Posted by Joan Bergstrom on 3/17/08 9:48pm
Msg #239634

Some thoughts on cutting material costs

have a couple of thoughts that might be possible ways to save some material costs.

I have a Brother MFC8860dn (this means the machine can duplex and network) and I usually duplex the borrower's copies. I print out an extra signature page of the Deed of Trust and 1 Right to Cancel in case the borrower doesn't sign correctly. I haven't had anyone object and it saves me 1/4 of my paper costs.

The other thought is burning a CD as their copy. The borrower would have to have some computer skills.

Last thought is asking the borrower if they would like their copy emailed to them?

My question is: Are other notaries using these options or are they even realistic?

Reply by Linda_H/FL on 3/17/08 9:55pm
Msg #239635

The question is "is it acceptable"?

Don't certain documents that are left with them HAVE to be in paper format, such as the RTC, TIL, Note, Mortgage/DOT, etc.?

Also, what if they have problems accessing the info on the CD that YOU provided...are you going to be available after the signing for tech support? Personally, I'd just as soon make their copy on paper (which is already included in my fee) and know that once I walk out their door, save for dropping the package, I'm done.

JMHO

Reply by CF on 3/17/08 10:26pm
Msg #239642

Re: The question is "is it acceptable"?

I like the idea of duplexing the copies. But they would need, at least, the RTC one sided. I print BO copies on letter a lot of the time. All printers have a "fit to page" button when the print cue comes up....that is a good way to save on legal paper- that is more expensive.

I have had BO's want me to email them a copy...but I have always provided a hard copy too.

Reply by Joan Bergstrom on 3/17/08 11:19pm
Msg #239647

Re: I like the idea of letter size for the borrower

I am with you on the email because I have had 3 borrowers in that last 2 months tell me to email the docs.

However I haven't asked a borrower if they would accept email documents, but I think I will start giving them this option when I confirm the appt. If they want them emailed I will also ask them if they also want a printed copy?

This seems to me to be a good "Customer Service" option.

What does everyone else think?

Reply by Susan Fischer on 3/18/08 1:55am
Msg #239654

Excellent customer service, Joan. My Budget thanks you

for the great cost-cutting ideas. Saves time too, printing second copies eats up the minutes and paper/toner/et al.

I choose not to look at 'what is already considered in my fee,' but instead adjust my fees according to a variety of costs. Regardless of the methods I might use to deliver a copy of the docs to the borrowers, the value of email 'printing' fees is not lessened by emailing/making CD of borrower docs, and, in fact may even rise, depending on the total analysis.

Borrowers will always be on different levels of computer savvy, so parsing out delivery methods doesn't make much sense. A printout of the receipt for the borrower's email for confirmation in the file and it's done for those who like email docs, and paper for those who don't. It saves my resources and fulfills requirements.

Great post, Joan!

Reply by Teresa/FL on 3/17/08 11:19pm
Msg #239648

Re: The question is "is it acceptable"?

One TC I have done closings for copies the borrower when they email the documents to me. I still print a borrower copy as instructed, but they also have a digital copy and have the opportunity to review the docs (especially the HUD and Note) before I arrive.

Reply by GA/Atty on 3/18/08 12:10am
Msg #239653

Give the borrowers letter size copies only. n/m

Reply by SReis on 3/18/08 6:22am
Msg #239658

Re: Give the borrowers letter size copies only.

I like to have borrowers copies on proper size just in case they make a mistake signing & we can switch it out. 2 out of the 3 closings I did yesterday, req me to use some of borrowers copies because no matter how much you remind people re: how to sign or what the date is they sometimes still make mistakes. We are only human after all ;-)

Reply by BrendaTx on 3/18/08 8:22am
Msg #239671

That's also one of my "tricks" of the trade, SReis. n/m

Reply by MichiganAl on 3/18/08 10:44am
Msg #239683

This is why I copy the package exactly

No duplexing, letter size only, e-mailing of docs, disks, or other alterations. Many times, borrowers will manage to sign or date something incorrectly. I'd much rather pull out a clean copy then have to make line outs and corrections. Some companies won't allow hand written corrections on certain docs like the mortgage, RTC, 4506, 1003.

Reply by BrendaTx on 3/18/08 7:59am
Msg #239666

Being raised as a pup by an old fashioned attorney I take the term copy literally. If it is duplexed, it's not true and correct...an exact copy of what they received. JMHO.

Reply by BrendaTx on 3/18/08 8:04am
Msg #239669

Okay, I have another minute to comment...

That was not to say that Joan's idea doesn't have merit for 99% of the time.

It's that 1% PITA that could cause a problem. Copy means "copy"...exactly duplicated.

If I were going to use this method I'd want another piece of paper signed to file away saying they understood the difference between the copy they signed and the copy they recieved at closing. Do I, the notary, want to deal with all that paperwork over the next 100 years? Nope.

Sometimes it "pays" to spend a little more to provide exact copies. Again, JMHO.

Reply by DogmongerCA on 3/18/08 8:31am
Msg #239673

Just my opinion

The instructions are specific, provide copies for lender and borrower. Anything less than that is fraud. As long as you print and it is legible, you have met the criteria. IMHO, e-mailing only or providing a CD is following your specific instructions.

