So I have been doing RON closing successfully without any problem using the same password for the same digital certificate from IdenTrust since June 2021.
All of a sudden this morning something dropped from the system and I couldn’t use that same password that I have been using with that same Digital Certificate! No !!! this happened in the middle of a ron closing! And I have 4 RON closings to do still. After talking to both Nexsys and IdenTrust for over an hour, we’ve decided to replace with a new DC just in time for my next RON closing. Phew… but it was very embarrassing that I was not able to complete the first one due to system errors not my fault and got the full fee.
Then another RON got canceled at the last minute! I mean a half hour before closing time today! What the heck!!! Customer told me the reason! Ask me why!!!
It’s the “how low can you go” game!
From what I gathered. Seems like this loan officer worked so hard to bring this loan to the finish line, probably took about 2-8 weeks. Then right before the closing the client asked to meet or beat the other loan officer’s offer! So now both loan officers from two different companies are trying to compete to win the loan, obviously who ever can offer the lowest interest-rate and the lowest closing costs, wins!!!
Wow, because business is so slow especially refis even the loan officers have to work even harder to generate and lock their deals!
There’s no loyalty in this business that’s for sure. Everyone wants the best deal! Only good part is whoever she’s going with she said she will have them use me as their preferred signing agent to close her loan.
So notaries, losing closings due to cancellations or anything else is nothing compare to loan officers losing deals because they work hard to get those loans in! Average time to get the loan done from start to finish is about 2 months. Can take as quick as two weeks and as long as eight months!
This brought back really horrible memories when I was a loan officer at the bank! I lost a few loans after I spent like weeks or months from start to finish and they canceled and went with other banks for a little lower interest rate. I remember, I used to cry:( Horrible, after spending weeks or months. No loyalty at all!
Yes, that is one job I could and choose not to do. I have pretty much touched most areas of Finance. With someone like me with ADD and OCD, I would lose my mind as a loan officer…
There is a notice of Intent to proceed that you can have your borrower’s sign… There is always something you can do to secure the road map. Ive seen these… But I am not sure of the legal enforceablity…
I had one cancel because signer couldn;t answer the KBA questions. Waiting for him to enter the signing room and get a cancel notice from Nexsys. No fix for this. He had to close with a local notary on paper and I lost my fee.
No, you need to call tomorrow to ask for a full fee. It’s not your fault. As long as you spent you time a couple minutes or more online you get a full fee but you have to ask for it.
I had a total of 4 RON closings that didn’t get closed successfully not my fault and got paid the full fee for all of them. As long as you are all checked in successfully and waited for the customer but couldn’t do on their end not your problem you still need to get paid for your full fee. I had one today that the customer couldn’t do it due to technical error on their end, and the lady tried to give me a trip fee! I was like I don’t think so, it’s a Ron closing, no trip was made and got my full fee. I checked in but customer couldn’t not my fault I want my full fee, end of story.
It’s another thing why I love RON. I get paid if it’s closed successfully or not. For the ones that couldn’t get to the finish line, if I am available to sign that same client on that same day I get another signing fee according to the type of signing traditional or hybrid fee. Basically you get paid twice for the same client. Don’t be afraid to ask because they can see on their end the problem.