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Renee
Michigan
549 Posts |
 Posted - 10/31/2010 : 04:23:07 AM
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"Why when I start writing on here does it always end up a novel?" Because it's fun to talk shop?
Michael, I do think that those who really understand the horrendously stressful environment that surrounds employees on the Inside have an Ace card as an NSA. If you really understand, it completely changes your perspective; it enables you to feel empathetic (AND sympathetic), and you engage with your clients more as a team member - we're all in this together. I know how much that empathy is appreciated.
When you're called by title at the 13th hour, you KNOW it feels far, far worse to be on their end of the phone than your own. NOBODY who works inside LIKES the way things go - everyone would love to change things, all are equally powerless to do so. As far as dealing with late docs on this end - communication is everything. No matter what your policy or ability, if people have the right expectation they can deal with it a lot easier & without animosity.
On my side, I fully expect not all pkgs will come in time & not all appts will come to fruition. I don't blame anyone, it is what it is. I stay in touch with my clients, usually by PHONE (because I know what their e-mail inbox looks like). I know it's not their fault, they know I feel their pain, and I'll do whatever I can possibly do to bend/twist. If I simply can't accommodate something that gets pushed out 3 hours or whatever - they've had PLENTY of word from me (setting their expectation), and they don't blame ME anymore than I blame them. Zero animosity.
I quit working inside because the stress took a toll on my health (not to mention my quality of life). I started doing contract closings in order to be stress free - and a last minute cancellation or late pkg is just what I expect, and definitely doesn't stress me at all. I find this job about as stressful as washing my car.
You might find this interesting, Michael - last employer I worked for, we had 35 inside employees in our branch, broken into depts of course. When I started, it was every dept against the others - tremendous animosity. Closing/funding was the 'brick wall' at the end of the process; U/W's used DTU and (get this) Closing was responsible for pre & post-close file audit for ALL E&O's. (i.e. Appraiser's license expired? Closing's fault.) Roughly 350 check-points to an audit, each closer did 8-10 files in (to close) AND 8-10 files out (post-close,to warehouse), each day. All employees got hefty monthly bonuses, based on the E&O rate - i.e. the money for all was the responsibility of the Closing Dept. I managed Closing/Funding ...ultimately, it was all on me.
I facilitated a cross-training THERE, too (appropriately titled "Project Cross-Fire" lol! Each employee spent just one day, sitting with each of the other depts. Seeing what they did, how they did it, what THEIR stressers were - and most importantly, seeing how what THEY did had consequences to what the other depts had to do. Seeing how something they regularly ignored as 'insignificant' could RUIN someone else's entire day.
I wish I could buy the whole world a Coke - if we walked a mile, as the cliche' goes ... we would all live a far more pleasurable & less stressful life, we'd have greater & more empathetic perspectives towards every human being. The big question is: how come when I post, I so often end up in the deep end of the pond?
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mtomlinson
Kansas
23 Posts |
Posted - 10/30/2010 : 7:41:06 PM
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Renee, I started reading your post and of course I agreed. I got to the second paragraph and I was thinking, "You have to be kidding me." You are SO wrong. Then I read the third and I thought "Ok, now she remembers."
quote:
Well ...now that I've written that, I'm deciding to leave it and take it back. Having felt this way for SO long, it only now occurs to me that IF the L.O. pushes back his projected date ...the industry would most likely bump those loans aside to accommodate the ones closing sooner, and nothing would change.
It doesn't matter if it's the 3rd of the month or the 26th. IT WAS FRANTIC. Seventy hour work weeks? Yep. Those were weeks one and two. Weeks three and four were the 100 hour weeks. Out of the house at 0700 and home at 2300. Yes. We as the LO's set the date but it didn't matter if we set it out 10 days, 2 weeks or a month. Receiving the closing docs was usually last minute unless you decided to sweet talk the processor and underwriter and take them out to a lunch or two in order to get your files out first. Otherwise the loan is sitting in a stack to be processed according to the projected closing date, taking in mind the underwriters scheduled projection, days to clear conditions, if all conditions are received and met upon original submission. They might have the file for a week and never glance at it for a 2 week projected closing if they clear conditions in 3 days. Absolute MADHOUSE. Sure the TC's have their own thing going on and their own requirements and they are directly tied to the UW's and processors. They are generally waiting for the documentation and dealing with that old child support order or judgment and trying to figure out the applicants sometimes checkered past so they can issue the title insurance but they are restricted from moving forward also by HUD approval. Dealing with Fannie, Freddie, FHA or USDA. If the NSA's realized the activity involved on the day of closing for a particular loan they might understand they may be the "visual and physical" closer but other than that we are a very small cog in a very big wheel.
