I had never seen this special instruction. EVER. I’m deaf. Phone calls go through my hearing aids. I don’t use speaker phone because of that.
I think I’ll call from the car before I go in. Because the instructions list two other alternate contacts if the LO doesn’t answer. Really?
When did things decide to get weird.
Turns out the loan officer just wanted to know that I was going to make the appointment and knew that he was available. If anything came up with the table we communicated via text before I arrive and everything‘s fine. It’s actually good to know that loan officer will answer the phone if you need them to.
That’s great! I LOVE, LOVE LOVE when they provide a direct number to the loan officer in case the signers have questions at the signing table, especially if signing is being done after hours. Nothing more stressful than having borrowers with questions and no one is answering the phone when we call.
It’s not common practice. Here’s my take on why the LO (Loan Officer) wanted a call before things kicked off: They probably wanted to stay in the loop about the closing since their money’s on the line until the loan documents signed and funded. Also, they probably just wanted to make sure everything went smoothly. And, last but not least, in the past they’ve probably lost loans before because a signing agent didn’t show or got in the way of a loan closing, so they’re being cautious. As for me, I appreciate the availability of the LO. Hey, Loan Officers get paid “big bucks” for loan business, so I don’t blame them from wanting to know the progress of their business.
The LO was really nice and I actually was glad there was a contact answering the phone after hours.
But I didn’t much like the explanation as to why insurance and taxes weren’t escrowed. He said well we’re going to re-do paperwork after a rates reduction and this way all your insurance and taxes have been paid in full in advance instead of monthly it’s in your closing disclosure.
And I keep hearing signers refer to “rates reduction in six months” - which is to me a sketchy way to sell loans especially when they pay over twenty grand in fees for the transaction.
But I say not a word. But this is with a lot of VA loans.
That’s one reason why I try to avoid night signings. There is usually nobody you can call if there’s an issue that needs to be resolved.
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