Posted by Craig / CA
on May 15, 2009, 7:06 pm, in reply to ""Attorney Only" may be in jeopardy"
69.235.36.177
Yesterday I did my 1st Attorney closing for a property in DE, w/ owner & myself here in CA, and an Attorney in DE.
I would recommend the Attorney take a Loan Signing class from ANYONE. No matter how bad the instructor might be... there is no chance in the world they would be as bad as this Attorney.
To start with... Three hours!!! 1hr 15 minutes on the HUD1 statement alone. Yes we covered every line (blank or filled out) the intent for the information that COULD be on that line, and how the number on the line (when there was one) was derived.
The borrower, (who said) he owns in excess of 20 homes, pleaded to move along. The Attorney insisted this complete history of the world since time began 
was required by LAW!
Then there was the BAD info.
APR: the real interest rate, the one in the note "while true, isn't". Ooooo K???
No NORTC: Attorney didn't have one in her copy, asked if we had one. I sad no because it's an investment property not a primary home. Attorney said she would have on emailed later that day, as it's always required for "out of state" purchasers. (Side not this was a refi, if it was a purchase it wouldn't apply for that reason.)
Note: Almost read word for word, every section. Then explained what they "meant", in "nonlegaleze".
I could go on, but won't bore you as we were.
I would have charged a little less than my typical fee, as I figured I'd be in & out, but had already quoted before I learned it was an attorney closing. Based upon this experience, If I ever get another my fee will be higher than normal.
What are others experiences with these type of closings? Was mine typical?
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