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  1 person liked this post.
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MoneyMan_TX
Texas
15 Posts |
 Posted - 05/14/2010 : 9:11:18 PM
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All the previous advice is good advise when confirming the appointment. It boils down to really poor LO's that just do not care about their clients or their own financial interest.
If I have closings after 5pm, I now require a good contact number for the LO. Depending upon the information I receive from the borrowers on the confirmation call, I will even contact the LO prior to me even driving out for the appointment.
Being a former LO, I have no issue with speaking to LO's and if I get the idea that they just do not care, I will either contact their mgr or flat out tell them what I think of the kind of job they are doing. I've got nothing to lose if they are not even going to be there for the clients. It is not my job to "save" their loan. I have only had to contact one mgr and afterward, the mgr spoke with the borrowers and all was good. At least for the borrowers and myself. I don't think the LO had a good day at work the next day.
JMO, but all of your cancellations can be traced back to the poor performance of the LO.
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crtowles
California
553 Posts |
Posted - 12/16/2009 : 8:20:36 PM
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Well personally I ask the borrowers if the the loan officer has gone over the details with them when I call to confirm the appointment, If they say yes we are good to go if they tell me no then I tell them to immediately get in touch with the loan officer before I get there. If I have the loan documents, I verify the names to make sure that they have the proper ID to avoid those type of problems. If they have tried to get in touch with the loan officer and haven't been able to do so then I ask them what the details were supposed to be to get an idea if the paperwork is accurate. This helps saves both myself and the borrowers allot of trouble.
Good Luck!
Carmen |
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avivaj14
Pennsylvania
27 Posts |
Posted - 10/28/2009 : 11:04:55 AM
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Thank you for all of your replies.
Yes, I was refering to what happens when the signer looks and the HUD and is not so pleasently suprised by what he sees. I do look at the HUD (if I have it when I talk to the borrower) and if there is an amount owed, I say "and you know that you need to have $XXX?" Most times, they say yes we know. but my issues turned up when we were at the table and the borrower had a chance to really look at what was on the HUD and there were numbers that they did not agree with. There is only so much we can do ahead of time.
Lately my docs have been getting to me so late, that I have bearly had time to print them out and get to the signing on time, so there really has not been much time to study docs before I leave. |
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Renee
Michigan
549 Posts |
Posted - 10/11/2009 : 04:56:12 AM
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A name variation on the Hud isn't an issue, assuming there's no reason to think it's someone else's Hud. The Hud isn't notarizied. As was explained, the final Hud is prepared by the T/C and may use a name varient different than the lender docs.
If the Hud has a varient of the name used on lender docs, odds are ALL the title docs will use that same varient, and typically there will be one/two that need to be notarized - so as long as the signer's ID can confirm both/all varients, there is still no issue or reason to cancel a signing.
But we digress - to avivaj14, who asked if we were seeing a higher rate of cancellations at-the-table, and how they might be avoided:
Whenever you encounter this pattern, take note of who the L.O. is (see the 1003). There was a time when it would be wide-spread with particular lenders/brokers but now what I see is that it is more specific, to particular L.O.'s. Knowing who is causing the problem helps you make a better decision about how to remedy it.
Edited to add: I also agree with Linda, I do not call borrowers and go over the Hud. There is a huge privacy issue in that we can't identify over the phone, and we do NOT have the protection an L.O. or T/C has for that. We do not have any customer/client relationship with borrowers, nor the signed authorizations.
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Edited by - Renee on 10/11/2009 05:18:33 AM |
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vince
Kansas
324 Posts |
Posted - 10/10/2009 : 3:00:52 PM
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quote:
Originally posted by LindaH
Vince - I believe this poster was talking about the figures on the HUD and do we call the borrower and go over it upon receipt. That's what I was addressing and my answer is "No" for several reasons. There's the privacy issue for one, there's the time factor for two AND, finally, it's not my job to review the HUD in advance with the borrowers - that's the LO's responsibility.
Also, IME, I've never had a name discrepancy on the HUD in all my almost 30 years of doing closings.
