Posted by ananotary on 7/4/06 10:37am
Msg #130695

Borrowers copies on CDROM

I just started putting the borrowers copies on cd rom and the borrowers LOVE it! I print out the right to cancel (two copies per borrower) and the HUD. I was wondering what the response has been with people already using this method.? I have thought about the issue of needing the extra copy in case of an error, but so far that has not been an issue.

Reply by cyndi_ca on 7/4/06 10:42am
Msg #130696

When I have done this, I make sure I am extra careful with the docs. Make a mistake, have an extra trip then putting docs on cd has become a waste of time and $. Most BO's I have come really appreciate the fact that I can provide this service.

Reply by Anonymous on 7/4/06 10:50am
Msg #130698

do you provide hard copies also. Or you provide only the CD. Is it an aaditional service you are doing? Have lenders started to ask about this.

Reply by Rashmi Bhatla on 7/4/06 10:50am
Msg #130699

do you provide hard copies also. Or you provide only the CD. Is it an aaditional service you are doing? Have lenders started to ask about this.

Reply by ananotary on 7/4/06 11:13am
Msg #130703

I only provide hard copies of the RTC and the HUD. I got the idea because I refinanced with Countrywide and my docs were provided on CDROM. It is not an additional service, I find that it benefits me both with time and money.

Reply by Janlee_MI on 7/4/06 12:05pm
Msg #130710

I think this is great however what if they don't have a

computer.

Reply by ananotary on 7/4/06 12:33pm
Msg #130722

Re: I think this is great however what if they don't have a

I just let them know when I am confirming or making the appointment time that the copies will be supplied via CDROM. I have yet to come across someone that does not have a computer. If that happened, then I would have to print them out. I love how much time it saves and paper, ink, wear and tear, etc.

Reply by Signing_Doc on 7/4/06 12:42pm
Msg #130724

I always give them the option when I call to confirm the

signing...this way, if they DON'T have a computer (my late father NEVER got a computer and wouldn't know what to do WITH it)...they can have the hard copies. Either way, I ALWAYS provide a hard copy of the RTC, the HUD, the TIL and the First Pmt Letter. If I don't have the time to call them, or the SS already called and confirmed, then I just go with the hard copies.

Reply by cyndi_ca on 7/4/06 12:57pm
Msg #130728

I always give them the option. n/m

Reply by ananotary on 7/4/06 1:12pm
Msg #130730

Cyndi...Have you had anyone choose to have hard copies? n/m

Reply by Joan_OH on 7/4/06 1:14pm
Msg #130731

I would be careful with this...

There was a thread on here last month and several good points were made. Our edoc fee is to include a copy set for the borrowers. I don't know that I would take this route unless I was given permission by the title company and lender. For all we know, there are lender compliance issues regarding the hard copies and we could be unknowingly violating state or federal finance laws that the lender must comply with. You MUST ask the lender if this is permissable. I don't see where we, as notaries, can make this decision because it saves paper and the borrowers like it. It is NOT our decision to make.

Saying all that, I am NOT saying you didn't get permission, but I wouldn't want any newbee to assume they can do it this way because they got the idea here. Just my opinion.

If I remember, PAW made some key points in the previous thread regarding this issue.

Joan-OH

Reply by cyndi_ca on 7/4/06 1:25pm
Msg #130734

Great point Joan. Let me be more clear.

I ALWAYS ask BO and SS/TC before I even ask BO. I have had some refuse to have them on disc. More times than not, the BO like to have them on disc. I would NEVER ever assume or presume I could burn to disc w/o all parties involved giving the OK. Hope that clears things up.

Reply by MichiganAl on 7/4/06 1:27pm
Msg #130735

Curse you, Joan!

Don't steal my thoughts while I'm typing them! It's not fair that you're a faster typer then me and hit enter first!

Reply by MichiganAl on 7/4/06 1:24pm
Msg #130733

I have too many concerns about this.

I like the benefits, but as a few have said, people don't always have computers, and if a borrower makes a mistake on one of the docs, now you don't have an extra copy handy. Copy it on a bad disk without knowing, oops, sorry you no longer have a copy Mr. Borrower. Borrower decides to copy it to his computer and later someone hacks into his computer and steals his info, well who gave him the disk to begin with? Also, how many of you are doing this WITHOUT lender approval first? It's not our call to determine how to deliver the borrowers docs. If your instructions say PRINT a copy for the borrower, then you PRINT a copy for the borrower. Period. Sorry, too much of a slippery slope for me.

Reply by cyndi_ca on 7/4/06 1:29pm
Msg #130736

MichiganAl. I always get permission first. I will also

check the disc to make sure everything is there. No complaints yet, but I don't do this all the time. I must have plenty of time, and I don't always.

Reply by cyndi_ca on 7/4/06 1:29pm
Msg #130737

MichiganAl. I always get permission first. I will also

check the disc to make sure everything is there. No complaints yet, but I don't do this all the time. I must have plenty of time, and I don't always.

Reply by cyndi_ca on 7/4/06 1:29pm
Msg #130738

Sorry 4 dbl post. Hit twice. n/m

Reply by Bob_Chicago on 7/4/06 3:06pm
Msg #130749

If you do this, you also need to give them a hard .....

copy of the TIL (if there is one)
Receipt of this doc as well a 2 of RTC, starts
the RTC period running.

Reply by PAW on 7/4/06 9:18pm
Msg #130778

Re: you also need to give them a hard ..... not necessarily

Reg Z does allow for electronic copies of the RTC and other disclosures. But, that's a minor point considering all the factors involved.

Reply by ananotary on 7/4/06 9:50pm
Msg #130786

PAW.....Just curious..What do you mean by all the factors

involved?

