Posted by GOLDGIRL/CA on 8/21/09 10:54pm
Msg #301306

Case of the missing deed (and more on BofA)

Borrower was required to sign first, middle and last name on docs; however when she got to the deed, she forgot and signed first and last but just her MI.

The docs had gone to her (from BofA) so I said we'd just switch it out, but there was NO deed of trust in her copy!

She had just opened the package, so there was no way anything was lost. All the other pages were in her copy - and in the same order as in the signing package - there was just no DOT!

Actually, I really didn't know what to do (thank goodness it wasn't a Provident loan). She had a long middle name so there was no use trying to scrinch it in between her first and last names. So I just had her sign again.


P.S. I noticed that BofA has dropped its Mortgage Protection Insurance docs - do you think they weren't making enough $$ with that and decided to switch to its credit card app?

And in response to previous post, Bof A has been routinely skipping SAs - at least in CA. It's my observation that they've been sending docs to borrowers here for at least a year ... that's why they've kept the only notarized page down to the DOT (my understanding). If for some reason, they get in a bind timewise, they'll have a SS call a notary to get it done - but the borrower always has the docs even then. I've done a few of them with the find you own notary instructions. I know the mgr of the local Kinkos, and he says he does these all the time.

Reply by 101livescan on 8/21/09 11:06pm
Msg #301308

Don't you just love all the privacy of having all your personal identity, ssn and credit scores emailed to Kinkos' for just any one to read! Once they made a copy on letter only without making it letter and legal, and it had to be destryoed, right, they were going to just put in a waste can, not secured recycling.

Crazy.

Reply by LKT/CA on 8/22/09 12:17am
Msg #301317

Livescan, I think she meant the borrowers are mailed the loan package, told to find their own Notary, the package only has one doc to have signature notarized so borrower walks in to their neighborhood Kinkos to get the one signature notarized for ten bucks (or whatever it costs in another state).

Reply by 101livescan on 8/22/09 12:25am
Msg #301319

oops, thought they were going to kinkos to get package printed out which had been emailed to Kinkos for borrowers' retrieval and pickup. Scuse me, I'm bushed, hitting the hay! long week and foreclosures are pounding me to death.

Reply by JanetK_CA on 8/22/09 2:56am
Msg #301325

In the last B of A package I did, instead of the Borrower Protection Form I was seeing before, they now had a form that I don't think required a signature that just informed the borrower(s) about the program. It appeared that they would be automatically enrolled and what the fee would be. It would be very easy to skip over. I'm just flabbergasted that they would pull something like this with all that has been said and written about the banking industry lately!

It seems very shady to me. I had a hard time staying neutral about it, but managed to get by with just casually reading the key section to myself - out loud. The borrowers pulled out their copy and were planning to call their LO to inquire about it, thank goodness. These monthly fees have been pretty significant. In one case, with the older form, they commented that the amount of the fee would negate any benefit they would receive from getting a lower interest rate from the refi.

Reply by GWest on 8/22/09 10:39am
Msg #301350

The last two the monthly fee for the Mortgage Protection was waived and the fee began in the 2nd year. The Borrower could cancel at any time.

Reply by JanetK_CA on 8/22/09 1:37pm
Msg #301364

True, but that's the "gotcha" part. How many people are going to remember to cancel a year later? I've run into a few who wanted to keep it, but the overall reaction has been very negative about the way they are offering this.

Reply by Jim/AL on 8/22/09 9:50am
Msg #301344

"So I just had her sign again." hope that she initialed and

lined through error.