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Reading comprehension
  #1  
Old 09-14-2018, 12:03 AM
bankworking bankworking is offline
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Default Reading comprehension

Application gets to me for processing. $40,000 home equity loan. Paying off the existing home equity loan with us, with $15,000 cash out

Initial comments in the application from the loan officer include:
"borrower needs 10-15k for home repairs"

I prepare a loan estimate and send to the borrower, along with other initial disclosures, which includes a mention of $25k toward payoffs and $15k cash out.

We are insane slammed, so initial phone calls are being done by a temp. We have a script, which basically starts with "did you receive and review the initial disclosures?" IF borrower states yes ask "Do you intend to proceed?" According to the temp, customer agreed that the disclosures were reviewed and was good to proceed.

As an additional, the disclosure copies sent via a document signer programs were "signed" electronically.

I process the loan services, get everything ready for closing. Let the customer know I need to send a Closing Disclosure 3 business days ahead of the closing appointment (if emailed).

Closing disclosure details the payoffs, which is the current home equity . Also states, on the first page that there is $15k cash out going to the borrower.

Customer electronically signs that the closing disclosure was reviewed.

Borrowers actually do the closing appointment with a loan officer. Physical signatures. Can't say how well the loan officer went over the paperwork, but the closing disclosure is physically signed. Copy of all paperwork provided to the borrowers.

Three day right to cancel passes.

New home loan funds. $25k payoff off the old home loan. $15k deposits to the customer's account.

Less than an hour later, customer is at the branch screaming at a loan rep who was not part of any of this that they needed $40,000 cash out.


...
But it gets worse.
Because it goes to my manager.
And my manager is all "well you need to make sure they understand the old loan is being paid off"

really?
REALLY?
I have a three layer thick WRITTEN verification that the customer was disclosed this, plus the original loan officer's notes (who you didn't even wait to ask about it, they being off work today) and a closing loan officer who may or may not have spelled out that point again (also out of office today ) but because I cannot say that I personally explained this point verbally over the phone to the customers, this is my fault?

I need to make sure they understand...?

I am working 50 hours a week and do not have the time to make my own initial calls, which is why YOU hired a temp. When I set up a closing appointment, I go over closing date, what to bring to closing, right to cancel period, 1st payment date and the fact that I will be sending a closing disclosure that you need to review at least 3 days before closing so you can make certain everything is correct or if you have any questions before coming in to sign. Would you like me to READ the closing disclosure word for word to the customer?

But yeah. This is my fault.


And now I get to do a no-charge refinance for the customers for "customer service".



..guess maybe I'm a bit more upset at my manager than the customer. Why do we even have disclosures if you aren't going to read them?
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  #2  
Old 09-14-2018, 05:33 AM
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Racket_Man Racket_Man is offline
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When I got my mortgage 2 1/2 years ago I surprised my loan officer and closing agent by actually reading most of the documents they set in front of me. They told me most people just sign/initial whatever is put in front of them without a 2d thought. They could most likely insert some "joke" paperwork in there and no one would notice.

During the loan application process there was enough paper but mostly electronic stuff but I did get paper copies and handwritten stuff. Yes I read that and kept it.

Not that I remember much of said paperwork BUT being as some parts of my life I like to be detail orientated I wanted know (not necessarily completely understand) what I was signing and why it was there.

Not reading important documents and understanding said docs is just plain stupid and your manager is a dork.
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  #3  
Old 09-14-2018, 09:10 PM
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Sheldonrs Sheldonrs is offline
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At the escrow company where I work, I actually had a real estate agent say "I remember getting the e-mails you sent but I deleted them. Was I supposed to READ them? I didn't know we were closing then." This was 2 days before the escrow was scheduled to close, after numerous e-mails and phone calls.
YES, reading IS important!
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Old 09-14-2018, 11:16 PM
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Sparklyturtle Sparklyturtle is offline
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Turtleguy and I read every blessed piece of paper that came at us when we bought our house. The loan agent was surprised; she told us that most people just sign whatever is put in front of them, as Racket Man up there said. I can't imagine doing that for something as important as a mortgage.
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  #5  
Old 09-15-2018, 12:17 AM
bankworking bankworking is offline
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I am past my initial frustration and on to being amused.

My manager got snookered.

See, SCs originally requested the higher amount. and were denied. Debt to income too high.
The original loan officer went over this with them in person.

They finally decided that the 10-15k extra would be enough, and went with that.

AND the closing loan officer did go over this again.

But now I've got a management debt-to-income exception and a no-cost refinance approved, and they are going to get the extra funds after all.

Because they "didn't know".
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  #6  
Old 09-15-2018, 05:43 AM
Buzzard Buzzard is offline
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Yep, the customer must be right, as there were all these checks and verifications along the way to catch things, so the customer couldn't possibly be wrong here.

Scammy SC, combined with a nice MiM. I just wonder how long until this loan goes strange on the payoff. I'm guessing there will be issues making payments that are too high, because they "didn't know" yet again.

Any way to document/CYA on this one? I'd put a small wager on shit happening, and I *don't* bet.
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  #7  
Old 09-15-2018, 01:20 PM
bankworking bankworking is offline
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I'm just going to make certain I have all my ducks in a row and roll with it. Already communicating everything I say to them over the phone in a follow up email. I can't remember what I have or haven't said to so many people, so I like the written trail anyway.

At least it's not a HELOC. It's a fixed term, fixed payment second mortgage loan. Really, the things aren't much more complicated than a car loan, the disclosures are short, and most people never have an issue with them.
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  #8  
Old 09-16-2018, 04:57 AM
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MoonCat MoonCat is offline
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Quote:
Quoth bankworking View Post
I'm just going to make certain I have all my ducks in a row and roll with it. Already communicating everything I say to them over the phone in a follow up email. I can't remember what I have or haven't said to so many people, so I like the written trail anyway.

At least it's not a HELOC. It's a fixed term, fixed payment second mortgage loan. Really, the things aren't much more complicated than a car loan, the disclosures are short, and most people never have an issue with them.
Can you also send them a certified letter stating the same contents as the email? Something they have to SIGN FOR? Then they can't say they didn't get it, and it's not your fault if they don't bother to READ the letter.
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  #9  
Old 09-16-2018, 08:51 PM
bankworking bankworking is offline
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Quote:
Quoth MoonCat View Post
Can you also send them a certified letter stating the same contents as the email? Something they have to SIGN FOR? Then they can't say they didn't get it, and it's not your fault if they don't bother to READ the letter.
They signed the closing disclosure, but apparently that didn't matter.
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