Now, if I'm wrong about my interpretation of this thread being related to going over the HUD figures, I apologize.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
Linda, it is very possible I read more into the statement she made: "I am not sure if anyone else has this problem: in the last month, I have had 3 borrowers cancel the signing while I am at the house. Most have been due to errors or other problems with the settlement statement and items on it that have come as a suprise." By other problems, I was assuming that the author was referring to items that included the charges, math, and other errors and or problems within the document.
It's great that you have not seen any name deviations on the HUD in the 30 years you've been doing closings. That's nearly ten times as many years as I have, but I've seen name deviations (something as simple as middle initial included or not) between the HUD and the mortgage about once per quarter since I've been doing this (I must be working with the wrong companies). Maybe I'm to busy picking nits. The first time it happened, the title agency indicated that the lender documents are prepared by a different entity than the title docs. Even though the HUD is approved by the lender, the name that I've seen as different on the mortgage than the HUD is consistent with the title docs.
My main point is, if we can save the entity that hires us from the trouble of a no sign and get it corrected (if need be) in a timely manner, regardless of what party made the error, it should save the company some face, possibly some cash and make for a happier borrower.
From reading this and other forums, notaries seem to disagree on how much time is spent by each in advance by reviewing any or all of the documents in advance of the closing. There does not seem to be any set rule, other than the consistent suggestion that they make sure the HUD is included before walking out the door. At the least, I like to scan for the anything unusual so that I'm well prepared.
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LindaH
Florida
1754 Posts |
Posted - 10/10/2009 : 10:34:33 AM
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Vince - I believe this poster was talking about the figures on the HUD and do we call the borrower and go over it upon receipt. That's what I was addressing and my answer is "No" for several reasons. There's the privacy issue for one, there's the time factor for two AND, finally, it's not my job to review the HUD in advance with the borrowers - that's the LO's responsibility.
Also, IME, I've never had a name discrepancy on the HUD in all my almost 30 years of doing closings.
Now, if I'm wrong about my interpretation of this thread being related to going over the HUD figures, I apologize.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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vince
Kansas
324 Posts |
Posted - 10/10/2009 : 10:05:43 AM
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quote:
Originally posted by LindaH
" Do any of you call your borrowers when you get the docs to let them know what is on the HUD?"
No...I call them to let them know docs are in and to set a definite time -the only time I give info over the phone is when funds are due at the table, then I let them know how much they need to bring and who to have the check made payable to (as it's usually a cashier's check) - beyond that, should they ask "why?" or "why so much?" I tell them "I can't review this over the phone - we'll review it when I get there" - if they want the breakdown beforehand, then I have them call their LO.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
Linda, as you know, the HUD does not contain just financial information. Sometimes it has a name that is different in some way than the deed or mortgage. If you felt it important because it is inconsistent with your work order, would you not ask the borrower about it? For instance, your work order has Joan Smith. The deed has Joan Smith and you may even have confirmed in advance that the drivers license has Joan Smith on it. But, the HUD (and typically, if so the title docs as well) says Joan May Smith. Would you ask before printing? Or ask before leaving? Or resolve it when you get there? |
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LindaH
Florida
1754 Posts |
Posted - 10/09/2009 : 7:53:56 PM
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" Do any of you call your borrowers when you get the docs to let them know what is on the HUD?"
No...I call them to let them know docs are in and to set a definite time -the only time I give info over the phone is when funds are due at the table, then I let them know how much they need to bring and who to have the check made payable to (as it's usually a cashier's check) - beyond that, should they ask "why?" or "why so much?" I tell them "I can't review this over the phone - we'll review it when I get there" - if they want the breakdown beforehand, then I have them call their LO.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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vince
Kansas
324 Posts |
Posted - 10/09/2009 : 7:48:43 PM
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quote:
Originally posted by avivaj14
Most of the time when I confirm a signing, I don't have documents and I tell the people that I don't so I can't check anything for them. Do any of you call your borrowers when you get the docs to let them know what is on the HUD?
