Posted by mtcwgrl on 2/28/08 6:35pm
Msg #237572

Weird times in this business.

I had a signing last Friday night. The borrowers owed $11,000.00 at closing. It was (all most late),email docs. I had just enough time to call the borrower to tell him to have a cashiers check at the singing and he said he had been informed. So I finish around 7:00pm and got the file ready to drop at FedEx the next morning. (This borrower is an attorney).

I get a call today from the borrower and he said that the title company had called and said he had money due at closing. He told them he had given a cashiers check to me. So I promply called the title company and they said they did not have the check....What...well neither do I.

This loan was suppose to fund yesterday...we get a call today...what am I suppose to do? How do I prove the check was in the package? I did tell the borrower to call the bank and see if the cashiers check had cleared. I am real concerned about this!!! Has this ever happened to any of you?
Thanks!

Reply by nsa/fl on 2/28/08 6:58pm
Msg #237576

I had one disappear once, it was accidentally left inside the FED EX envelope and no one checked and threw out the envelope. That's why I started stapling them to the HUD and making a photocopy of the check to keep until I know the loan has closed. If they don't find the check the borrower needs to put a stop payment on the check and I would recommend wiring the funds to the TC.

Reply by mtcwgrl on 2/28/08 7:44pm
Msg #237582

Thanks, it wasn't stapled but was in the front of all the docs attached with a big black clip. That is what is so strange...if they got the docs then they should have the check as well.

Reply by Glenn Strickler on 2/28/08 7:44pm
Msg #237583

A stapler is my friend. Use it often ...... n/m

Reply by Ndwa on 2/28/08 8:32pm
Msg #237589

Re: A stapler is my friend. Use it often ......

Staple it to the signature page of the HUD which can't be reprinted if they responsibility of misplacing the check.

Reply by Joan Bergstrom on 3/1/08 1:32am
Msg #237730

I picked up a cashier check today

I stapled it to a copy of her I.D.

If nothing else, staple it to your confirmation letter .

We are going into a period where we could be picking of more cashiers checks from borrower(s) than you can imagine.

Buy a stapler and carry it in your briefcase.

Reply by Sharon Taylor on 2/28/08 8:10pm
Msg #237585

I had it happen twice - once a clerk lost it

All paperwork is held together with a medium-size binder clip when it goes back, and any check is the very first thing at the top of the package. Some clerk in the title company office had started to separate the package and sort the paperwork into different piles...and she had misplaced the check. After much sturm und drang and bitter accusations from the title company and signing agency toward me for not collecting the check, not sending the check, losing the check, etc., it finally turned up a couple of hours later on the floor under the clerk's desk where it had fallen just out of sight.
The other time it happened was when the package was clipped together with the check paperclipped to the first documents. Somehow when pulling the package out of the Fed-Ex envelope, the paperclipped check came loose from the rest of the package. Thankfully the clerk's wastebasket had not been emptied, and the check was recovered from the inside of the tossed envelope. Since then I always make sure any check is very securely held by the binder clip, not just a paperclip.

Reply by JanetK_CA on 2/29/08 1:48am
Msg #237605

Re: I had it happen twice - once a clerk lost it

I like what Glenn said: a stapler is my friend... But I always make sure it is on the top of the package so it doesn't accidentally get chewed in a copy machine because some clerk didn't know it was there.

Reply by Becca_FL on 2/28/08 11:52pm
Msg #237603

Always fax a copy of the check, even if not required. It's all about CYA. What happens after that is not your problem. You put it in the pkg., it's up to the carrier to give the answers.
Just be sure to cover yourself.

Reply by ReneeK_MI on 2/29/08 4:29am
Msg #237607

I use special envelopes

With a highlighter, I make stripes on regular envelopes (#10/letter size) and write "FUNDS" in big letters with a Sharpie. When I set my pkg up, I include this and that serves also as a big reminder to me that funds are due. Check goes inside the envelope, which goes on TOP of the pkg.

I'm not a fan of using staples, have seen too many checks get ripped to shreds that way. The envelope would jam the machine (if it somehow went unnoticed), but not likely get ripped or shredded and it gives the check a lot more bulk and higher visibility, if it falls off someone's desk.

Reply by LisaWI on 2/29/08 6:13am
Msg #237609

Re: I use special envelopes

I also use a separate envelope, but hadnt thought about the highlighter trick. I like that Renee. Great idea. Mine also is on top of the docs right under the binder clip. And after thinking about this, Im might just get some colored envelopes and send them that way. The colored envelope would surely stick out from the rest of the package. Like lime green or something

To the original poster, try not to worry about it. If you are positive you sent the check, like Becca said, what happens after you send the package is out of your control and not your fault. Its the end of the month and they are probably scrambling to open up all the packages coming in, resulting in mishaps such as this.

Reply by thnotary_NY on 2/29/08 7:38am
Msg #237612

Re: I use special envelopes

I do some mail order taxes and I send the e-file permission forms with a stamped YELLOW envelope, so I know what it is when it comes back. Now I think I'll use that for any funds to be returned. I think in 3+ yrs., I've had maybe three,<>.

Reply by mtcwgrl on 2/29/08 7:12am
Msg #237611

Thanks everyone...I really appreciate it.

Reply by sue_pa on 2/29/08 8:23am
Msg #237620

if it's a bank check, I always write the title company's file number and the borrower's name in the spot where a memo line should be

Reply by Sorin Diosan on 2/29/08 11:14am
Msg #237643

I staple the check to the HUD. This is very important.


Sorin
www.tnproperties4sale.com

Reply by Raimond on 2/29/08 12:00pm
Msg #237659

I also ensure that the docs go into the package so that when opened the first thing to come out is the black clip with the check under it. Now I will use the bright envelope idea also.

Thanks