Reply by RickG/CA on 3/18/08 10:28am
Msg #239682

Re: Just my opinion

I leave a printed copy, however, I keep a flash drive in my pocket (well sometimes l leave it the computer by accident) with a copy of the files. If the BO wanted a soft copy, I could easily email, copy, etc. The files are locked down in case I misplace or lose the flash drive and are deleted once I'm done.

Reply by BrendaTx on 3/18/08 12:44pm
Msg #239691

Rick...how do you lock down the flash drive copy? n/m

Reply by Ndwa on 3/18/08 12:56pm
Msg #239697

Re: Rick...how do you lock down the flash drive copy?

All flash drives come with a pre-installed security (password) option.

Reply by BrendaTx on 3/18/08 1:22pm
Msg #239702

Really? I have a 2 GB one (Kingston) and didn't see that

information in the package. I will revisit that.

Reply by Ndwa on 3/18/08 2:57pm
Msg #239714

Re: Really? I have a 2 GB one (Kingston) and didn't see tha

You can dload one here

http://www.kingston.com/support/USBFLASHDRIVES/default.asp

Reply by RickG/CA on 3/18/08 1:49pm
Msg #239706

Re: Rick...how do you lock down the flash drive copy?

I did not know this or I would have saved the $$ - I'll check my flashy.

Reply by RickG/CA on 3/18/08 1:44pm
Msg #239704

Re: Rick...how do you lock down the flash drive copy?

I'm no tech wiz, I have software that can password protect folders or drives (about $40).

To see if these work for you, look at http://www.cnettv.com/9742-1_53-32304.html

there is a free software program called Cryptainer LE
http://www.cypherix.co.uk/cryptainerle/index.htm that you can download and use now, the drawback is that it's limited to 20 mb - I think.

Reply by MikeC/NY on 3/18/08 7:48pm
Msg #239739

Encrypting files

There is a freeware program called TrueCrypt that I've been using for several months now to protect sensitive files on my laptop and flash drives. You have to be a bit of a computer geek and/or paranoid to take advantage of the more advanced options, like hiding files inside other files (aka steganography), but for basic encryption it is fast and relatively easy to use - a tutorial takes you through the steps.

You can encrypt entire drives or create "containers" into which you put the individual files you want to encrypt (which is the way I use it). I'm not aware of any size limitations - I have one "container" that is 80mb - and there are no restrictions on use. The only caveat is that you MUST remember the password you assign; if you forget it, they can't help you retrieve the files you've encrypted.

As I said, it's free, although they will accept donations. If you want to check it out, go to http://www.truecrypt.org

A word of advice with this or any other encryption program - practice using it with a blank flash drive, CD-RW, or hard drive until you are comfortable that you know what you're doing. Programs like these can seriously screw up your system if you decide to jump in feet first...

Reply by Gerry_VT on 3/18/08 1:01pm
Msg #239699

CD or E-mail and federal E-SIGN law

The federal E-SIGN law has some provisions for electronic documents when one of the parties is a "consumer" (which would usually apply to home loans). The consumer must consent to receiving documents in electronic form, if the consumer is entitled by law to receive the documents. The Federal Trade Commission published a study on this at http://www.ftc.gov/os/2001/06/esign7.htm

There are several obstacles to a notary providing documents on CD, and the first one is a showstopper: it is the lender that has the authority to solicit the consumer's consent to receive the documents electronically, not the notary. YOU HAVE NO AUTHORITY TO ASK THE CONSUMER TO ACCEPT ELECTRONIC DOCUMENTS.

Reply by Joan Bergstrom on 3/19/08 12:07am
Msg #239757

Re: CD or E-mail and federal E-SIGN law

Gerry
Do you have some suggestions on saving money on printing edocs?


I do have one more suggestion to save money and that is to print the borrower(s) copy on econo print.

Reply by Gerry_VT on 3/19/08 12:28am
Msg #239758

No additional money-saving ideas from me

No, I don't have any suggestions beyond what has been mentioned in terms of double-sided printing.

Reply by MichiganAl on 3/19/08 12:47am
Msg #239760

Don't print closing instructions in borrower's package.

For Countrywide docs, that's 26 pages saved.
Chase sometimes has two mortgages in their packages. Only print one for borrower. 15 pages saved.
Loans that list various counseling agencies, lender doesn't need those docs in their package. That can save up to 20 pages.

Reply by Ndwa on 3/19/08 2:38am
Msg #239763

Work smarter not harder

I noticed there's a trend of bargain/liquidation/stupid prices/etc. stores popping up around here where they liquidate mostly Sam's & Costco surplus/returned/damaged goods (including papers). I've not paid more than $10 per carton of papers for a year now.

One of the biggest expense many seems to overlooked is the lack of complete analysis & choice of equipment (printer) investment versus work load. I think most don't realize that we are a home base business serving a heavy commercial needs. Using a 3000 monthly duty printer to print hundreds and hundreds of pages a day is not a wise business choice, IMO.

Borrower's copy is a fix cost for doing business. The costs you want to control are overhead & variable.

Reply by sue_pa on 3/19/08 7:23am
Msg #239770

Re: Work smarter not harder

agreed. When you see people post it takes an hour to print both sets of docs, that it's cheaper to go to Kinkos/Staples/wherever to make the borrower's copy, how few copies a toner cartridge prints, etc., you know they don't have a printer that's sufficient for our jobs.

Regarding the double sided copies - NASCO did this years ago.