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but other bank doesn't require that
Old 05-25-2019, 04:22 PM
bankworking bankworking is offline
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Join Date: Feb 2009
Posts: 689
Default but other bank doesn't require that

Currently at work, we are short-staffed, though thankfully we finally got a temp hired to help (though now I have to train her ). I have been working 50+ hours a week for way too long, and feeling guilty every time one of the kids asks to do something with me because general exhaustion is basically restricting my family time to the weekends.

I have so little F's to give for customers who want to go elsewhere. You want to take a loan off my plate so I have one less to deal with? PLEASE do!

Enter SC.
SC wants his home equity NOW. Well, NOW ain't going to happen. Lucky for him, I get to waive an appraisal, but I still need to run a title search, and that takes a few days to process. PLUS, even without the title search, there is a minimum number of days (7 business days to be exact) after we provide initial disclosures before we can have the closing appointment. There is also an additional 3 business day rescission (right to cancel) after you sigh home equity paperwork before the funds become available for your use.

Even though I wasn't able to get to this application for processing right away, a basic title search should be completed well in time for me to close on the 1st day legally possible for me to close.

The title search also costs $80. With other non-appraisal services, this makes the final closing costs of the home equity $132.

Que SC whining that Other Bank doesn't require a title search when he just bought the house a couple of years ago. There was no title issue then, so there can't be now. A title search is just a waste of time and money.

This whining is done via email. In ALL CAPS. With underline and bold liberally interspersed within the complaint. Now normally, I love email communication. It gives me a paper trail, and I don't get bogged down with listening to life stories like can happen over the phone. Still, this sort of email is not inclined to make me care.

If you like Other Bank, why is your application with me? Could it be because Other Bank also has a rate half a percent higher, plus an annual fee?

But whatever. I'll answer like I actually care to keep your business. That is my job, after all. Plus, it is common for customers to think a title search is only useful for when you buy a house. The problem is, even if you assume the original title search missed nothing (not always a safe bet) there are a TON of things that can come up between your purchase and this new home equity. Mechanics liens, judgements, a prior mortgage not being released properly, your first mortgage actually being a 1st mortgage and second mortgage combined because of a down payment assistance grant, a loan that you didn't realize being against your house having a UCC filing on the property for the windows/pool/whatever was done with the loan. An income tax lien (especially those from my state, which will place a lien against your house if you even dream about being late with your payment). There is even the occasional defective deed, though that is rarely missed if the deed is the one from purchase and there is a 1st mortgage. Title issues come up way too often, and many times are problems that were missed by some Other Bank in the past. Which stinks for the customer because many issues become harder to resolve the older they get.

Suffice to say, we don't waive title searches. Ever. I can't even use a title search I already did if it is more than 60 days old.

I explain this to SC. Also via email since he does not have easy phone access. This is good since I can make certain my words are perfectly polite and professional.

I receive another all caps rant. Unfortunately, at the end of it is a line telling me to go ahead and proceed since I would love to drop this pain and move on to other customers.

So I get the title search, and there are no problems. This is, of course, the preferred result.

Not for SC however. For SC, this just proves that he didn't need one to begin with. Que yet another rant filled with caps, bold print and underlines.

Frankly, I just do not care. 1) You get the loan, which is now ready to close on the earliest date possible, which will involve paying that $132, or 2) you cancel the application, and you will be out of pocket nothing. Pick an option.

I'm pretty good at wording these options so that the pickiest manager in the word wouldn't complain. Customer decides to proceed again.

But he wants to close ONLY with Loan Officer who is on Vacation.

I let him know she is on vacation until X date so if he wants to close with her specifically, we cannot close on earlier date. Other Loan Officer, however, is fully available on the earlier closing date.

SC doesn't believe me.

He doesn't believe me? Why the hell would I lie about someone being on vacation?

Fortunately, SC tries to contact Loan Officer on Vacation himself, and she has all of her vacation messages properly set up that agree with exactly what I told him. So, reluctantly, he decides to close with Other Loan Officer.

As normal, I send an appointment confirmation email which includes a summary of the main loan details (this summary information is also provided in the initial approval letter... the required disclosures stink for providing useful information in an easy to read fashion). This email includes the exact date that the funds will become available...following the legal 3 business day right to cancel.

No, he did not throw a fit. He simply stated (in all caps) that he'd forgotten about the rescission period and thanked me for my professional details and thoroughness. I swear, if it hadn't been for the all caps, I would have wondered if someone else was replying on his behalf.

So, good ending, I suppose.
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Old 05-25-2019, 05:23 PM
RealUnimportant's Avatar
RealUnimportant RealUnimportant is offline
Ex-Puncher of Tickets
Join Date: Aug 2011
Location: 13A, Moonbase Beaver.
Posts: 2,117

Ah, someone with a total lack of netiquette... Always* a pleasure to deal with over email!

This was one of those times where my mouth says "have a nice day" but my brain says "go step on a Lego". - RegisterAce
I can't make something magically appear to fulfill all your hopes and dreams. Believe me, if I could I'd be the first person I'd help. - Trixie
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Old 05-25-2019, 08:55 PM
Sparklyturtle's Avatar
Sparklyturtle Sparklyturtle is offline
Join Date: Mar 2016
Location: Portland, Oregon greater metropolitan area
Posts: 360

We had to get a title search when I sold my late aunt's house, and this was a house that had been in our family since the 1930s (sold in 2012) and owned free and clear for decades. Still, even I know that things can sneak through, although nothing had in this case, either.
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