Posted by cyndi_ca on 4/22/06 1:46pm
Msg #115342

Chase Question re docs

I printed a set of docs and discovered there are duplicats of some on the docs. For example, 2 copies of the DOT. Is that normal and do I have BO sign both copies, then send back to lender? Or is one for the BO. I know BO needs copies of complete package.

Reply by HARRY_PA on 4/22/06 2:05pm
Msg #115346

It has been my experience that all documents are to be signed and returned unless you have been insructed otherwise, no matter how many copies there are.

Reply by PAW on 4/22/06 2:25pm
Msg #115349

Correct HARRY. Some lenders require two (or three) fully executed security instruments in lieu of "certified true copies" from the title company. However, when you find multiple copies of the junk docs, it is usually an error or the note is being sold and the lender selling the note wants executed copies to provide to the note buyer. I see this frequently with correspondent lenders (lenders who do not service the mortgage but sell 100% of their brokered deals), especially if they already have a buyer lined up.

Reply by cyndi_ca on 4/22/06 2:28pm
Msg #115350

Thanks so much. I fully intended on having BO's sign everything, but they cancelled at the table. I was just wondering if this was common and what the purpose of the multiple copies were.

Reply by NCLisa on 4/22/06 6:51pm
Msg #115366

Chase is normally a split package with 90% of the title companies I work with. One copy of the DT goes back to the title company with a copy of the hud and the TC docs, the other to Chase with the rest of the loan package.

These TC's don't always tend to follow state laws. Many states require that DOT's be recorded prior to disbursement. But the TC's have to overnight them to attorney's & abstractors all over the US. Sometimes they get lost, sometimes the abstractor flakes and doesn't record the DOT, or even records it in the wrong county. The second DOT with the original signature, makes sure that they have a recordable document in case the above happens. Nothing worse than disbursing on a loan that isn't recorded, and you can't get ahold of the borrower to re-execute a new DOT. Smart lenders that do a lot of business with nationwide companies, and not local companies, have to cover all their bases.