Posted by pjc on 1/26/10 8:25pm
Msg #319692

escrow isntructions

I read the 1/17 thread about escrow instructions and I take it that most everyone DOES print a copy for the borrower. Yet it does seem like a waste of time and paper and toner. Is there a rule that says we must print a copy of these pages for the borrowers? Thanks

Reply by John Schenk on 1/26/10 9:24pm
Msg #319700

They send me the docs, I print them. That's the only rule I know of that I follow.

JJ

Reply by ChristineHI on 1/26/10 9:33pm
Msg #319701

I agree, John. There is a lot of "wasted" paper from printing documents that are not signed etc, but like John said, they send them to me, I print them. In regard to the borrower copy of these docs, I print all my docs twice so both the original and copy are exactly the same. It would be more work for me personally to make them different from each other anyway.

Reply by Alz on 1/26/10 9:42pm
Msg #319703

Ditto... n/m

Reply by Notarysigner on 1/26/10 11:02pm
Msg #319706

Like the others I also print them all out. You might look at it this way. If you don't print all the docs out and the borrower doesn't sign, how do you adjust your no-sign fee, Doc print fees to reflect that you didn't print them all out?

Reply by John Schenk on 1/26/10 11:40pm
Msg #319708

LMAO At that point it wouldn't matter if no sign!

You shred them and it's done. LOL You either get paid the no sign fee, or you get shafted.

I understand where you're coming from, but if it's a no-sign, I don't have anyone but LSI that tells me I have to ship the unsigned docs back to them. The rest have basically no instruction at all for unsigned/canceled docs. I'm stuck with destroying them after I've printed them out, which I do when I've printed them and one gets canceled....FAR too many times.

JJ

Reply by PAW on 1/27/10 7:03am
Msg #319720

If you don't provide the borrower/homeowner with a copy, you may be guilty of UPL in that you made a decision what the borrower/homeowner receives. Unless otherwise directed, since you are a 'disinterested third party', you need to provide the borrower/homeowner everything that is sent to you. For me, the rule that I follow is: Whatever I get, the borrower/homeowner gets. (The only exception is for pages specifically addressed to the signing agent/notary, and the shipping label, if included.)

Reply by Notarysigner on 1/27/10 9:11am
Msg #319731

Good enough for me. I would feel uncomfortable being paid for something I didn't do. I even give the the FAX cover sheet and the shipping label (because it has the tracking number on it).

Reply by Jack/AL on 1/27/10 5:23pm
Msg #319843

Back to the posted question "Is there a rule that says we must print a copy of these pages for the borrowers?"

If you look at most of the individual contractor agreements, lender's instructions, and some assignment sheets, you'll normally see that there is a requirement to provide the copy to the borrower as part of your work to earn the payment you'll receive.