Posted by Shoshana/AZ on 10/30/09 4:11pm
Msg #309324

When faxbacks can be critical

I know we all B**** about faxbacks. I did a refi for an investment property Wed night. It seems that good ol' UPS temporarily lost the docs in Mesa (AZ). They missed their plane to the east coast. Just got a call from the settlement agent that even though they don't have all the docs yet, they will fund based on my faxbacks.
That shed a different light on things for me.

Reply by Lee/AR on 10/30/09 4:21pm
Msg #309328

For a purchase/sale or non-rescindable loan, I understand faxbacks. For the rest? Not so much.

Reply by Maui07 on 10/31/09 1:35am
Msg #309402

I understand faxbacks when docs are lost i.e. the UPS example, but after doing escrow years ago and seeing how little is done now and what is now asked of the signing agent and the borrowers I have changed my tune. I am no longer doing escrows job without an additional fee. Fax backs can be up to 60 pages on investment docs so the title and run with it. That is another hours worth of work to my time and above and beyond my responsibility as an agent. I have never acted like a Prima donna, but to anything entailing escrows job I am charging extra.

Reply by PAW on 10/31/09 7:59am
Msg #309409

>>> Fax backs can be up to 60 pages on investment docs so the title and run with it. That is another hours worth of work to my time and above and beyond my responsibility as an agent. <<<

You're kidding, right? An **hour** of your time to fax back a package? I submit that if you are spending an hour of **your time** to fax, then you may need to work a bit smarter, and/or get some better equipment.

I recently had to fax a 154 page package to a lender. I think it took all of 5 minutes of my time to scan in the document. Once scanned, the sending of the fax was automatic in that no further investment of my time was necessary.

Reply by John/CT on 10/31/09 8:48am
Msg #309421

Under 2 seconds to scan each page!?!? Now that's impressive!

While I don't exactly live in the Stone Age, my fax machine can nowhere "gulp" down pages at that rate! What kind of equipment are you using, Paul?

Reply by PAW on 10/31/09 8:55am
Msg #309423

Re: Under 2 seconds to scan each page!?!? Now that's impressive!

That's only the amount of time **I** spend. The scan rate for normal documents is about 20 pages per minute, so to scan the whole package, the scanner is taking about 7 to 10 minutes. But I don't need to babysit the scanner. Just place the package in the document feeder, set the fax and go do something else. It scans to memory, then faxes from memory rather than sending each page after it is scanned in.

The equipment is an HP LaserJet 3330mfp. About 10 years old, and still works like it was brand new.

Reply by MistarellaFL on 10/31/09 9:02am
Msg #309425

I am a scanner to fax gal myself

Although most times I can just email the package.
I don't pull out the pages they are requesting, either.
They get the WHOLE package.
Like Paul, I scan it and forget it.
Takes a whopping 5-10 minutes out of my day, AND.........
I have the benefit of the full package as a file...meaning if they tell me I missed a page/signature/stamp, whatever.....
I have the whole executed signed package at my disposal for evidence.
I keep the executed package on file until payment is received.

Reply by Shoshana/AZ on 10/31/09 4:32pm
Msg #309454

Re: Under 2 seconds to scan each page!?!? Now that's impressive!

The scanner on my 3330 never worked. It was brand new when I started in Aug 2002.

Reply by Jim/AL on 10/31/09 5:21pm
Msg #309459

I can see an hour of time being used. n/m

Reply by Jim/AL on 10/31/09 5:23pm
Msg #309460

Re: I can see an hour of time being used.

No fax backs means drop docs, done deal.

Faxbacks means, drive home, scan and/or fax, sometimes wait for approval, and then drive from home back to drop the package...all time used that is not with no faxbacks.

Reply by Linda_H/FL on 10/31/09 5:28pm
Msg #309462

That's exactly how it is for me Jim

Drop docs immediately - done..

Faxback - come back home (minimum 30 minute drive) - fax (10 min) drive to drop package and back (special trip - 30 min drive one way - 60 min rt) - I've just accounted for almost an hour and 40 minutes minimum extra for one little word - faxback - especially irritating on a Friday night or a Saturday when you KNOW no one at the receiving end is going to do anything with them until Monday.

Reply by PAW on 10/31/09 5:34pm
Msg #309464

Re: That's exactly how it is for me Jim

>>> especially irritating on a Friday night or a Saturday when you KNOW no one at the receiving end is going to do anything with them until Monday. <<<

So there's no hurry to fax back if your signing is after last pickup on Friday and no pickup on Saturday.

For other cases, see my other post a bit earlier than this one.

Reply by Linda_H/FL on 10/31/09 5:42pm
Msg #309467

Heh..no..YOU see MY post...:) n/m

Reply by PAW on 10/31/09 5:31pm
Msg #309463

Re: I can see an hour of time being used.

