Posted by Dennis_IN on 8/12/10 1:35pm
Msg #348645

Do you have the borrower initial all

documents that are not signed in the loan package? With some packages reaching 140+ pages. I do that now but I am thinking about not having the borrower initial every page unless there are lines for them to initial. This could save a substantial amount of time. I tried to search this topic with no results. Your thoughts are appreciated.

Reply by Cam/CA on 8/12/10 1:39pm
Msg #348647

Re: I have never done this unless it was in the instructions

to do so. In fact I had one the other day which specifically stated not to have the borrowers initial any pages unless the page had an initial spot on it, they also stated that the Note and DOT was not to be initial either.

Reply by GA/Atty on 8/12/10 1:40pm
Msg #348648

No n/m

Reply by Riley/FL on 8/12/10 1:46pm
Msg #348650

Re: No

I don't even show them the pages that don't need to be signed or initialed. That uses up too much time.

Reply by MW/VA on 8/12/10 1:59pm
Msg #348655

Re: No

It really is your job to review all the docs in the package with the borrower, not just the ones that require initials or signatures.

Reply by Riley/FL on 8/12/10 2:12pm
Msg #348659

Re: No

I am sure you do not mean the master closing instructions, lenders instructions, title instructions, IRS instructions. funding transmittals, audit sheets, etc. that they throw in there? I do show them the first payment letters, amoritization schedules, and such.

Reply by James Dawson on 8/12/10 2:20pm
Msg #348662

I present every page to the borrower..if

it says page 1 of 8, I show them they have eight pages.

I tell them if they've seen it all before we can just breeze through it, they're paying for it, it's their call. Excellent service for an excellent price I figure.

Reply by Riley/FL on 8/12/10 2:33pm
Msg #348666

Re: I present every page to the borrower..if

As do I, James. I always present the complete document, not just the signature page.Also, I always put all the other nonsense docs I previously mentioned at the bottom of the BO's copy so they don't get discouraged if they decide to read the docs.

Reply by James Dawson on 8/12/10 2:59pm
Msg #348679

Re: I present every page to the borrower..if

Gotcha! You know what though? If you hit them with the closing instructions first, I think they go whooooa, I don't have time for all this. Then they will tell you,..." just hit me with the "important stuff". Mission accomplished. LOL

Reply by RedBaron/IN on 8/12/10 3:05pm
Msg #348680

Re: I present every page to the borrower..if

Some folks start out reading every page. After 4or5 pages it is amazing how their speed reading increases.

Reply by James Dawson on 8/12/10 3:09pm
Msg #348683

Sorry Dennis...regarding your question..I only do what I'm..

Instructed to do....no judgment calls made on loan Docs.....

Reply by Riley/FL on 8/12/10 4:19pm
Msg #348702

Touche'!

Next time I get a reader, I'll whip out those closing instructions and hit them with em! LOL

Reply by Linda_H/FL on 8/12/10 1:51pm
Msg #348654

Unless instructed, no I don't....and I've been told by a

title company "you wouldn't believe the number of resigns we have because the notary goes ahead and has all the pages initialed"...

May want to rethink your policies and procedures - that's the hiring party's call, not yours.

MHO

Reply by Dennis_IN on 8/12/10 2:00pm
Msg #348656

Thanks for the advice n/m

Reply by MW/VA on 8/12/10 2:05pm
Msg #348657

No, but I've heard about this "initial every page" thing

that's going around. The usual docs that get initials are the HUD, Note, DOT, 1003. Some companies have other docs to be initialled. The only reason I can think of to require every page to be initialled is so the company knows the borrower was shown every page. It is our job to go through every page in the package, whether it requires signatures/initials or not. Too bad there are some in the industry that think their job is only to get signatures & be on their way.

Reply by Riley/FL on 8/12/10 2:18pm
Msg #348661

Are you saying you go through every page

of Bank of America's 36 page closing instructions?

Reply by MW/VA on 8/12/10 2:35pm
Msg #348667

Re: Are you saying you go through every page

Of course not. I usually paper clip closing instructions (theirs or anyone else's) & put them at the back of the package. Those instructions are for the tc, not the borrowers.

Reply by MistarellaFL on 8/12/10 2:42pm
Msg #348669

CW/BOAs 36 pages or more of closing instructions

I used to work with a TC that insisted these pages also be initialed.
I just explained what they were to the brws, let them look at them, and after a page or 2 they signed all those pages.
The answer to this query has to be: Depends on the lender.
Some lenders require it, but most don't, and like the 2 earlier posts, it will need to be redone if the lender doesn't want it and it's done.
I always ask new clients about it before I guess at it.