Signings have to be canceled at the last minute and I admit, it is frustrating to us as the NSA and we are only making somewhere between 100-200 per signing. If you take your self out of your shoes for a minute and think about how frustrating it is to the LO who stands to make 500-5000+ on the closing or the lender who has put dozens of man hours into getting the deal closed and spent actual dollars or the TC who has also shelled out cash to get the deal closed. Sometimes lenders have to start over because locks have expired, TC's have title insurance ready and dated, homeowner's insurance agents have to pull up new dec pages repeatedly with new change of mortgagee clauses dated on new dates. It is the way the business is. Always has been and more than likely always will be. As I said, we are a small cog in a large wheel. This is a fast paced, inconsiderate and uncaring industry and the ability to be flexible is basically a requirement.
Renee, you had an excellent suggestion. If the NSA could actually get inside of the lenders, wholesale or retail or the TC's. I know we are all notaries and that many people became notaries because they could make some "good money" closing mortgages. So they study up on the notary rules, become commisioned and want people to start giving them loan docs and they bring in their preconceived notions of how things should work and when things should happen. ie: scheduled closing...paperwork should be there. A good understanding of the industry as a whole would provide invaluable experience, understanding and more than likely a handful of new clients for their NSA business. If any NSA's have extra time and want to make some extra cash (instead of prospecting and making even more cash) go to the TC's and lenders in your area and ask to do some filing for them. Eventually one of them will say yes. You would learn more about the mortgage business in a month than you would 5 years as a signing agent. If you want a good "in" with the TC's go in and offer to operate as a courier service for them. Picking up and delivering loan docs, recording deeds at the courthouse, delivering escrow checks to the lenders. Believe me. They will call you.
As to the comment from Dianna that are we turnig ourselves into working machnes ourselves... I say yes. Remember the small cog in a big wheel analogy. BUT in a well oiled machine the parts all run smoothly. We all know this business is not going to always operate like clockwork but anything we, as the NSA individually, and not as a whole can do to make our services more attractive to the lenders and TC's the more business you will get.
I make the point "individually" because I am in competion with every outside NSA out there in this market. I am a capitalist. Sorry to bring politics or societial beliefs into it but my goal is to be the ONLY mobile notary company available in the Kansas City market. Will it happen? Probably not. But I want to be the best prepared NSA who is professional in appearance, is the most knowledgable, extremely flexible and willing to accepting every reasonable assignment Notary Signing Agent in my market. All of the notaries who now work for me feel the same way. The more business we get in my market is more income for me and my notaries. The greater market share I hold means there is less competition out there. Anything I can do to get the business ethically I will do. And once again, believe me. There is someone in your neck of the woods (wherever you are)who has the same motivation as I.
Now here is the real question. Why when I start writing on here does it always end up a novel?
Michael D. Tomlinson |
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Renee
Michigan
549 Posts |
Posted - 10/29/2010 : 04:22:20 AM
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Agree with MOST of what you say, Michael - and glad you gave this illustration because this notion of people 'taking their time, waiting until the last minute...' drives me nuts. The reason I QUIT working inside was because I could not take the life-sapping stress anymore, working 70 hrs a week, averaging 90 phone calls in/out every day, always under-staffed, co-workers crying TEARS all the time, whew. NSA's should go spend a day inside every part of a loan's processing (wholesale, retail & title) and get a better idea of what is REALLY happening.
I disagree with you on ONE point - IMO, the primary cause of last minute-itis in this industry is the L.O. The reason I have that opinion is because IME, the date of close was provided by the L.O. upon the loan's submission (ahead of ALL processing), and that date was of course a projection, BUT the L.O. doesn't 'project' it as a projection - they project it as a given. Grant you, that projection is chosen because the broker's pay the L.O. commissions monthly - however, the L.O. IS FREE to accept any particular loan paying out in the NEXT month. If the L.O. would push out their closing dates FARTHER than they normally do, and if they did that right from the onset ...they'd effectively realize little effect on monthly numbers.
Well ...now that I've written that, I'm deciding to leave it and take it back. Having felt this way for SO long, it only now occurs to me that IF the L.O. pushes back his projected date ...the industry would most likely bump those loans aside to accomodate the ones closing sooner, and nothing would change.
So ...there's nothing that will change this other than some major, MAJOR (i.e. something that costs lenders huge boatloads of money) issue; then perhaps a 24 or 48 hr advance disclosure of the ENTIRE pkg might evolve. Maybe. Doubt it, but it's a nice thought. |
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DianaNotary
California
171 Posts |
Posted - 10/28/2010 : 1:06:15 PM
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I totally agree with you, Michael, it makes sense investing in a mobile printer, laptop and some type of internet connection. My problem here is – where do you draw the line? Aren’t we this way satisfying enough all the signing companies’ ambitions? What if you can’t always be so prompt and quick (even with all the mobile equipment in the car)? Bottom line- with all of this technology and machinery aren’t we transforming into some kind of working machines ourselves?
I would say, just take it easy; yes, take advantage of all the technologies available out there, but please don’t spoil the hiring parties (they do take their time in preparing the documents, and have all the time in world to take lunches and take time off for themselves)
That’s just my point.
http://www.DianaNotary.com |
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HighDesertNotary
California
12 Posts |
Posted - 09/13/2010 : 12:15:34 AM
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"Just the way it is in the loan signing business."