If the documents arrive late, as they frequently do, if something that looks out of the ordinary (or even if a check is needed), I'll typically check with the borrower before printing. For instance, it is a 7:00 signing and borrower is twenty minutes away, docs arrive at 6:50. No LO to call and TC people now gone for the day. So, the borrower needs to be asked if they can still meet at a later time, and do they know ______ (the door is now open to discuss anything needed or that appears different than "normal" before printing documents as you re-confirm appointment and mutually satisfactory time - time may need to be shifted due to other closings and late arrival).
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avivaj14
Pennsylvania
27 Posts |
Posted - 10/09/2009 : 6:50:24 PM
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Thank you for all of your comments, I really appreciate the wisdom is this forum.
My one canceled signing, the borrowers had asked the LO to send them the HUD 24 hours before, and that was not done for them. So when I told them (that time) how much was due, they were totally shocked. When the signing was rescheduled and given "back" to me, I called to confirm and the borrower's spouse was very suprised to hear that, as her husband was out of town at the scheduled time and again the HUD had not been sent to them early. for this one, I think this is not something I can control.
Most of the time when I confirm a signing, I don't have documents and I tell the people that I don't so I can't check anything for them. Do any of you call your borrowers when you get the docs to let them know what is on the HUD? |
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vince
Kansas
324 Posts |
Posted - 10/09/2009 : 5:14:45 PM
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| One of the things to ask the borrower when confirming the appointment, is if they have plans of talking with the loan officer about the settlement statement before the closing time. This is especially true for late evening or long distance appointments. If money is due at losing, I normally verify that the borrower has been advised for the need of a check and whether it needs to be certified funds (as many companies have different personal check amounts that they accept). The first paper in my package is the HUD. Frequently, the borrower may compare the differences with the estimated amount concerning the expenses of the loan and any differences can usually be sorted out by the loan officer as to why such differences exist. |
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pbs_notary
Virginia
30 Posts |
Posted - 10/09/2009 : 4:48:22 PM
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I have only had one thus far and it because the LO did not explain all the figures and pretty much gave the borrower the run away. Fortunately I was still paid my full fee.
Gladys M. Hamlett |
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Lisa T.
California
391 Posts |
Posted - 10/09/2009 : 4:40:56 PM
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| When confirming the appointment, ask the borrower(s) "Have you spoken with your loan officer regarding your loan?" I also let people know that they can request a copy of the documents to review before the appointment, so that they can review the figures and make sure they approve of the numbers." Just give them the Title company's number and have them call the Title company to request a set for review. Also, if borrower's do not have the funds due ready, they can get wiring instructions from the Title company. |
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avivaj14
Pennsylvania
27 Posts |
Posted - 10/09/2009 : 4:33:37 PM
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| Most have had to do with issues of items within the Settlement Statement. One of my borrowers was expecting more money back, one didn't know until I told them how much they needed to bring to the table and had also wanted to see the settlement statement before I got there, and the other just didn't like some of the figures that were in the statement and on some of the other pages. |
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johncown
Connecticut
7 Posts |
Posted - 10/09/2009 : 3:56:31 PM
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What were the reasons for cancellations at the table? Therein lies the lies the answer to your question: How to avoid them in the future, which could be done by confirming those details with the borrower before even leaving the house.
jc |
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avivaj14
Pennsylvania
27 Posts |
Posted - 10/07/2009 : 7:00:46 PM
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I am not sure if anyone else has this problem: in the last month, I have had 3 borrowers cancel the signing while I am at the house. Most have been due to errors or other problems with the settlement statement and items on it that have come as a suprise. In the over 2 years that I have been doing this (a drop in time compared to some of you on this forum, I know) I have not had cancelations until now. Is there a reason for this? Are others noticeing that they are haveing more cancels than usuall. Is there anything that I, as the signing agent can do to prevent this?
I am just curious, because my one for tonight, I traveled an hour each way only to have the borrower cancel. When this happens, I feel like I have just wasted my time and the borrower's and I feel like I could have done something more to prevent it.
Thanks for any comments.
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Borrowers canceling the signing.
