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esnotary
California
125 Posts |
 Posted - 01/18/2013 : 9:37:06 PM
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The Title Company is not allowed to release money until the deed records, and they don't record the deed until they have the money in hand. So it's almost impossible for them to get the money, record the deed and pay everyone on the same day, especially since the county only records deeds one time in the morning. What this means to you is, you'll have to pay interest on both your old loan and your new loan while the money is at the Title Company and they're getting the deed recorded. Usually that's one day, but if the money comes in on Friday, it can be all weekend and even three days if Monday is a holiday...
Now this form gives you an option to check this box and tell them not to fund the loan on a Friday... but I think that's bad luck. It's your right, but I figure any day the bank wants to fund is a good day. If they're ready to fund on Friday and you make they wait till Monday something could go screwey. Up to you."
That's pretty much what I tell all my clients. I know I'm not supposed to give advice, but I feel that this is just an explaination and I let them check the box! Hope this helps!
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HWardale
California
20 Posts |
Posted - 01/13/2013 : 11:30:03 AM
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Hi. I would appreciate some advice on how to deal with the California Per Diem Disclosure document. I'm just starting out as a NSA, and this particular document seems to cause universal confusion with the borrowers. Their Escrow reps don't advise them which option to select and I've found that in the case of Provident Loans, if you don't have the borrower select an option, they threaten to dock a portion of the signing fee. Trying to reach an escrow agent at the signing table is nearly impossible as most of my signings are after hours. Obviously, I can't advise them what to select, but I'm curious how the other CA signing agents deal with this issue. Thanks for your time.
HWardale |
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California Per Diem Disclosure Document
