Posted by Ali/IL on 9/15/09 1:31pm
Msg #303938

Appraisal included in package

I have been coming across this lately especially with a certain mortgage company. I don't know if they are pushing it to make the borrower happy or if borrowers are just requesting it.
They won't pay me extra for printing. The report is usually about 14 pages long. I feel that this should be sent directly from mortgage company to the borrower. What I was told by the title company is that the report is property of the mortgage company. Would try to get a fee approved. Of course they will make it hard for me.
How are others dealing with this?

Reply by Ted Green on 9/15/09 1:46pm
Msg #303942

There are a few lenders that include the appraisal as part of the loan package, however, the vast majority do not. My question to you is why are you viewing this document any different than all of the other documents in the loan package. It sounds like you have an issue with the basic fee that you charge for a signing. You're not one of those low-ball signers are you?

Reply by Glenn Strickler on 9/15/09 1:47pm
Msg #303944

I have has a few of those lately, but the total page count fell within my normal expected page count range, so I didn't worry about it.

So you have to decide if it is really pushing your page count over what your average usually is. I do know that the size of my packages has decreased since the sub-prime blow up as those sub-prime loans had a high page count in most cases. So right now, it's a wash.

I have thought, from time to time, about duplexing the BO's copies to save paper, but that could create an issue if a critical document is signed incorrectly and you want to switch out that page with the BO's copies ....

Reply by Ali/IL on 9/15/09 1:53pm
Msg #303945

Glenn, I will continue this with you not the previous poster.
I appreciate your answer. I have to keep in mind to ask how large package is. Yes, lately the packages have become larger as in this area I am getting a lot of fha's. I have been at this for five years now. We must not cheat on their copies because like you said we never know what we may need from their copies. Also, these borrowers have paid for it.
We must act with integrity.
And, we are on this forum to support each other. I have seen posts on here that have nothing to do with our business or have questions that may sound silly.
Please everyone keep in mind that we are all on this forum to help each other. This a lonely business. I know it is for me. I don't know anyone else in this area that does this. I know there are plenty but, I personally don't know them.
Thank you all and have a beautiful day and month.

Reply by Linda Juenger on 9/15/09 2:06pm
Msg #303947

Keep in mind Ali that you only have to print 1 copy of the appraisal and that is for the borrower. You don't have to send a copy back with the pkg.

Reply by trnsa_IL on 9/16/09 10:50am
Msg #304025

Agree, Linda, I do the same. n/m

Reply by Bob_Chicago on 9/15/09 2:09pm
Msg #303948

Don't know if you are in my service area, but if you are
I SHOULD tell you to ask for an additional $20 to compensate you
for the additional 20 seconds of print time and 25 to 40 cents of addiional cost,
and then suggest that you give them my # when they tell you that they will
not call you again. It is tough enough nowadays to get profitable work without
nickel and dimeing customers over trivial matters.
As a fellow NOTROT NSA, I WILL suggest that you only print the app for the
bwr copy, duplex it if possible, and tell them that app is included in their copy
as you are leaving the signing, to avoid them trying to read it while you are there.

Reply by CaliNotary on 9/15/09 4:24pm
Msg #303967

"It is tough enough nowadays to get profitable work without
nickel and dimeing customers over trivial matters."

Amen to that. Thinking you need to increase your print fee for an extra 14 pages is beyond ridiculous.

Reply by ChristineHI on 9/15/09 4:37pm
Msg #303971

Charging extra to print the appraisal is not a good idea. Like Linda said, you only need to make a copy for the borrower. The lender does not need a copy back. That is what I do as well. I just make a copy for the borrower's copy package.
As a loan processor, I think it is good that they put it in the file actually. The borrowers pay for it and it is theirs and they always have to hound the loan agent for a copy. It is very professional to put it with the docs. When I processed loans we always put a copy with the docs as well when the loan signed.

Reply by JanelWI on 9/15/09 4:50pm
Msg #303973

I agree, I don't believe you should charge extra for such a small amount of paperwork. I charge a standard fee for printing, period. For appraisals I duplex them and print on toner save. They come out just fine. Also for reverse mortgages, I do the same for the booklet that comes with the loan package for the borrower.

It is the packages where they send the extra preliminary docs that are anywhere from 32-45 pages, that should have been signed earlier, that drives me postal at times, but I do ask if there are any additional docs upfront that I should be aware of. It does not always work, but at least I ask.

Ultimately, if the extra docs for appraisals bother you, cover it up front if you feel you should be compensated. This is your business. No matter what comments are said here on the forum, you still have to decide what is right for you.

Reply by Maureen_nh on 9/15/09 10:29pm
Msg #303995

My problem with the appriasals and with the three copies of the mortgage is mainly with docs that are late or push into my time constraints. That is when I don't have time to look the pkg over before I print.
My penny pinching little heart loved the company that sent the second copy of the mort over at the end of the pkg, so I could choose not to print it.
It would at least be courteous for them to tell us that we have an appraisal here and or put all those extra docs at the end (rtcs) so we could only print as many as needed and let us know that is what they are doing. Dream on ?

Reply by DonR_NYC on 9/15/09 11:00pm
Msg #303998

Hello all. It’s been a while since I’ve left the signing biz (NYC became too congested with low ball SA’s and companies wouldn’t even come close to a reasonable fee; but that’s another story). I’m doing RE sales now and a new wave of regulations took affect recently that affect ALL sectors of the RE biz, including mortgages. Just Thought I jump in on this and give all a heads up on what is happening now.

For the "newbies" out there I was doing loan signings long before most; with the exception of a very few. We dinosaurs paved the way for you today and you should be thankful for all the knowledge and experience that you can find here.

New rules set out by the Federal Reserve took effect July 30, 2009 that MANDATES that any loan application processed after that date, the lender must send the borrower early disclosures and the borrower has 7 days to review them. The lender MUST deliver to the borrower a copy of the RE appraisal 3 days before the scheduled closing. Additionally the FINAL T & L disclosures are due the borrower 3 days before the scheduled closing. Closing CANNOT be conducted until the borrower receives the appraisal IN ADVANCE unless the borrower waives it.

Another new rule is that if the rate changes by 1/8 of a percentage point the lender must “re-disclose” (send new disclosures and T & L) to the borrower and the borrower has an additional 7 days to review the documents before the closing can be scheduled. You can bet that lawyers will be watching this closely to make sure lenders comply.

Take care and GOOD LUCK in this tough market.

Don R/NYC

Reply by Bob_Chicago on 9/15/09 11:10pm
Msg #303999

Word to the wise. When Don has something to say, I

recommend that you listen. He knows what he is talking about.
Hey, D, how you doin' ?. Good to see that you are still involved in the RE biz.
BTW, who you callin' a dinosaur??

Reply by Jess/CT on 9/16/09 8:35am
Msg #304007

Thanks Don, one of the lenders I work with sent me these

new rules as well.

One noted that as of Aug 1 (in CT anyway) the borrower is supposed to receive a copy of the appraisal prior to the closing.

Reply by 101livescan on 9/16/09 8:39am
Msg #304008

Thank you for posting this, Don. Hope you and your children and your brother's children are well, happy and adjusted to all the life changes and losses you've experienced. The biz has been completely turned upside down, due to all the mortgage fraud. The Fed's zeroed in by analyzing closed loan files that became foreclosure statistics...all the rules have changed forever. It takes even longer to get a file processed, underwritten and successfully closed these days. I've noticed that since last December through July of this year, lenders made a lot of mistakes in documentation. They are very leanly staffed. Also Loan Subordinations and Modifications with existing subordinate loans take longer, even further stalling the process for final documents. Our biz has changed forever.