Posted by SharonH/OH on 3/7/08 8:43pm
Msg #238449

Fiserv - two mortgage copies

Anyone done any closings that required duplicate mortgage signings? One note, two identical mortgages. Title claimed they wanted it for backup should the first mortgage be kicked back by the Recorder for any reason. Search turned up nothing. First time I've run into this one. This is not a Reverse mortgage with an FHA back up. Just a simple conventional refi.

Reply by Teresa/FL on 3/7/08 8:46pm
Msg #238450

It's just a duplicate original for the TC's file. If the original mortgage sent to be recorded is lost in transit or by the recorders office and not recorded, they have a backup duplicate original to send in. Easier to do it this way than to have to send someone out to have the borrowers execute another mortgage.

Reply by GA/Atty on 3/7/08 8:47pm
Msg #238452

Signing a second original mortgage is no problem

So long as there is only 1 original note.

There are several title companies who like to have more than 1 original mortgage.

Reply by Les_CO on 3/7/08 8:49pm
Msg #238453

Just to lazy to make a 'certified copy'. Let the high paid notary print and send in the 'copy'. Happens all the time.

Reply by SharonH/OH on 3/7/08 8:54pm
Msg #238455

Guess there's a first time for everything. Thanks for the feedback.

Reply by Sharon Taylor on 3/7/08 8:56pm
Msg #238457

I see it fairly often - no big deal

The first time I saw it, I was concerned too and wondered if it would allow an unscrupulous lender to put a double mortgage on the property. If the borrowers ask, I just mutter that one is for the lender's records and one is for the title company's records, and they nod in comprehension and sign sign sign.

Reply by Becca_FL on 3/7/08 9:12pm
Msg #238462

I guess you've not closed many NY State deals...NY State is the WORST! I'll never forget the fist NYC deal I did down here, it was a WaMu, delivered o/n and was 5" thick, I kid you not. Three Notes and three mortgages plus major broker docs. The borrowers were NOT happy and neither was I. I've since dumped the NY TCs that want you to do their work, but worse than NY triplicate deals are MD & DC commercial deals, by far. MD & DC have more funky title disclosures..it's crazy.

Generally, it's the TCs job to certify copies. Just keep that in mind.

Reply by MikeC/NY on 3/8/08 10:35am
Msg #238495

NY State deals

It's usually the lazy, anal-retentive TCs or lawyers who are responsible for this - they want wet copies of everything - and it's actually more the exception than the rule. I've done CEMAs requiring 4 signed copies of mortgage, note, modification agreement, gap mortgage, and gap note - usually about 36 signatures notarized; one had a HECL attached that required more multiples, and that was my all-time high of 52 signatures notarized.

Most are "normal", although occasionally a packet will include a duplicate note or mortgage.

Reply by YvonneAA/NY on 3/8/08 12:21pm
Msg #238504

Re: NY State deals

Would you charge the same fee for NY 3 full sets requirements, 2 original sets to be worked, 1st forwarded to TC and 2nd to the bank.

Reply by MikeC/NY on 3/8/08 6:01pm
Msg #238529

Re: NY State deals

I've never been required to do that, but yes, I would charge more.

I was paid well for the monster packages I dealt with, especially since the docs were O/N to borrower. It would be nice if we could get more than $2 per signature - on some of those large ones, you could turn down the signing fee and just charge for the notarizations...