Posted by Art_MD on 11/11/05 10:49am
Msg #75876

possible CYA acts

I've been reading a lot of possible things we can do to protect ourselves. Here are a few in that have come up:
1. Put total # of pages in package that is sent back on invoice and/or fax back.
2. Have borrowers sign a hold harmless agreement.
3. Staple check to signed page of HUD, copy it for your temporary record.
4. Have borrowers fill in the wire transfer data so that if there is any problem, its not your problem i.e. wrong number.
5. If any doubt about identity of anyone involved, borrower, witnesses etc. take a picture of all of the parties together.
6. Carry a tape recorder - might need it.
7. Have borrower sign paper explaining why they didn't sign.
8. Ask for thumbprint - even when not required by law.
9. Make sure you have after hour numbers for LO, TC, SS, etc. Check out #s ahead of time.
10. have borrowers initial every page.
11. Keep copy of e-docs until you get paid - avoids question of weather a doc was in the package or not. Can avoid an unpaid trip to cover TC,SS,LO error.
12. drop off packages at manned locations of UPS/FEDEX and get receipt - proof you dropped on time.



These are ideas that have shown up, pick and choose those you like.

Not recommendations, just a compilation.

Art

Reply by B__CA on 11/11/05 12:21pm
Msg #75914

O.K. Art
Which are the ones that you do yourself.

Reply by Art_MD on 11/11/05 12:26pm
Msg #75916

Re: possible CYA acts ones I do

I do 2, 3, 4, 6, 7, 9, 11, 12.
nore re: tape recorder. I carry that primarily to record info that I get for closings while driving. Its easy to say to the caller "hold a second, turn on the recorder and repeat back to the caller names, numbers, and time. Secondary uses...007.

Art

Reply by eXpedN_TX on 11/11/05 2:05pm
Msg #75938

Re: possible CYA acts ones I do

Thanks Art,

I have a "pre-screening" form (I created) I carry with me 24/7 for when I receieve calls from SS's, Title co.'s, etc. What helps me most about it is that I don't forget to mention anything in the initial call, like my cancellation fees, how they want the docs sent, etc. After I get the confirmation email from the service, I then jot down anything extra in my "Pre-screening" notes so I have everything in writing, and to make sure nothing is missed. -Melissa

Reply by TCMN on 11/11/05 5:17pm
Msg #75989

Re: possible CYA acts ones I do

I personally do 2, 3, 4, 6 (for the same reason as Art), 7, 9, 11 (copy on CD to NOT have on my computer incase of hackers, etc,) and 12 MOST of the time (it is not always possible).

I think those are ALL good ideas to practice. Anything to CYA and the only person who is going to look out for you IS you.

Reply by sue_pa on 11/12/05 8:14am
Msg #76091

Several thoughts:
1. if they say you didn't return all the pages, they are going to say it no matter if you counted the pages or not. 'Knowing' for yourself that you are right isn't going to sway them.
5. I would never do this. If I were that doubtful as to someone's identity I wouldn't notarize for them. I personally would also never allow a notary to take my photo for id purposes.
8. I saw a notice from Chase one time that said notaries were not allowed to take thumb prints unless required by law. Again, I personally would never give a thumb print.
9. Good idea - but how do we get someone to answer those numbers ? (need a smiley here)
10. Wrong. You have signed and initialed per your instructions. You do not willy-nilly have borrowers initial pages where there is no initial line, unless you are instructed to do so. Why don't you have them sign up along the side margins? Why don't you have them thumb print beside their signatures? You do as instructed. (not 'you' Art but 'you' generally)

Reply by CaliNotary on 11/12/05 3:47pm
Msg #76165

Gotta agree with Sue here. The amount of time I would waste doing most of these things would far far exceed the amount of time it would take to correct the occasional error. Count every page in every loan package I send out? Please.

Notary laws are notary laws. There is no reason to create your own additional rules to CYA. Just do things correctly as mandated by your state and you ass is already covered.