Posted by Ali/IL on 2/7/07 1:56pm
Msg #174556

have you been held liable

Because you sent package back to lender when it should have gone to title or signing service and it get to right person on time?
I am being told by owner of signing service that there are now liability issues.

Reply by Les_CO on 2/7/07 2:06pm
Msg #174559

In business one can always be held liable for mistakes.

Reply by Roger_OH on 2/7/07 2:29pm
Msg #174566

Packages don't usually go to signing services; they are just schedulers. Hopefully you have a copy of the return instructions you were provided or the return mailing label that shows you follow their instructions.

I hope you didn't take it upon yourself to decide where the package should go. Who did it get billed to?

Reply by ZeeCA on 2/7/07 2:38pm
Msg #174568

I NEVER assume where the package will be returned to... If there is not an address or direction included I ask and have sometimes had to ask three times to get this info... I would think if they wanted it o/n they would provide this with the instructions....

Reply by Les_CO on 2/7/07 3:08pm
Msg #174573

The signed doc’s almost never go to the lender. They go to the title company, to post-close, or escrow, or whatever. The title company then sends some of the docs to the lender, some to be recorded, orders payoffs etc. (Someone in the title business can clarify that for you better than I)
However, there can be some pretty big monetary issues with not getting the doc’s back in time. The borrower can lose thousands. Usually it’s title that “eats it” but they could come back on the SS, and/or you. If they bothered, (probably not) and took you to court, and proved the loss was because of your negligence, (like you forgot left the loan package in your car for a week or so) you could have to pay.

Reply by Ndwa on 2/7/07 4:27pm
Msg #174581

***The signed doc’s almost never go to the lender.***

That's a big assumption there. The majority of brokers/lenders who have their own in house funding do want docs sent back to them. I work with 4 local brokers where docs always go back to their offices after signing. It actually is faster as docs will be reviewed by processor/underwriter for funding instead of relaying through TC. Ameriquest comes to mind as all their loans are now sent to the main process center in Michelsom(sp), CA even though the order I get came from TC.

Reply by MistarellaFL on 2/7/07 4:50pm
Msg #174584

Moral of the story

If you have not been instructed to return executed docs to a
particular entity, you should ask the hiring party.
I can only recall once or twice not being given written direction
in this matter and having to ask.

Reply by Les_CO on 2/7/07 8:19pm
Msg #174598

Okay...OKAY!!!!! A HUGE assumption! My bad! Yes! There are times when the docs do go back to the lender!!!! Maybe ALL your signings go back to the LENDER! My point was one (including you!) shouldn't just send the doc's wherever/whenever and expect it to be just wonderful. Obviously the person posting the question, has had little experience (unlike you) and was wondering if their disergard of the signed loan package, or the accompanying instructions, could have any consequences. What do YOU think?

Reply by Susan Fischer on 2/7/07 11:40pm
Msg #174619

I think most confirmations contain return doc information,

and those that don't deserve a quick call to get the missing info.

And I think the old adage still holds true about ~assume~ - it makes an ass of u and me.

And one last thought: If you think education is expensive, try experience.

Cheers!
Susie