We finally closed and funded our loan signing docs with a traveling 'I'm not a loan officer' notary who could not answer basic questions at closing.
A phone call placed to the broker for answers during the closing went to voicemail, only returned after signing was complete. This entire process has been labored and unfortunately included some key verbal misrepresentations about bottom-line cost to close numbers, user unfriendly, confusing and duplicate documents, processes between the mortgage broker Bluefire and the investor with whom they've placed the loan, Interfirst
A straightforward rate term/refi turned into a less than pleasant experience right through to the close. These two guys are nice and seemingly stand up people who's hearts are likely in the right place, but they're riding a horse that can't gallop. While specifying my bottom line to bring no more than $500 to the close, but preferred to recover the out of pocket closing costs (appraisal and credit pulls), approximately $500, I was told not to worry as we'll tweak loan amount once we had confidence in the numbers recorded in the estimates loan app (which are typically over-reserved to not have to redraw and re-disclose revised loan terms). Bottom-line, the cash at closing turned out to be $10k to the borrower. We were advised to change loan amount to arrive at the requested/expected net required a re-underwrite and an additional 7-10 business days to process. So we stayed with the less than requested terms and will now split proceeds half to principal reduction, half to a reserve account. Unfortunately (and this was my question that went to voicemail), I will pay the mortgage at the origination amount, not the net (minus principal reduction), at least I assume.
Finally, the usual 'sign here' arrows or marked signature areas on the extensive loan set was not to be found and worse the loan documents were smudged with multiple laser printer stains.
As the one who pays for all this service, shouldn't we expect a clearer and more user friendly experience? Minimally, if the notary is clueless, shouldn't the broker or minimally loan officer be in attendance (or on-call/available) at closing?
Additional comments from borrower. This was not Customer Service, nor was it Customer Friendly. When did a resolution of a pending plus $220K Business Deal, ever end with an itinerant traveling hourly wage Notary? One who was unprepared, received and made personal phone calls, and was disorganized. One incoming call was a complaint about her services from a person she reports to. This personal call was not professional. For the price we paid for this specific service, we were greatly overcharged.
There was adequate time togged out of the "C" Suite and get this right. I rate this service, start to finish at best a 2 out of 10. I have nothing positive to say.
Teresa Masters
Maybe we're an outlier? I doubt it. Caveat Emptor!
Gregg Masters read more