Posted by BetsyMI on 1/25/06 1:48pm
Msg #91115

Closing instructions

Received this in an email from a company that now has me in their database for closings. The statement said......."it is very important you close the package in front of the borrower for security reasons and return to UPS drop box/facility". Never had any company say that before....doesn't give me a chance to go over the documents "one more time" to make sure there are no errors.

Any comments?

Reply by Anonymous on 1/25/06 1:56pm
Msg #91116

I have never seen that, but, kind of dumb. If you really wanted to steal info you could do so before going to closing. Unless docs are sent to borrower? I think they stay up at night and think these things up.

Reply by pan/nd on 1/25/06 2:00pm
Msg #91119

BetsiMI,

What a crock !

If that's what they want, I'd tell them I'm not responsible for any errors.

Failing that, I'd tell the SS you can't live by that.

Failing that, I'd do things they way you have been and check for errors. If they find out, big deal.

I suppose you could always seal it in front of the borrowers and unseal it later and check for errors or use a different mailer entirely.

At any rate..it's another dumb rule that somebody has cooked up.

Reply by JD_inMD on 1/25/06 4:03pm
Msg #91157

How are you going to do the 50 faxbacks they want if you seal the package in front of the borrower? LOL

Reply by SueW/Tn on 1/25/06 3:45pm
Msg #91152

I've done several of those...

O/N to borrowers, docs are great and signings are quick. I double check at the table, sometimes triple check depending on borrowers, seal in front of borrowers and drop. Never had a problem.

Reply by ReneeK_MI on 1/25/06 4:51pm
Msg #91165

Re: I've done several of those...

Same here - I think it provides borrowers with a sense of security, regardless of how 'false' it could potentially be.

Reply by Mike_IA on 1/25/06 5:31pm
Msg #91174

Employee versus independent contractor

Specific detailed instructions like the above ones on exactly how to perform work is the difference between an employee and an independent contractor. So is this company going to withhold taxes and pay the employer portion of social secuirty taxes and provide other employee benefits? If not, then I'm not taking employee instructions.

Reply by SueW/Tn on 1/25/06 5:39pm
Msg #91176

Excellent question Mike...

I'm sure they'll begin the withholding process when the ones that state "blue ink ONLY" do. Sheesh, what is the problem with wanting the package sealed in front of the borrowers? IF I were a borrower knowing what I know I would insist on it, maybe even drop the package myself! This goes along with the Patriot Act, these borrowers need to know that their docs aren't going to ride around in the back seat or be viewed by someone not at the table. I can't blame them one little bit! But of course that is my humble opinion only...

Reply by MichiganAl on 1/25/06 9:16pm
Msg #91215

Re: I've done several of those...

I always review the package in front of the borrower (in case a signature or initial is missed) and pack it up right in front of them. They feel good about, and it makes my life a lot easier knowing I don't have a stack of docs to review and pack up when I get home. Plus I can get it to the nearest drop box right away. I think it just comes from confidence and being comfortable with the docs. You start to learn how to review the package quickly and accurately.

Reply by TitleGalCA on 1/25/06 10:32pm
Msg #91225

Betsy, first I don't mean to dismiss lender instructions. Second, the terms in those instructions are literally impossible to meet. If you take the time to read and understand each little nuance, only Jesus himself could meet them.

Lender instructions are meant for one thing only - to cover their corporate behinds. In reality, the requirements simply don't happen, and lenders don't squak about it...unless the title policy missed an endorsement...then stand back, you'll not believe the statements. "you're in violation"....."our instructions said"...etc.

I'll get the usual suspects in response to this. (I won't list them, the regulars know who they are). Bottom line...just close the loan according to the normally accepted practices. If you split hairs on detail, you'll stay awake at night.