I refuse to buy that. For the majority of loan document packages, there is no real reason for documents not to be ready well before they are needed. It is "that way" because Title and Escrow companies have become lazy and they know that there are notaries out there who will be desperate enough to take the work. I'm okay with that... but I won't do it myself.
I require 4 hours. I have various reasons for this, but I can tell you that the companies I work with fully respect that 4 hour time window, otherwise I charge a premium for short notice. I'm a professional, and I deserve to be treated as such. I'm not sitting around my house waiting for the phone to ring. I have obligations and other appointments that rank equal to anyone else.
That said, I do have a fully mobile office and can print documents on the road. But again... the kind of emergency service comes at a premium.
------
www.highdesertnotary.com
Serving Northern Los Angeles and Southeastern Kern Counties of California |
Edited by - HighDesertNotary on 09/13/2010 12:18:29 AM |
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mtomlinson
Kansas
23 Posts |
Posted - 09/03/2010 : 10:31:28 PM
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In today's technological envinronment, if you are a mobile notary, for an investment of $500-$600 you could truly be a MOBILE notary. You could go on Craigs list and find a cheap 2 tray printer like a used HP 2300 for 200 and get a laptop for 300 or 400. If you have a phone with internet access you can probably use that through a USB cord fop internet access, if not spring 40 or so a month for a wireless card and you are in business. Then when the TC's are running behing and the SS's are doing their usual, you are in the driveway printing the docs. If you set yourself up that way, you have much more flexibility and marketibility with your vendors. Much less frustation on your part, also.
By the way, I spent years as a LO and I attended all my closings and I don't want to tell you how many times I had to call my notarys and push back closings...It was not my fault or the title companies fault. The underwriters and the closing dep't of the lenders are the ones who set the schedule all of us follow. If the UW doesn't have approval the closers aren't even looking at the file. Until the closer clears it and it goes back to the processor the title company won't release docs. Once the title company releases docs the processor and LO look it over and give their OK and then and ONLY then does it go out. Once it goes out to the SS it is minutes and the notary has access. Don't think because you are working with a SS they are holding up the process. The loan approval process itself it very fast-paced and hectic and it's a surprise a loan actually gets closed whatsoever. We are all at the complete control and mercy of the UW and the closing depts and the SS want the loans closed on time and on schedule, just as we do. They may ask for a larger chunk of the pie than you want to accept but if you are accepting business form them, then you must be willing to accept their fees. If you don't like what they pay, go out and get the business directly from the TC's, brokers and bankers. You will find that docs are just as late and you will be just as hurried working directly with them. You will get paid better but then again, they also will expect a higher level of service.
Hmm.. Something to think about. It may be time to invest in a vehicle printer and laptop. Just saying...
Michael D. Tomlinson |
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macdeux
California
79 Posts |
Posted - 09/03/2010 : 08:49:06 AM
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And what do you do in the event that you have appointments immediately prior and cannot get back to your office to print in that 1-2 hour window?
quote:
Originally posted by joanbergst
Most edocs are sent 1-2 hours before signing and the 2 hour time frame is really great in our industry.
Just the way it is in the loan signing business.
An
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PWinFL
Florida
469 Posts |
Posted - 09/03/2010 : 05:09:02 AM
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quote:
Originally posted by joanbergst
Most edocs are sent 1-2 hours before signing and the 2 hour time frame is really great in our industry.
That may work for you where you travel time is limited. My time frame is at least 3 hours prior to the appointment. Average travel time is an hour. No way will I be rushed putting a package together for presentation to the signers. I much prefer to present a professional and efficient presentation.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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Shannon
California
360 Posts |
Posted - 09/02/2010 : 10:35:05 PM
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The examples here remind me of why I so dislike working with/for "signing services". They are merely a middle-man who syphon off too large a portion of the signing fee, slow down the process of getting docs and create way too many hoops for professional signing agents to jump through. Any SS that collects much more than $25-50 for merely making a phonecall or two and sending/forwarding docs from the lender/escrow office is asking for too much.
I operate as a signing service myself on out-of(my)area/out-of-state signings in order to assist the companies I regard as "my" clients. I hire only professionals. I pay them well and take little. I also pay them quickly [usually before I get paid myself]. In this way, I develop trust and create happy clients all at the same time.
"A Quick Note"
www.aquicknote.net
Follow me on Twitter:
https://twitter.com/aquicknote |
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joanbergst
California
360 Posts |
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macdeux
California
79 Posts |
Posted - 09/02/2010 : 8:40:02 PM
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Renee posted some very helpful information in the Getting Paids Archive regarding late docs. Thanks so much as I'm certainly going to take that approach on any future signings where I run into the "waiting game".
On a similar note, what window will you all wait for docs? I actually had a signing agency cancel a 10 AM appointment because I requested the docs be ready be available for download no later than 7 AM. ("Why do you need the docs three hours before the appointment?!) Many times I am available to wait around for docs, but this time I had two other appointments prior so couldn't put them on hold while I waited around for them. They were absolutely incredulous as to why I needed them early.
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What's your "window" for receipt of edocs?
