Posted by Raimond on 1/24/07 1:06pm
Msg #172398

Pre-disclosures question

Why would a signing service state in their conformation that part of the agreed upon fee will be reduced if the disclosures are dated by the borrower?

Reply by MikeC/NY on 1/24/07 1:58pm
Msg #172406

If it's a Country Wide loan, see the thread beginning with message #172024.

Reply by Raimond on 1/24/07 2:17pm
Msg #172412

It was not the CW situation... This SS wants the disclosures signed but not dated when they are returned.

I have received disclosures that had a date on them before I printed them, but never a statement to not have the BO's put a date on them.

Reply by MikeC/NY on 1/24/07 4:28pm
Msg #172441

"I have received disclosures that had a date on them before I printed them, but never a statement to not have the BO's put a date on them."

I just got an assignment like that today, with a small packet of "broker's docs" that had instructions to not have the borrower date them. They are earlier versions of the more current disclosures that the borrower is signing and dating today (they have a preparation date of November). The broker needs to keep signed copies of these in his file; most of the process was probably done over the phone, and the BO either didn't get or failed to return the originals that were mailed. Usually they come in already pre-dated, but this was a rush job so maybe he didn't have a chance to do that.

Take a closer look at that disclosure - it should have a preparation date on the top which would indicate that it's an early version, and you may find a more current version (with slightly different info) elsewhere in the package.

Reply by bfd110_IN on 1/24/07 10:32pm
Msg #172507

Called RESPA

Broker didnt do their job. Several documents have to be disclosed to the borrower within three(3) business days of application. So they send it in the package to be signed by the borrower at closing. Sometimes they are dated. For the ones that arent ,they will fill the date in and keep them on file incase they are audited by state or the feds. Also more commonly known as back dated. NOT GOOD.

Reply by sn/oh on 1/25/07 1:52am
Msg #172528

Re: Called RESPA

This situation would then be one of ethics on the part of the signing agent??

Reply by PAW on 1/25/07 4:13am
Msg #172531

Not always the broker's fault

Many brokers send out the disclosures as required, but the borrowers don't sign them nor return them. But the broker still needs to have signed copies in their files, so they get included in the package. (This is not to say that this is the case all the time, just sometimes.) I've been to signings where there is the "broker package" that needs to be signed and the borrowers would say something like, "Oh yeah, we got that in the mail but didn't know what to do with it."

Reply by bfd110_IN on 1/25/07 7:34am
Msg #172534

Re: Not always the broker's fault

But if the the Broker is doing there job, RESPA also has a provision that states if you mail it within the 3 business days and you can provide proof, that is exceptable also. This is a small cost for a mailing confirmation verus you closing a loan for the wrong person that knows the RESPA laws and never received the docs and now the broker is covering his butt. We have all been there where the customer states that they never received anything. Plus if they did receive docs and fees go up a $1,000.00 then docs have to be redisclosed the broker has to legally redisclose the GFE and the TIL. Those also could be the docs that the borrower is signing at the closing table cause it was never redisclosed to them.