Reply by PAW on 7/4/06 9:57pm
Msg #130788

Re: PAW.....Just curious..What do you mean by all the factor

As has been pointed out, there may be underlying compliance issues that we are certainly not aware of. I'm sure even signing services may not be aware of any policies or procedures that may require hard copies of documents instead of electronic forms. Even title agents and loan officers may not be aware of all the compliance issues that compliance departments, risk managers, underwriters, etc. may have.

While I think the idea is a splendid one, I do not think a signing agent should take it upon themselves to provide the documents on CD in lieu of hard copy, even after asking permission.

Reply by ananotary on 7/4/06 10:09pm
Msg #130792

Point taken....more questions....

Even with permission from lender/ title you would still not put docs on a CD? I do get your point that everyone involved in the transaction may not be aware of all the compliance issues but assuming that at some point in time (since this is the computer age) we would have permission from all lenders, when would you feel comfortable to put the docs on CD? What kind of "permission" would you need to feel comfortable? Do you believe there is a liability issue? Just picking your brain. Happy 4th!

Reply by PAW on 7/4/06 10:19pm
Msg #130795

Re: Point taken....more questions....

If I had a written directive, notice or policy statement from the lender AND title company that allowed the delivery of the documents to the borrowers/homeowners on CDROM, then I would be comfortable in doing so, without any second thoughts.

As for liability issue, I certainly do think there is liability issues each and every time the NSA takes it upon themselves to do anything that is not in full compliance with the limited instructions and policies that are provided by the lenders and title companies. Having served on Technical Risk Management Teams in a bank, makes one a bit paranoid about things like that.

Reply by BrendaTx on 7/4/06 10:28pm
Msg #130798

Re: Point taken....more questions....Okay -

I think I got it...Do so at your own risk.

Reply by ananotary on 7/5/06 1:19am
Msg #130803

Thanks Paw! n/m

Reply by BrendaTx on 7/4/06 10:14pm
Msg #130793

Re: PAW.....Just curious..me too...PAW

I had a marketing idea for the one who wants to go the second mile. (Bear with me PAW...the question's below.)

What about burning it to a CD, place a label on the disk with your name on it for local notarizations or for referrals.

Give them the copies of documents along with the CD. They might like that little touch and what's it cost? Hardly anything.

Ignore this if you think it's dumb...HOWEVER for Paul...I, like ananotary...would like to know if you would opine there is a problem with putting them on a disk in this manner.

Reply by ananotary on 7/4/06 10:17pm
Msg #130794

Re: PAW.....Just curious..me too...PAW

What a great idea Brenda! Assuming that some lenders do not allow you to put the docs on CDROM. I already insert my business card in the CD envelope.

Reply by PAW on 7/4/06 10:28pm
Msg #130797

Re: PAW.....Just curious..me too...PAW

I do not have any problem personally with providing ADDITIONAL product to the borrower, such as a CD containing their docs, along with the required copies. I wouldn't covertly advertise on the CD label though. I would put something on it to the effect that the CD was prepared by Joe Schmoe, NSA with a business name and address, like a business card, but certainly not anything further than that as it may be construed as solicitation.

When I make borrowers copies, I have a cover sheet that simply states that the copies were printed by PAW Notary Services with my address and contact phone number. (It used to say "Prepared by:" but was advised by counsel to change the words to "Printed by:" so there wouldn't be any indication that I had anything to do with the preparation of the documents.

Reply by BrendaTx on 7/4/06 10:30pm
Msg #130799

Re: PAW.....Just curious..me too...PAW - Gotcha! Thanks n/m

Reply by Joan Bergstrom on 7/5/06 1:49am
Msg #130805

I do the same thing

I always print out a paper copy that says:
Borrowers Copy
and then I put:

Joan Bergstrom Mobile Notary
24/7 to Riverside & San Bernardino Counties
Cell: 951 522 4919
www.joanbergstromnotarypublic.com
[e-mail address]

Easy no brainier advertisement; if your not working you should be marketing!!

I have gotten many notary jobs from placing this ad (last 4 years) on the borrowers copy and I always leave a business card with the borrower(s)!!

Reply by Kelly M Robertson on 7/5/06 8:46am
Msg #130828

The CDROM idea SOUNDS good, but I want to MAKE MONEY

I guess I'm more of a "plain wrap" notary- I follow lender's instructions by giving the borrowers their hard copy, make sure the signing is professional and courteous and I'm on my way. I want to MAKE MONEY in this business, not spend it just to "look good". Who wants something like this to "be the norm"? Not me

Reply by Signing_Doc on 7/5/06 11:40am
Msg #130869

Re: The CDROM idea SOUNDS good, but I want to MAKE MONEY

understand you want to MAKE MONEY...but sometimes you have to SPEND MONEY to MAKE MONEY...don't know about your neck o' the woods, but here in 'sin city', you can occassionaly get a stack of 100 CD/R's for about .10 ea or less, sometimes as cheap as .07 per...add a jewel case .07 each and for maybe .25 each, you have added something tangible they can take with them and use...and you get advertising on it also...pretty cheap advertising if you ask me....(oh that's right, you didn't ask me....silly me)...."Doc"

Reply by SharonMN on 7/5/06 2:48pm
Msg #130906

Re: Hard copies of certain docs

You want to be really careful here. Giving hard copies of some docs may imply that those are more important than the ones on CD. One borrower recently asked me what docs he should read because he didn't want to read them all. You don't want to be put in a position later where a borrower sues because of some terms he didn't understand and says, "Well, the notary told me these 4 were the important docs so I just read those."