Posted by Notary_OH on 6/13/07 1:40pm
Msg #194906

Copy of Homeowners Policy for Citibank Cosings

"Borrower needs to provide copy of Homeowners Insurance"

"When listed as a condition, the borrower must provide a copy of their homeowner’s insurance policy PRIOR to closing. A copy of homeowners insurance must be provided to you by the borrower and returned with the closing package..."

"If the borrower does not provide this document at the closing table, the closing MUST BE ADJOURNED. No documents may be signed unless this document is provided."

--I thought that the borrower was responsible for providing this during the application process. How many closings are going to be adjourned because borrowers will forget to provide this? (Given that they so often forget to get a copy of the Drivers License when asked.)

--Are these adjournments going to then have to have new dated docs created and the appointments rescheduled?

Reply by PL on 6/13/07 2:03pm
Msg #194912

I had one and when this came up the borrower asked if the could speak to the title person I was talking to. Sure, here's the phone, he stated " if we don't sign this today then don't bother coming back I'll find someone else to lend me the d*** money." The title person said, don't worry about the insurance document, go ahead and sign. Will do.

Reply by Notary_OH on 6/13/07 2:12pm
Msg #194915

Yes indeed "PL". I anticipate that scenario or something like it is this is going to happen quite frequently.

Reply by Aimeegram on 6/13/07 2:23pm
Msg #194918

I have completed many signings for the Citibank Helocs and that has been their policy. I just call the borrower a couple of days befor the appt.(they usually give you several days notice prior to the appt.) and ask them to call their homeowner's insurance and have them add Citibank (with the correct address) to their loss payee list. Their carrier will usually fax it to them right away. It isn't so much that Citibank wants a copy of their dec page, it is that they want a copy of the dec page with them listed as loss payee. Hope that helps.

Reply by Susan/CA on 6/13/07 4:33pm
Msg #194950

This has been the norm for me for the past 3-4 years . .

NASCO used to always have you read the Closing transmittal page to see if the declaration was required and if so, we were responsible for picking it up or adjourning the signing. This was also the case with many other companies . . anyway . . I never liked being responsible for this but . . if you want to do these signings we are going to have to be responsible for this. I think the sceduler should tell us when we need to pick it up . . or tell the borrower so they have it ready for us. JMHO

Reply by JanetK_CA on 6/14/07 12:53am
Msg #195028

Re: This has been the norm for me for the past 3-4 years . .

I think that most of the time, the borrower IS informed ahead of time, but I've found that even reminding them when you confirm the appt. is no guarantee that they will have it. It's very frustrating to be held accountable for something someone else is supposed to do.

Reply by Tom miller on 6/14/07 3:04pm
Msg #195145

If the closing is adjourned due to the borrower, would you then charge the bank for your time showing up at the closing? I have been tempted to do this as in some cases I could have handled another closing during the time wasted showing up for the adjourned closing.