Posted by newbie question on 8/13/05 12:10pm
Msg #58844

escrow instructions

I was faxed the escrow instructions, grant deed form and preliminary change of ownership report. Am I supposed to make copies of these for the borrowers or do they not get a copy. TIA

Reply by Brian/CA on 8/13/05 12:39pm
Msg #58856

Yes, wouldn't you want copies of everything. I always make sure if I'm printing something the borrower gets a copy. I don't charge extra for this.

Reply by newbie question on 8/13/05 12:46pm
Msg #58860

That's what I thought but one SA told me the borroower doesn't get a copy of the escrow instructions and so then I was confused. Maybe he was confused : )

Reply by MelissaM/FL on 8/13/05 4:51pm
Msg #58912

Some SAs do say not to give the borrower copies of the escrow instructions. If I'm directed NOT to give copies of those, then I don't. Otherwise, the borrower gets a copy of everything in the package.

Reply by Brian/CA on 8/13/05 6:19pm
Msg #58924

In 5 years I have never been instructed not to give the escrow instructions to the borrowers.

Reply by Denise, CA on 8/13/05 9:03pm
Msg #58944

Occationally you will be instructed not to give a copy of the escrow instructions to the borrower because they were already mailed to them when escrow was opened. The borrower(s) are supposed to sign, date, initial and/or fill out these papers and return them to escrow. A lot of them don't so they are included with the loan documents and in that case very often there are not copies. The exception of course would be the settlement statement from escrow since this is prepared at the end of escrow, unlike instructions which are prepared at the beginnng of escrow.

Reply by Sheila in San Jose on 8/13/05 9:31pm
Msg #58956

I think you are confusing escrow instructions with the escrow statement of information request forms (those are mailed when escrow is opened, and sometimes not returned or filled out until closing) Escrow instructions do not get to title/escrow until the lender has the loan formulated and ready to be drawn and signed. The escrow instructions come from the lender mostly (or lenders, buyers and sellers)

Reply by Denise, CA on 8/13/05 9:44pm
Msg #58961

I am referring to escrow instruction from escrow, not lenders instructions which escrow uses to prepare the settlement statement. General escrow instructions, from the escrow company, are prepared as soon as escrow is opened, which happens when the loan is approved. The Statement of Information is a title document, which escrow sends to the borrower, either when they mail the borrower the initial package or at the signing.