Posted by LJ on 5/24/07 11:49pm
Msg #191918

Borrower Copy pkg

Have a signing on Fri. Confirmation says not to print a borrower copy pkg. They will be sent to the borrower by the lender. I assume a "signed copy" of the pkg will be sent. What about the RTC? I will call and check on this. Isn't it a law that I leave the RTC with the borrowers? I've never had this before. I don't have the doc's yet, so there may be other instructions when I get it. Advice anyone! Thanks

Reply by jojo_MN on 5/24/07 11:59pm
Msg #191921

Is this a RESPA? n/m

Reply by LJ on 5/25/07 12:12am
Msg #191923

No, its not a Respa n/m

Reply by Glenn Strickler on 5/25/07 12:16am
Msg #191925

Re: No, its not a Respa

Yes, its the law. You are also required to leave a set of docs for the BO's to review during the rtc period. .....

Reply by Bob_Chicago on 5/25/07 12:37am
Msg #191928

As I understand it, the "law" requires only that, on....

a transaction subject to a right of recission, that one
copy of TIL and two copies of completed RTCs be given to
each party who has the right to cancel. This must be done
in order the start the recission time.
Of course, is is an excellent idea for bwr to have copies of all
dox signed, but I do not believe that it is reqd by law.
On those rare occaisions, that I am advised that copies will be sent
to bwr after signing, I still make a copy of dox and give them to bwr.
I own a high speed copier with an auto-feeder, so it is no big deal for me.
I find that if you leave them copies, even if there is no recission right,
that the signing will go MUCH faster than if they have to wait for their copies.

Reply by jojo_MN on 5/25/07 1:11am
Msg #191934

Re: As I understand it, the "law" requires only that, on....

The reason I asked, is I've done a few applications lately where they are requesting that copies not be left with the borrowers. There is no right to cancel because these are not the actual loan documents. The lenders say that they will send the copies of the application when they are more sure of the actual terms of the loan.

Reply by Marie_MD on 5/25/07 12:15am
Msg #191924

If its a purchase or investment property there wouldn't be a right of recission, but you might want to provide a copy of the HUD.

Reply by LJ on 5/25/07 12:18am
Msg #191926

Didn't think of the investment property wouldn't have the RTC. Thanks. I'll just wait till I get the docs and decide what to do then.

Reply by ZeeCA on 5/25/07 12:26am
Msg #191927

BO might have requested and received copy already? n/m

Reply by christiSocal on 5/25/07 1:08am
Msg #191933

Is it an IndyMac?

I was told by an ss today that Indymac will be sending the borrowers their copy ahead of time. The docs I got had enough RTC's to go around. I wish they all would do this, it would be so nice NOT to have "surprised" borrowers!

Reply by DonR_NYC on 5/25/07 7:17am
Msg #191942

Re: Is it an IndyMac?

"I was told by an ss today that Indymac will be sending the borrowers their copy ahead of time."

Over 90% of my work is Indymac through 2 title companies and have never heard them planning sending copies ahead of time (most often title is not yet completed their work so the HUD would be wrong if borrowers rec'd copies before you arrive). What Indymac does send is the pre-disclosure docs which are almost as large as a loan pkg.

Reply by BrendaTx on 5/25/07 6:02am
Msg #191939

Re: Borrower Copy pkg - Mortgage Docs used to state

this last time I checked about the Texas Netco Title packages. Netco would say they'd send hard copies or a copy on a PDF.

It's easy enough to make that copy and have it handy in case the borrowers want it. If you are new enough to be asking this question, then you are probably new enough to feel more comfortable with a copy of all the documents with you in case one an error is made.

Texas Heloc Packages state on the deed of trust that the borrower must receive a copy of all the documents after they sign them. When I do (did) these I give them a copy of unsigned documents and tell them they can get the signed copies from their lender. The man who lets me use his office shouldn't have to provide me a copier.

I think it is ridiculous to ask not to give the people a copy of their documents at the signing. I feel that's a way to say, "hey, you should charge less for edocs - - only one copy."

In Texas the packages are always huge; if I go to the trouble of one, I will go ahead and print two and not waste my efforts on printing one and then have a no sign because the people want a copy.

Reply by Lee/AR on 5/25/07 7:00am
Msg #191940

The only time I had this request (demand was more like it). DO NOT PROVIDE... I still made copies of the HUD, RTC & Note. About 2 or 3 months later, the B called me & told me they had not received their copy yet. Well, I no longer had it & could only suggest they contact their LO or the Lender about this and they said they had--numerous times. I no longer remember the Lender or Title involved. But, if I ever get that request again, I'm ignoring it. It's just not right.

Reply by Stamper_WI on 5/25/07 7:50am
Msg #191945

I asked

I ran across a LO officer for Coldwell Banker who had worked for other Co's as well about this the other day. He was perplexed. He said they always got a copy but couldn't quote me any laws saying they had to.
Cleared that up didn't I?

Reply by LJ on 5/25/07 9:12am
Msg #191955

Re: I asked

Thanks everyone. I'll just have to wait to get the doc's to figure out what's going on here. I'll decide then what to do. I'm kind of leary of this company. My first with them, although they have pretty good remarks on this board (why I took it). They didn't care that I had one booked for the same time. Work it out with the borrower I was told. Thank goodness the borrower was ok with it too. I'll keep you posted on the reason for this.

And, no I'm not so new to this to ask this question. Almost 2 years and hundreds of loans closed. This is a first for this request not to make a copy pkg.

Reply by SharonMN on 5/25/07 10:59am
Msg #191978

Agree with BrendaTX

Always bring a copy. The one time I was told the borrower was already sent a copy - the borrower hadn't in fact received a copy. The borrower also was not sure he wanted to sign the loan but did so and was going to review docs with an attorney during the RTC. I sent him an email with the docs when I got back to my office.

Reply by lenelle/FL on 5/25/07 5:17pm
Msg #192061

Same here Sharon

I was told that the Borrowers had the copies, but they did not. Supposedly, they were overnighted the morning of the closing basically so that the B's would get them the next morning. Luckily, they had a printer/scanner and we made them copies of the TIL & RTC forms while I was there, just in case. They did call me the next day and said that they did get the package with the copies by Fed Ex. I will now always make copies of the pertinent docs just in case this ever happens again and I do not get so lucky.

Reply by jojo_MN on 5/25/07 12:30pm
Msg #191993

If this is anything other than an application, I give the

borrowers a copy regardless. The only time I don't make a copy is if the copy is being sent to the borrower and they have it when I walk in the door, otherwise they don't get their three days to go over the docs. And yes, I do know that all loans don't get the 3-day right to cancel.

Reply by qmriley on 5/25/07 1:41pm
Msg #192005

The Borrower may have had a copy emailed over so maybe check with them 1st.

Reply by christiSocal on 5/25/07 5:49pm
Msg #192067

My borrowers did have copies.

Except for the RTC's. However, after reading all ya'll wrote, I think I will double check with borrowers before I go. Then copy the TIL and the Note as well as RTC's- just to be on the safe side.

Reply by LJ on 5/26/07 4:45pm
Msg #192223

Update:

The borrowers had nothing sent beforehand and in fact hadn't even been in touch with their LO for days. Then I call to confirm. They were surprised, but told me to come on over. I did print a HUD, TIL, RTC for them. I showed them on my confirmation that it said NOT to print copies. I said give it a couple days next week and then call them for your copies. It really felt odd not to have a copy pkg for them. I doubt that I will work for this company again. There were other oddities that don't seem quite right. I try not to second guess companies, but this whole ordeal was odd.