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Dannotary
California
265 Posts |
 Posted - 12/25/2011 : 9:45:01 PM
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| Being put in the position of being the monkey in the middle isnt fun. This is why we should charge more. We have to put our face before the public- no one else does, and go through the embarrassment of all this.If they dont want to sign I tell them to attach a note,(probably end up in trash because most people cant read cursive now). I do tell them that every page needs to be signed in the package or their loan may not close and if they have issues to take it up with their loan officer and they will have 3 days to cancel etc. Most people dont remember if or what they have receive as Rene said they probably never opened it anyway. LO's are supposed to send certain things right away and many times dont. Not my problem. I tell them the packages are standard and somethings may not apply but sign and return anyway to be sure their loan closes. That is part of my job. Talk to anyone else, not me. |
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Renee
Michigan
549 Posts |
Posted - 11/28/2011 : 03:42:15 AM
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That Appraisal Report Delivery Initial Disclosure contains a waiver, in the body of the document. Unfortunately, most borrowers IME have little/no recollection of any of the initial disclosures they receive on application - a lot of times they never even open the packet. If you're in their home, they can usually lay their hands on it though.
Of course, nobody should encourage a borrower to sign anything they don't want to sign, don't understand, or causes them to make a false statement. On the flip side, not being able to present the document with the facts, in a way that describes things fully, can bring the borrowers added grief & expense for no good reason. A drive-by appraisal w/out valuation on it - sounds like a streamline refi, which the L/O should've explained to the borrowers. He/she should also have KNOWN & been able to explain that they'd (most likely) received the 'Initial Disclosure' in their application pkt (mailed to them w/in 3 days of application).
It's also unfortunate that closing pkgs can be so standardized that they make no sense. Streamline loans don't always require appraisals, but the standard appraisal disclosures will still be in the pkg.
In a similar vein, there's a doc in FHA pkgs that lists several pre-disclosures (items sent after application, prior to close), & the borrower signs saying these were received. As the contract closer, I do sometimes have to poke their memories. "Did you receive a packet in the mail several days after you applied for this loan? These disclosures would've been a part of that packet."
It's a good thing there isn't a statement they have to sign saying "I not only received all this stuff, but I actually opened it and read it all."
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heathery
Texas
4 Posts |
Posted - 11/27/2011 : 9:47:28 PM
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The "Appraisal Acknowledgement" has 2 boxes. One box says that the borrower received a copy of their appraisal report 3 business days prior to loan closing. And the other box says that the borrower received a copy of the Appraisal Report Delivery Disclosure as part of the initial disclosure package. Even the LO did not know which box. He just made it clear that they sign it or the loan does not close.
As a signing agent/notary where do we draw the line? I do not want to put myself at risk or the borrower. In Texas, where I am at, the borrower signs a piece of paper that says "TEXAS MORTGAGE FRAUD NOTICE" Basically if you knowingley and intentionally make a materially false or misleading written statement to obtain property or credit, including a mortgage loan, you can go to jail. Well, if you signed a piece of paper that says you had received the appraisal and you didn't would that be considered fraud? Something to think about. Or am I reading to much into this? LOL LOL
Heather Cumer |
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Renee
Michigan
549 Posts |
Posted - 11/27/2011 : 1:54:09 PM
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Wasn't there two possible answers on the form for the borrower to choose from? Usually (IME) it gives two options - one, that they DID receive the appraisal, or two, that they did not but that they waive the right to receive it prior to closing while reserving the right to receive it afterward.
$165 for a drive-by doesn't sound out of line to me - a full appraisal would run $350-500, just fyi.
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Les_CO
Colorado
32 Posts |
Posted - 11/27/2011 : 08:14:27 AM
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I would suggest to the borrower that they add the word “not” to both documents initial the change, and sign the document(s). Or to sign, or not as they choose. If the LO doesn’t like it he can take it up with his client, or do his job correctly.
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heathery
Texas
4 Posts |
Posted - 11/27/2011 : 06:32:17 AM
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On Friday I had a closing and in the closing package, there is a form called "Appraisel Acknowledgement". When I asked the borrower if they had received the appraisel, they said no. They asked me who they needed to talk to and of course I told them their lender. Well I was stuck. Do they sign this piece of paper after they just signed one regarding mortgage fraud saying they did receive the appraisel? The borrower called the lender and told him that they did not get one. I could here the lender clearly and he said "oh I am sorry, you should have gotten one." Come to find out the lender had the appraiser do a drive by and charged the borrower 165.00 to do this. The borrower told the lender that they had just signed a paper regarding false info and fraud and they did not want to sign this piece of paper since they did not receive the appraisel. Do I blame them? NO!!.. The lender wanted to talk to me, so I listened to what he said and it did not make any sense. That is was an appraisel but there was no amount on the appraisel. He said all that the appraiser did was just take pictures. By the time he was thru with me, he said "they either sign the damn piece of paper or the loan does not close." How do you get a borrower to sign something they did not receive?
Heather Cumer |
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Appraisel Acknowledgments