No extra time required to drive back to the office/home to do the fax back. They get faxed after all other appointments when I'm going back to the office anyway.

As for waiting for approval, I don't do those types of signings. Haven't had to fax docs for "approval" before dropping in years. Docs go out the same day if possible, as long as there is no fax backs required and the signing is finished no later than 3 PM. Last pickup time is 4 PM here.

Reply by Linda_H/FL on 10/31/09 5:39pm
Msg #309465

I can drop as late as 5:15 in Lake City

or 5:30 at Kinkos in Gainesville for same day shipping...the extra time comes into play because there's still a special trip to be made going back out to drop the package - I'd rather drop right away if I'm near the dropoff location. If I close after the cutoff time I'd still rather drop while I'm out (Kinkos is open 24 hours....Mailbox Store I use in Lake City installed a secure drop slot so we can drop all night there)

Keep in mind - FedEx/UPS won't come and pick up from me out here...so if I come back to fax I still have to go back out to drop because it's on me to get it to shipping location.

Reply by PAW on 10/31/09 7:37pm
Msg #309475

You're lucky

Our "Authorized Service Center" which handles FedEx, UPS, DHL and even USPS, is on may way in and out every day. I go by there at least twice a day, so it's not out of my way to drop a package. (We don't have a Kinkos anywhere near here, only drop boxes, and UPS store and the Service Center. My choices are pretty limited and I never drop docs in a drop box, unless absolutely necessary, like for morning purchase closings in Ocala.) I can see yours and others point since I was in the same boat when I lived in Z-hills.

What works for me, obviously doesn't work for you, and vice versa. If everyone did everything the same way, it would be a pretty dull world.

Reply by Linda_H/FL on 10/31/09 8:17pm
Msg #309477

One thing I did hear but haven't checked out yet

is some office supply stores are authorized ship centers...Office Max, Office Depot, Staples, - haven't checked the local Office Max for shipping times yet...on my to-do list.

I cringe at drop boxes and refuse to use them - personal experience taught me that.

Reply by PAW on 11/1/09 7:07am
Msg #309491

Re: One thing I did hear but haven't checked out yet

We do have an Office Max (no Staples, no Office Depot) but they are not an authorized shipping center. They do have a FedEx drop box between the front entrance doors with a 4:00 PM pickup time. There are also drop boxes (FedEx and UPS) at the courthouse.

Reply by Linda_H/FL on 10/30/09 4:22pm
Msg #309329

Isn't that pretty standard for investment properties though?

They're treated just like purchases and funding is done based on faxbacks since no RTC attaches...

Reply by Shoshana/AZ on 10/30/09 6:11pm
Msg #309348

I have only had it with certain lenders.

This was a BOA through Fiserv. I also did not have to fax back half the package. They were perfectly content with only the first, signature and notarization pages of the DOT as well as some other critical docs. Some companies have you fax back half the package (40-50 pages).

Reply by Charles_Ca on 10/30/09 6:32pm
Msg #309352

Re: When faxbacks can be critical-The faxbacks I don't like

are the one's that the SS wants for immediate quality control. It has been my experience that they don't like to talk about them up front but kind of slide it into the instructions. If they paid a decent signing fee and hired competent notaries they would not need to constantly do quality control at the notary's expense. Your particular situation seems like what a professional notary wold do to make sure the funding is not held up because of perigrinating documents. As a commercial broker, I know I would be most grateful to you for stepping in and providing docs that one can fund from. In most cases now FAXed signatures are considered legal and coming from an independant third party unimpeachable. Thanks for moving the closing along!

Reply by CopperheadVA on 10/30/09 6:57pm
Msg #309357

OK, I had to look up "perigrinating"....

Except it wasn't listed anywhere. Google seems to think it should be spelled "peregrinating", which means "To journey or travel from place to place, especially on foot."

Charles, send that word to Bill O'Reilly!

Reply by Charles_Ca on 10/30/09 10:16pm
Msg #309379

Sorry for the typo...

It is peregrinating. I need to get a new prescription for my reading glasses. My usually poor typing has taken a nosedive in the last few days. But...??? why bill O'Reilly, I thought he was a political commentator.

Reply by CopperheadVA on 10/30/09 10:27pm
Msg #309384

O'Reilly usually highlights a word like that at the end of

every show and challenges viewers to use it in their everyday speech. It's his way of getting people to expand their vocabulary.

Reply by BrendaTx on 10/31/09 7:29pm
Msg #309474

Right, Copper...and my mother

sits by her tv each night with Webster's in hand waiting for her new word of the day.

Reply by NewPhoenix on 10/31/09 12:06am
Msg #309395

Hmm... I thought that was perambulating... :) n/m

Reply by Cari on 10/31/09 12:08am
Msg #309397

LMAO NewPhoenix.... n/m