Posted by Notary_OH on 3/19/07 7:56am
Msg #180549

Cost of Document Return

Does anybody use second day air to return docs?

Wouldn't it be cheaper for lenders, TC's, everyone involved, if docs were returned "Second Day" service instead of "Overnight"?

If a loan closes on Monday, the RTC expires on Thursday and the loan disburses on Friday. If the docs were dropped on Monday and delivered by Wednesday 5:00 pm, that would still be plenty of time to process. Even if docs were dropped on Tuesday, they would be delivered by Thursday in time to process.

With tens of thousands of loans closing everywhere--every month, wouldn't this save a lot of companies a lot of money?

Any thoughts?

Reply by sue_pa on 3/19/07 8:07am
Msg #180553

Most companies indicate priority or standard - never have I seen anyone request second day. They pass the cost onto the borrower so it's nothing to them. Some of the larger companies receive a discounted rate - I've seen labels indicating the cost and it's been as low as $6.?? - certainly not what you or I would pay. Nothing I would worry myself over - the companies have bean counters that figure out what's best for them.

Reply by ReneeK_MI on 3/19/07 8:50am
Msg #180555

Docs go from you to Title, THEN on to lender ...

Using a mobile closer already tacks on an additional day, and it's not the title agent that needs docs prior to funding - it's the LENDER who prefers to not have to just 'fund on faith'.

Reply by Ndwa on 3/19/07 11:07am
Msg #180575

Time is of the essence, and is money n/m

Reply by Gary_CA on 3/19/07 11:55am
Msg #180588

Shhhhhhhh... bite your tounge...

Yes, it's true that docs go to title then the lender, we all know it.

But don't remind THEM of it... lest some genius figure out that a split package (with the mobile notary making duplicate copies as needed) could save a day then they could use 2nd day, pay the notary the same, charge the borrower the same and go out to dinner...

Shhhh... let sleeping dogs lie....

Reply by Dennis D Broadbooks on 3/19/07 12:13pm
Msg #180592

Where in the World...

...have you been, Gary? The "humor quotient" tracks significantly higher on this board when you post. You've been missed...at least by me anyway.

Reply by Gary_CA on 3/19/07 12:52pm
Msg #180612

Thanks... been working crazy. n/m

Reply by BrendaTx on 3/19/07 1:42pm
Msg #180623

Re: Shhhhhhhh... bite your tounge...

Gary, you are a pretty sharp fellow. You come up with things I'd eventually think of but always quicker than I do.