Reply by Claudine Osborne on 8/12/10 8:32pm
Msg #348758

Re: CW/BOAs 36 pages or more of closing instructions

It is not up to us to decide these matters..I have had some TCs tell me do not to inital. I present all pages except instructions..Some people notice the numbered pages and if any is missing they have asked! I would rather show them all..than have them thinking I am "pulling one over on them". Doesnt take that much longer..

Reply by James Dawson on 8/12/10 11:38pm
Msg #348766

agree, yes! n/m

Reply by Teresa/FL on 8/12/10 3:06pm
Msg #348681

If there is no mention of initials in my instructions

I always email the hiring party for clarification.

I do not assume either way, but ask specifically if ALL non-signature pages need to be initialed or if just those pages indicating initials are needed should be initialled.

I also review the closing instructions (if they are included) just in case there are contradictory instructions or additional instructions that were not communicated.

Reply by SharonMN on 8/12/10 4:23pm
Msg #348703

With all the venting about lowball fees, I'm certainly not about to take it upon myself to do something that adds time, isn't standard procedure, and isn't requested by the lender. If the lender wants initials on every page, fine, they can tell me so and I'll do it, but I've come across that maybe once or twice.

Also, some lenders/TCs probably don't like it because it impedes their ability to make corrections to the signed docs later!

Reply by Stoli on 8/12/10 4:38pm
Msg #348705

JP Morgan Chase Bank requires initials on every page. n/m

Reply by parkerc/ME on 8/12/10 5:23pm
Msg #348733

Re: JP Morgan Chase Bank requires initials on every page.

Not always. Rarely get an "initial all non-signature pages" directive and that goes for Chase also.

Reply by Teresa/FL on 8/12/10 5:53pm
Msg #348742

I agree, I find it is more TC specific than lender specific n/m

Reply by parkerc/ME on 8/12/10 5:18pm
Msg #348732

Not unless instructed to do so n/m

Reply by Bravo on 8/12/10 11:42pm
Msg #348768

I would never consider having borrower initial all pages UNLESS its indicated so OR my order confirmation requests it. Its a waste of your time and your clients time. The only caveat to that is if its a doc that you KNOW usually gets initialed and there is no indicator for it...in that instance I would have them initial it to be safe. But all other pages, no way.

Reply by jba/fl on 8/12/10 11:54pm
Msg #348770

"The only caveat to that is if its a doc that you KNOW usually gets initialed and there is no indicator for it..."

Which ones are those that you KNOW?

Reply by JanetK_CA on 8/13/10 8:26pm
Msg #348903

I was wondering the same thing...

In this business, nearly every time you think you KNOW something, you get a package that requests the exact opposite - or at least throws a slightly different twist on things. I try to keep reminding myself that, perhaps aside from state notary law (and even where that's concerned sometimes), there are no absolutes in our line of work!

Reply by Stoli on 8/13/10 12:05am
Msg #348772

Okay, when I sign JP Morgan Chase for LSI, initial all pages n/m

Reply by Carole Breckbill on 8/13/10 7:23am
Msg #348781

I have found this to be very frustrating! One SS has instructions that state all pages to be initialed except those pages that are signed. Lately I've seen instructions from lenders that ask for initials ONLY when there are lines for them. Some companies ask for even signed pages to be initialed (note, mtg). In the absence of specific instructions, I have people initial only where there are lines for them to initial. But to initial or not to initial instructions should come automatically from the lender. We should not have to guess, or call the SS on these pkgs. I do read the closing instructions to make sure that I haven't missed anything. But again, this lack of consistency and absence of information/instructions is very frustrating.

Reply by Cari on 8/13/10 8:04am
Msg #348792

Re: Do you have the borrower initial all - NOOOOO

NO. Unless you are told to by TC or Lender or an Attorney!

Last week, I went to a simple refi closing where the previous signing agent, a local one, totally screwed up the signing by doing just that!

He had stamped all of the mortgage docs with a small stamp for the BO to initial, which was totally unnecessary and was not instructed to do, thus docs had to be resigned...lucky me.

Not only that, but signing agent also had the nerve to ask the BO to come out to him for the signing, which was like 20 miles from the BO!

I was sort of in shock to hear this horror story, but I've heard worse. The BO was so nice and gave me nothing but compliments, which I'm still beeming from (nice to get recognized as doing a job well done )

And the BO is an intern at one of the hospitals two of my kids were born in and we did the signing there at the hospital....

Reply by ReneeK_MI on 8/14/10 6:03am
Msg #348938

Never, unless instructed to. n/m