Posted by Leslie_Mo on 6/13/06 6:00pm
Msg #125708

Title Docs

Ok, I'm having a blonde moment. I've searched and can't get a definite answer to this one. What docs are specifically referred to as title docs. The docs I have omitted the spouses name from most docs. Since I'm in a spousal state, she will need to sign a few docs. I'm aware of the signature being needed on the DOT, TIL, RTC, and this company said HUD and also the title docs. When I asked them to be specific about the title docs, the answer I got was that it's page 1-25 and I would be able to tell because the title company uses a header. I don't see a header.

Reply by TitleGalCA on 6/13/06 8:34pm
Msg #125764

Typically escrow docs (at least here in CA). Instructions, amendments to escrow instructions, PCOR (preliminary change of ownership form), interspousal grant deeds....anything that is required for the title company to close the loan or sale that is outside of lender docs, or docs that the title company generates. I'd expect you'd see the title company name on them (somewhere), which is probably the reference to the header.

Not sure about MO, however.

Reply by Leslie_Mo on 6/13/06 9:37pm
Msg #125774

Thanks Susan. I've wondered about this before and just never asked. As it turns out, the signing was a no sign due to the borrower being told it was a fixed loan with a certain monthly payment and it turned out to be adjustable with a higher monthly payment. Luckily the borrower was very nice about the whole thing and said he'll probably see me later in the week if he misunderstood or they correct/change the terms.

Reply by Leslie_Mo on 6/14/06 10:28am
Msg #125859

Need to vent - just got a call from the SS about the no sign

from last night. The LO has now explained everything to the borrowers satisfaction . The SS wants me to go back out today. They will pay me $50 for the no sign and then will pay the full fee for today's trip.

I told them I thought that was too low and explained that I was there over 1-1/2 hr. while the borrower debated whether to complete the signing. Once he decided not to sign, he wanted to keep the package to refer to while talking to the LO. Although I didn't leave the packages I stayed long enough for him to review the 1st & 2nd loan packages and make notes for his call to the LO.

The SS wants me to use the original loan packages and of course I would need backdate them. I told them that's illegal and not something I would do. They said ok, they'll get someone else even though the borrower requested me.

Right now I'm feeling angry since I've invested around 3 hrs between printing (over 400 pages), driving time and time with the borrowers and will receive a grand total of $50. Guess I need to put this SS on my no no list. Sorry, just needed to vent.

Reply by LynnNC on 6/14/06 7:01am
Msg #125808

This is a good question, which was not covered by any of the three certification courses that I took.

Using Chase loans as an example, when there is a split package, some documents are generated by the title company, including various affidavits and the HUD; then there are documents that come from the lender, including the Note, DOT, TIL, RTC, application, escrow docs, name affs, etc. I thought the documents generated by the title company were the "title documents".

Reply by Leslie_Mo on 6/14/06 9:47am
Msg #125836

Re: Title Docs - ok now I'm confused again

Title Gal said escrow docs come from the title company and LynnNC says escrow docs are generated by the lender. Surely this isn't something that varies by state. Can someone explain this a little more.

Reply by PAW on 6/14/06 10:17am
Msg #125852

Re: Title Docs - ok now I'm confused again

Some 'escrow' docs are lender prepared, such as the DOT/mortgage (since it is the title company that gets this recorded in most cases). But mostly, the title/escrow company will generate their own affidavits (Owner's Affidavit, Survey Affidavit, Occupancy Affidavit, etc.) that have to do with the property, and the final HUD. The lender's affidavits typically have to do with the mortgage (Mortgagor's Affidavit, Same Name Affidavit, etc.) and the preliminary HUD and 1003. Then there are possibly duplicate documents prepared by both the lender and the title/escrow/settlement company (Compliance Agreement, Borrowers certification and authorization declaration, ID Affidavits or certification statements, etc.). Add to the mix, for brokered deals, broker agreements, contracts, and disclosures that were not previously signed.

Reply by Pat/IL on 6/14/06 10:18am
Msg #125853

Re: Title Docs - ok now I'm confused again

The documents generated by the lender are in regards to the escrow account established by the lender, on behalf of the borrower, from which property taxes and/or hazard insurance and/or PMI will be paid. Borrower pays into the account along with the principal ind interest payments.

Title/escrow companies perform a separate, short-term escrow function using escrow accounts as a means to disburse the proceeds of the loan. Thus, I believe, Titlegal's use of the term "escrow docs". These documents, which may include an ALTA Statement, or Statement if Information, and Survey Affidavit, are generated by the title company in order to insure over exceptions to title coverage.

Apologies if I confused you either further.