Do Not Open Closing Package: REALLY

From Christopher

Very first page of closing jacket reads, and I quote:

“Two complete closing packages
–one for you to open and review prior to your closing
–one for your closing agent to open (please keep this package sealed until your closing agent arrives).”

also, quote:

“At the scheduled closing meeting, the closing agent will open “their package” and “review all of the documents” with you. The mortgage documents are signed and any monies due are collected. The “entire loan closing process normally takes” 30-45 minutes. That’s all there is to it!” —end quote.

Both of these statements are removed from the cover page of the closing jacket. We initialled asked the Rep. why we couldn’t look at the “sealed package?” He said standard proceedure and assured us that our copy to review was identical. We didn’t push the issue but we did let him know that we didn’t understand the documents. He said not to worry about it becuase the Closing agent would explain everything at closing, as well as, answer any questions we had.

The closing agent arrived and asked if we had the “sealed package?” We provided it and asked why we were not allowed to look it over. The agent abruptly asked if we had opened it, and we said no. But we asked again, what if we had opened it? The agent said, “I brought another one with me incase that happened [laughing].”

As the closing proceeded we raised numerous questions about terms, fees, etc… The agent provided a brief label of some documents as she hurriedly flipped the pages for signature. The agent’s husband remained quiet throughout the process, and the Agent would only return a look of disgust everytime I asked a question. Finally, in the Agent’s frustration, she simply said that we would have to contact our loan Rep. to answer our questions because it was not her job, and she did not have any knowledge of what was negotiated.

Immediately after closing, we contacted the Rep. and explained our discomfort with the signing process. We also raised numerous questions, of which, he always seemed to have the perfect answer that just served to add to our confusion. He did, however, admit that he was sorry to hear that the closing agent would not answer our questions like he said she would.

BTW, the entire process did take less than an hour despite trying to get questions answered.

Tags: Christopher, closing, closing agent, package, signing process
Posted in bubble, Corruption, Eviction, securities fraud |