Posted by MonicaFL on 12/29/09 7:30pm
Msg #316031

New Millinium Title

Did anyone else receive this e-mail? I can't figure out if the "fees" are over and above the regular signing fees or are they now setting fees for US? I am going to ask them but was jut wondering if anyone else got this. Thanks.

The following changes are effective immediately for fees and refinance loans with New Millennium Title:

Bank of America requires fax backs on all refinance closings effective immediately (other lenders may coincide with this new requirement same terms will apply if they enforce fax backs). You will receive your standard signing fees for all fax backs on refinance loans - no additional fees will be paid for this. You will be instructed to fax back and immediately drop package. You will not have to wait for permission to drop package from New Millennium Title on regular refinances. You will only be compensated an additional $10 for Non Owner Occupy properties when scheduling a Non Owner Occupied property to close. Do not drop package until New Millennium contacts you to confirm all fax backs are received.

AMERICAN BANK refinance packages – Please make sure you are getting all initials needed. Recently we have been receiving packages missing initials from page 2 of the Consumer Credit Score Disclosure. Please verify this page. Attached PDF for reference.


Followup on Notary Fees

Trip Fees/QCD or Mortgage/Deed Resigns: $50

RESPA Signings: $70

If a loan rescinds you will be paid your full signing fee.

If a loan cancels at the table you will be paid: $75.



If you have any questions or concerns please ask. These changes are non negotiable.



Happy Days,



Dawn Williams

Scheduling Coordinator

New Millennium Title

2127 Cnty Rd D E Ste B

Maplewood, MN 55109

Phone: 952.548.6678

Fax: 763.374.7974

Reply by Linda Hubbell on 12/29/09 7:37pm
Msg #316032

Well now..guess they told us huh? n/m

Reply by CopperheadVA on 12/29/09 7:58pm
Msg #316035

Re: New Millennium Title

I got the email, too. I took it to mean that all BOA loans will require faxbacks, but New Millennium will not be paying an additional fee to the notary for the faxbacks. Just another example of how we are expected to do more for no additional compensation, which results in a fee reduction. Kinda like when they reduce the number of diapers in the package but keep the same price as it was before. I'll have to readjust my standard fee for when they call.

Reply by Luana Lonergan on 12/30/09 3:43pm
Msg #316133

Re: New Millennium Title

I just did a BOA re-fi for another title co. with no required faxbacks. I always ask if there are faxbacks and charge accordingly.

Reply by CopperheadVA on 12/29/09 8:03pm
Msg #316037

Oh, just noticed the attachment...

While they attempted to black out the borrower's name on the form, I can still read it. And now I know his credit scores, too. Wow.

Reply by LKT/CA on 12/29/09 8:15pm
Msg #316038

<<<You will receive your standard signing fees for all fax backs on refinance loans - no additional fees will be paid for this.>>>

Faxing back an entire loan package is worth a minimum of $50 and depending on what other appointments I may have that day, the package will most likely be shipped the next day.

Reply by Alz on 12/29/09 8:53pm
Msg #316041

Isn't wonderful to have a choice. n/m

Reply by Linda Juenger on 12/29/09 9:35pm
Msg #316051

Re: Isn't wonderful to have a choice.

"Bank of America requires fax backs on all refinance closings effective immediately"

I got the email also and sent an email back with the question being are they wanting the Entire pkg faxed back or just critical docs? I have not recieved an answer yet. The above statement is not clear to me. Fax backs of which and how many docs?

Reply by MW/VA on 12/29/09 9:42pm
Msg #316052

This is a great company, so I was utterly surprised at the faxback w/o compensation requirement. It looks like we're back to the old CW days (many tc's required faxbacks).
Since BofA seems to be the big guy on the block now and business isn't great, I'm guessing companies will meet whatever requirements they hand out.
What gets me about BofA is their lack of any concern for the borrower(s). I have a friend that has been 7 months in the process who has absolute horror stories to tell.
I also heard another story last night about someone who has been trying to do a loan mod with another major lender for about a year. They keep telling her that the paper work is getting lost--really!!!!! Some of the things I'm seeing & hearing these days are really scarey.

