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edelske
New York
815 Posts |
 Posted - 11/05/2011 : 3:03:00 PM
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LO = Loan Officer, a term we all know. But let's turn back the clock about 7 to 10 years. That was when the STLO "Save The Loan Officer" existed. They are semi-extinct now. The STLO's number was provided and the really good ones had a PC or paper copy of the documents WITH them when the loan was scheduled to be signed.
Brace yourself for a shock.... They answered their own phone, and were "Ready, Willing & Able" to answer ANY borrower question. The really Great ones THANKED the notary for calling....
Forgive me for reminiscing about "yesteryear", for the genuine STLO seems to have vanished - with very rare exception.
Fondly I remember that special page in the edoc - listing the STLO's name and number and admonishing us to make contact if the borrower has ANY question a signing agent can not answer.
IMHO the methodology has changed. Now the LO "throws out" as many loans as possible; hoping that, with little support, some will "stick". It must be a working formula - true support takes time and preparation and dedication to the client. Perhaps the lower interest rates do not provide the profit margin for such hands on LO support.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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Randlyman
California
20 Posts |
Posted - 10/24/2011 : 6:34:58 PM
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I had a similar arrangement with a local title company and it had its good and bad points. As notaries the only input we have is whether to accept or decline a job and what we charge. (Hopefully you didn't get locked into a 'good-guy' rate!) The lenders hold all the cards. When they want something it's always last-minute and they need it yesterday. It's tough on the borrowers who just want the deal to go through. The vast majority of calls I get are for jobs within 36-48 hours; it's really part of the territory but it's a great opportunity to charge that "last-minute" rate. If you can't afford to walk away then you just accept that that's the way they work.
When it comes to L.O's & E.O.'s it's hit or miss. The same can be said for Notaries. When it all comes down we make or break ourselves. Our experience, integrity and professionalism are what we survive on, along with our wits! Sometimes you let those 'dim bulbs' make work for you. I've done more that a few re-draws because of incorrect/incomplete forms and misinformation provided by E.O.'s and L.O.'s but make sure your back is covered because everyone likes to blame the Notary. I say know your stuff and you'll do just fine. |
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Dannotary
California
265 Posts |
Posted - 10/20/2011 : 6:42:58 PM
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| Thank you and a high 5 to you Integrity notary! Yes they like to nit pic on the notary. As you know there are certain things we must do and things to make sure of in the signing in order to get paid. THis agent last night says "oh no you dont need to fill out 2 forms of ID", and " Ive never seen this Statement of Information before" and all angry at ME about his client having to fill it out. REALLY? every title company has it in their package, rare when they dont. "They dont have to sign like its printed",and he's making me out to be some kind of a grinch. I finally just told him , look, I am conducting this signing and will do so in the ways that I am instructed and in the way that insures that I get paid for doing it. I always write down whoever else attends the signing and who they are. If you ever have records subpoenoed or go to court as I have had to do once as part of someones case, this in invaluable in making you NOT look like a fool. THen he's complaining because I had them sign and fingerprint for each individual document in my journal, says he's never seen a notary do that. I hope he's joking or else there are a lot of bad ones out there. 29 yrs in the real est and notary business, I have found that very few have any regard for the notary & what this step means in the process. |
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IntegrityNotary
69 Posts |
Posted - 10/20/2011 : 11:38:14 AM
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Some loan officers are great, and are available to properly answer the borrowers questions.
However the majority of what I encounter are out of touch with their clients and more than once have given out misinformation. For instance, I was at a closing where the l.o. told the borrowers they had a three day recission period and I had to correct him because it was an investment property.
Others will try to belittle you and are major tattle talers if you are running behind for the appoinment-even if they know docs were late and it's a last minute request. Sigh!
I like the ones who answer the phone and really address borrower's concerns, are courteous to the notary, considerate of our time, and don't try to take control of everything.
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Dannotary
California
265 Posts |
Posted - 10/10/2011 : 8:50:29 PM
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I love last minute calls, being on call I regard it, in part, as the nature of what I do. You could look at it as a good opportunity to raise your fees possibly.
As for loan agents- dont get me started.
Had one agent at a signing who admittedly has been in loans for 29 yrs but could not explain APR or the TIL to the borrower.
Several 'experienced' bank branch managers and loan agents who could not explain it or anything else to answer the borrowers questions, or even tell them if they had to make another payment before the due date on the note. I had to show them on the HUD where the prorations were. They are obsessed about how professional the notary is though.
My most favorite thing is this: Rush docs come in , everyone wetting their pants to get it done. The appt time on my order is irrelevant because when I call to confirm the borrowers are irate because I am taking them by surprise , they know nothing about a pre arranged appt time, and especially irate when there are funds due to close that noone mentioned. Are they supposed to go nonchalantly over to the cookie jar for this? Esp when its 3-5K ? No time for cashiers checks and even if they will accept a personal check, shouldnt someone tell them in advance? I just tell them to speak to their agent or title about it in the am and get wiring instructions from them. Not my department and I tell them that I am sorry they are not getting the service that they deserve. We have to be careful not to appear to be giving them the bums rush like everyone else would have us to do. Really places us in an awkward, embarrassing and bad position to say the least. I dont believe its my duty to cover up for others who cant do their job. |
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esnotary
California
125 Posts |
Posted - 10/07/2011 : 4:47:41 PM
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I've worked fairly steadily for a local branch of a large national bank for the last few years. The loan officer there always calls me and wants me to do closings at 5pm or so at the branch, but with only an hour or two notice! I know I am on call, I've been doing loan signings for nearly 10 years, but the rate lock expirations on these loans aren't for weeks away and I'm wondering if I should say something to her about this constant short notice! She's not the brightest bulb in the garden, and is prone to getting upset easily, so I've kept my mouth shut for now. However, I do have a family and children (as she does) and I'm a bit leery of saying anything as I do 5-6 loans a month for her. Any ideas??
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