How to handle a situation where the borrower has no clue with the CD

I normally expect to spend one hour for a signing. However, a couple days ago I spent 2.5 hours at this signing. I have to go over line by line on the Closing Disclosure plus I have to explain how I come up with the figure when it was not matching the borrower calculation. I then have to wait patiently for her to read her Note and Deed of Trust page by page. What a frustration situation! How do you guys handle a situation like ? How do you ask for compensation?

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It is not your job to explain. I would call the Loan Officer or lender to have them speak with the borrower. If the signing takes an extra hour call the signing service and ask that your fee be increased as the borrower was unprepared - they didn’ t call their loan officer with questions ahead of time.

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The borrower claimed that no one explained and CD arrived the day of signing, no time to call yet.

Thanks for your respnse and advise.

Not only is it not your job to explain, it is illegal for you to try to attempt to explain the monetary calculations. You should have referred the borrower right away to the lender for an explanation. I think when you agree to accept a signing you never know if the borrower will just want to sign the doc’s or if they elect to read every one. It is their perogative to choose how they want to proceed with a signing. That is why I will not accept a signing for less than $100.00. Because you never really know how much time it will take.

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I did a closing once that ran 3 hours in all. I knew I was in trouble when the borrower pulled out a magnyifing glass. Four calls to the loan officer and one to title later, I got done. No I did not get any more for it

The borrower should have received the loan estimate 3 days in advance and the loan officer should have gone over the CD. I only go over the highlights and never explain any calculations. Have borrower call loan officer. Sometimes the signings run longer than expected for whatever reason (yesterday the husband for my signing was 30 minutes late). You should base your fee to cover the extreme cases like this but most of the signings for me anyway are 45 minutes or less.

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The borrower must receive the closing disclosure(CD) three business days before the signing. When you call to confirm the appointment, you can ask the borrowers if they have reviewed the CD and if they called their LO if they had questions.

If they did call, when you show them the CD all they have to do (if they want) is to compare and make sure the numbers are the same as the one they received 3 days before.

I only time I had a problem: The CD received was different from the one in the package. That was the end of the signing.

Sergio Musetti

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Going over the calculations on the CD should only be done by the Loan Officer, especially in the detail you mention. Showing them the numbers as documented and confirming it is the same as they have already seen is within our scope.

Unfortunately, bor not only one without a clue! But, I’m assuming you’re new :wink:, so I’ll gently say, “Adjust your MO immediately - for your sanity and theirs!” Stay in your “lane” as notary witness to documents being signed and be prepared to answer General questions related to the process; prepare brief descriptions of the docs; and most importantly, Utilize your Contacts! Don’t be shy about referring them to appropriate help. You want them to know that it’s your job to make sure documents are executed properly and returned timely.

Note: Although our job is not to rush signers, we do need to establish a measure of comfort and control at the signing. One way to do this is by being very familiar with type of documents to be encountered with each type of signing; that way you’ll know how to price accordingly based on time needed, level of involvement, no. of notarizations, etc.

p.s. DOT/Mtg consists of Covenants and Definitions, many of which are federally regulated. Limit your concern to vesting, and instill confidence in property owner by letting them know they’ve been adhering all along!

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Nothing replaces a detailed explanation as to your job and the reason you are there. This has saved time and it paves the way that if they have questions they have to go to their lender. I get a yes understanding before we begin. Get a frustration check because you are going to run into it now and then. I have asked for more money when I know the borrower has not received the docs at least three days in advance. Ask up front if they have them and did they check with their lender with any questions they had.

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I agree with apaloosa01. I usually give it an honest effort once, but it is not your job to explain-especially calculations. If possible I reach out to the loan officer or contact the signing service associated with the assignment while we are all at the table.

I had a signing once. I traveled 1 1/2 one way travel. It took me close to 3 hours because this lady had to read l line by line. about 1/2 ways she tells me could I come back the next and continue the signing?? Her reason was her cat was sick and she had to get home to attend to her cat. ( I met her close to her work) I told her that if she didnt continue with the signing it would have to be redrawn because docs were date sensitive. She continued. When I finished the signing I called the signing company (First Am.) explained what had happened. I asked to pay me double for the signing . I was lucky and they agreed to pay me. First Am is very good in paying they pay within 5-7 days after signing…

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I try to be clear that I can explain what each line item on the closing disclosure is but I can’t tell them how the number was calculated. Sometimes you have to repeat that, rephrased to be polite. The borrower is usually more understanding about calling the loan officer with detailed questions. Can’t tell you how many signings I’ve done where it’s the first they they’ve seen of the CD!

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This. Our job is to show where the information is, not to advise on why it is what it is.

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This is really a great topic of discussion!

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Agreed Susan.

I really do dred going to a closing and the BO were not given the final CD, so they have no clue what they’re going to receive or payout.

And there is no way I go over line by line on their CD, that’s the loan officer’s job. Whenever these are questioned by the borrower, I always say, we can get the loan officer on the phone who can provide a more adequate explanation than I.

That usually keeps the closing going.

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Most of my signers don’t even look at the CD, as they’ve already seen it prior to the signing appointment. By the time that I hand it to them, they just sign without question. On the rare occasion that one of them does question it, I will not even attempt to justify where the numbers are coming from. I will immediately tell them to speak to their loan officer if they have any questions about the calculations.

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I’m pretty sure we’ve all had our time with the signer who feels they want to read everything, and question you about “differences” in what they read and what they understood about the loan prior to signing. Often, “I just got the documents yesterday/this morning” means they just opened the email containing the document. I’ve had people bring their HELOC packets to the signing unopened!
I usually will make a call to title when there are questions. If I get vm, I will turn the page sideways and try to keep the signing going and respond “we will get back to the page(s) in question when/if we get a call back or at the end of the signing we’ll call again to ask questions”. If the signer balks about moving ahead with the signing, I remind them of their 3-day right to cancel. If they still don’t want to move ahead with the signing I ask them to make a call about continuing the signing at that point. I will continue to try to reach the lender or title for about 15 minutes, asking them to do the same with any names and contact info they have. I always turn the decision making back to them, and will not venture into trying to explain documents beyond my level of responsibility. When I have people who just want to read everything, I have already informed them at the top of the signing that “this signing should take about an hour or so, (in some instances when the packet is larger I say no more than 2 hours)” Depending on the point we are in the signing, I remind them that “if we are going to be longer getting through the packet than xx minutes, I suggest you may want to have additional conversation with title/the lender and perhaps schedule signing at a later date”. Too many questions during the signing that you are unwilling to answer already means you will get a mediocre survey rate at best. As long as you’ve been professional, courteous, engaging on an appropriate level, you’ve done your part in offering a personable signing experience. Some people you just can’t make happy.

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Often you can head it off at the pass. During your confirmation call to Bs, tell them you will have the paper package they are to sign, BUT in the meanwhile, they can review their Closing Disclosure and address concerns, if any, to their Loan Officer before I arrive.

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I always start a signing with the same statement: “I am a signing agent. My job here is to ensure that your documents are signed correctly, to notorize them as needed, and to provide secure transportation of the completed documents back to your lender. I have nothing to do with the specific information pertaining to your loan, and can neither counsel you nor negotiate with you. Please feel free to ask me any question you may have; if I cannot answer it, we will stop and call your loan officer. Your package includes a recission document that provides you with 3 more days to get answers or fix issues. If you are unable to do so by the end of your recission period, you may use the recission document to cancel.” Stating this clearly up front solves a lot of problems.

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