Reply by Jack/AL on 12/29/09 10:20pm
Msg #316061

I've done a few for BoA with faxbacks, including one today. The instructions included a list of items to be faxed after signing. Today's was a conventional oan, but included a list for conventional loans, and one for FHA loans. Below is the list I used. As usual, the list is a standard one used for different types of loans and situations. That means of perhaps 30 items listed, perhaps 8 or so are not applicable (because they do no pertain to that type of loan or the borrower's situation). Some lines on the list had only one doc listed, while some lines had 3 or 4 docs listed. I had to peruse the docs a few times to make sure I'd not overlooked any that were there. In total, there were 40+ pages to fax. Had it done before UPS pickup time, but am awaiting permission to ship (a requirement of the instructions). Just for giggles, there were 3 pages of signing services directions applicable to BoA sgnings, with a requirement for the borrowers to initial page 3 of the W-9 (for some reason) and page 3 of the 4605-T (it has only TWO pages). Don't know how many times I've marked the instructions to indicate things that don't make sense, but my remarks are ignored. Two of the three pages of instrucitons also list some items to be faxed, just as though there's not a full page listing all the docs to fax.... Duh..... The instructions are from the signing service involved in this signing, so I removed its name from below. Some signing services do send instructions and lists that actually apply to the specific signing (and are useful), rather than just making a generic one and using it for all signings.

Here the list of faxbacks for the conventional loan.......

CRITICAL FAX RETURN CHECKLIST
AFTER CLOSING, PLEASE FAX THE FOLLOWING DOCUMENTS
ALONG WITH THIS COMPLETED CHECKLIST TO: XXX-XXX-XXXX
***Do Not ship package without approval from XXXXXXXXXXX***
Mortgage/Deed of Trust and riders
Power of Attorney or Quit Claim/Warranty Deed (if applicable)
Note and all riders/HECLA
Signature and Name Certification (name affidavit)
Exception Sheet
Post closing Audit Checklist
Settlement Statement
Truth in Lending/Billing Rights
Itemization of Amount Finance/Amortization Schedule
Authorized Signature Card
Notice of Right to Cancel
Loan Application Disclosure Acknowledgement (LADA)
Payoff Account closure/Delivery of proceeds/Borrower’s Agreement and Certification
Funding Authorization/W9
Initial Draw Acknowledgement
Non Borrower Acknowledgement Form
Payoffs
Loan application (1003) including all addendums
Important Acknowledgement Concerning your Loan
Important Terms of Home Equity Line of Credit (if applicable)
Borrower Property Condition Certification
HUD/VA Addendum
4506-T (if included in the loan package)
Closing Notary Publication

Reply by Jack/AL on 12/29/09 10:27pm
Msg #316062

In my post above (10:20 PM) the last item on the faxback list is "Closing Notary Publication." I can only guess that what is wanted is the form titled "Closing Notary Certification." That's one of the boo-boos I've pointed out several times, to no avail. I'm not putting down the signing service for this loan, any more than others, for it seems many have such inaccuracies which confuse newbies and annoy those of us who try to follow the instructions, in detail. But maybe that's just me......

Reply by pan/nd on 12/29/09 9:56pm
Msg #316056

New Mill might find out its a new millennium for them! n/m

Reply by Frances Kany on 12/30/09 8:59am
Msg #316089

I just did a BOFA last night for 1st American. I have NEVER had to fax back to 1st Am before but evidently BOFA is requiring it as mentioned. I did not take the time to pull pages out and put back in, I just removed the first 20 or so pages of instructions and faxed the whole damn thing to them. I resent this but I guess I have no choice if I want to continue to take BOFA signings. I will ask from now on if this is a BOFA loan and if so, adjust my fee accordingly.

I have never worked for New Millinium Title but this is a great heads up incase they call. THANKS

Reply by brass/LA on 12/30/09 2:30pm
Msg #316118

If it is a requirement from Bank of America that critical docs be faxed to the title company before shipping... and if the original docs can be dropped at Fed Ex/UPS in time for next morning delivery... then what is the purpose of faxing the critical docs?

What would the title company do with these faxed critical docs that they could not do with the original docs that would be received the next morning? Most refinance transactions have a three day recission period so time is not of the essence.

I'd really like someone to enlighten me on this!

Reply by CF on 12/30/09 2:40pm
Msg #316119

I have a BOA specific fee...and it they do not meet it...fine with me! I am not printing upwards of 160 with an appraisal and credit card apps for nothing. Additionally, I am not faxing back w/o additional compensation. Business is OK for me and unless it gets real bad again....I have no need to put up with all the BS.

Reply by Champion Mobile Notary on 12/30/09 4:11pm
Msg #316136

I agree with brass/LA, if title has these original urgent docs in hand they can check to see if they were executed correctly. I would definitely increase my fee for the large number of pages for these fax backs since I would be unavailable to do another signing. Then, I have to wait to drop the documents which can be a challenge if you have a signing that may interfere with the courier pick up deadline. This is one reason I don't work with many signing companies.