Had a closing where borrower took an equity loan out of a property they purchased quite a while ago.
As soon as I sat down. Asked for their IDs and began passing documents around, both borrowers commented that this signing is a whole lot more organized than the last two they had on a couple refis a few years ago before interest rates increased.
They said that their notaries came back a few times for more signatures. One of the notaries spent too much time explaining the documents, and one notary was a half hour late.
Hubby and wife confessed they laid bets before I arrived on what would the notary be like today. The documents were 145 pages, and had extra riders, but not in a trust, no RTC, easy peasy. I was done in 40 minutes
Borrowers really don't enjoy that sometimes they have to spend time doing their signing with notaries who are not up to speed, or not as skilled as they should be.
These days, the folks who are pulling cash out of their portfolio properties have given a lot of thought, effort and time getting the request through underwriting. They should at lest br sent competent closing notaries. |
