By David Thun
The NNA invited Notaries on Facebook, Google+ and LinkedIn last week to discuss how the mortgage closing process could be improved. In response, signing agents called for more time to review loan documents and smaller loan packages to help the closing process, echoing public feedback submitted by consumers and industry professionals to the Consumer Financial Protection Bureau this month.
“Get the documents to both the signers and the signing agent 24-48 hours in advance, and give everyone involved in the process a chance to ask in questions they may have in advance instead of scrambling around at the closing table,” New York Notary Patricia Warmack commented on Facebook.
B. Nicholas Barthold of Pennsylvania said borrowers need more time to understand the impact of the documents they are signing prior to the closing. “It should be mandatory that every document, including the HUD statement, be clearly explained to the borrowers,” Barthold wrote on Google+.
Several signing agents actually praised Quicken Loans for its efficiency. “The industry should look at Quicken Loans packages and procedures,” said Federico B. Saiki of Florida, commenting on LinkedIn. He said the lender generally keeps loan packages at around 70 pages, unlike other companies that sometimes require more than 100 pages of documents.
“I love Quicken Loans,” said Gene Corbin of California. “They send the packages directly to the borrower or email them the docs a few days ahead so the borrower has a chance to review them and direct any questions to Quicken … Great company to perform services for.”
Giving borrowers more time to review documents helps signing agents also, said Raquelina “Rockie” Woods of Florida. “If the borrowers would have a copy of the documents to preview before the closing, it would certainly reduce the amount of time needed to complete the signing,” Woods posted on LinkedIn. “If lenders could be ready with the document sooner than at the last minute, it certainly would make life less frustrating.”
David Thun is an Associate Editor at the National Notary Association.