON! |
"Are you saying that the Title Co. sets it up with you as a RON, sends the docs for you to spend time 'tagging'....and then the Lender says "No way"?"
YES! That has happened once. And it has almost happened again and it has happened once to my biz partner in RON.
Why does it happen?
The signers feel they are too busy to go to the TC but the lender hasn't approved it.
Signers are out of town or plan to be out of town and pressure the title company to sign yesterday or while they are on vacay.
TC just needs to get it set up and move on to the next file but the lender has not approved it.
Maybe the local branch approves it but the underwriter doesn't. That is one excuse that I have been given.