Posted by Grammyzoom on 3/5/10 12:29pm
Msg #325487

Paper copies or CD's?

We are doing about 85-90% on CDs now. Of course we always ask the borrowers if they would prefer paper copies or a CD. A few years ago we only had requests of about 40% and now it is the prevalent choice.
We also check with our clients to make sure they are ok with the CD copies. We do print the critical documents and leave them with borrower but most people are delighted to get the CD instead of a huge stack of paper they have to file.
I am just curious to see how many notaries across the country are doing this.

Reply by desktopfull on 3/5/10 12:41pm
Msg #325489

Not me, my instructions say "deliver a printed copy" n/m

Reply by JanetLA on 3/5/10 12:45pm
Msg #325490

Not me. Follow instructions AND I like the paper copy for

error corrections... Have a good month to everyone!

Reply by desktopfull on 3/5/10 12:49pm
Msg #325491

Me too. n/m

Reply by trnsa_IL on 3/5/10 12:50pm
Msg #325492

Ditto n/m

Reply by parkerc/ME on 3/5/10 4:33pm
Msg #325576

Me too n/m

Reply by Linda_H/FL on 3/5/10 12:56pm
Msg #325493

Ditto.. n/m

Reply by Grammyzoom on 3/5/10 1:02pm
Msg #325495

If our instructions say specifically "deliver a paper copy", we clear it through the lender if borrower would like to have their copies on a CD. Never had a lender say nay yet but I'm sure we will come across one someday.

CDs make it so much easier, less expensive, saves a few trees and a lot easier for borrowers to file. We put a really nice label on the CD with the address, date, lender and borrowers name and place the CD in a CD envelope.

Our toner costs have been cut almost in half and the cost of the CDs are very cheap.

If there are any errors that you need to correct and you need to use the borrowers copy for that correction then I suppose you have a problem. We have been lucky and have not had that situation. We have found that the NORTC is usually the problem so we do print extras of it.

Reply by desktopfull on 3/5/10 1:56pm
Msg #325522

My instructions say "deliver a printed copy" and I have a form in most of my packages that the borrower has to acknowledge having received a printed copy of all the documents. I don't believe that those instruction leave any room for delivering a CD to the borrower, of which, with the right software, could be edited. No, I'm not going to call the TC, Underwriter, or Lender to ask them otherwise, I have enough to do with trying to get the docs on time and making sure I have the proper docs to go to the closing.

Also, those trees that your talking about saving are being grown by tree farmers on their own private property for the specific purpose of making paper. The farmers plant the trees rotating the crop so that they have a permanent supply for their product, they are not raping the planet. Honestly, I see nothing wrong with keeping these people involved in the paper production industry employed. A large portion of the paper mills are located right here in Florida and since our unemployment rate is well over 10% we don't need anymore unemployed. Also, Rockwell Martin f/k/a Martin Marietta grows these paper trees on their undeveloped land and since the Fed's are shutting down the NASA & the Spacecoast they will probably need the income.

Reply by jba/fl on 3/5/10 2:22pm
Msg #325546

Personally - my mom would like Scott paper to not grow trees across the street from her blocking her view of the Cascade mountain range. So her special request: don't use so much toilet paper...LOL

Reply by trnsa_IL on 3/5/10 4:16pm
Msg #325571

Too Funny.....

I use Scott paper specifically because a little goes a long way!

Reply by bagger on 3/5/10 4:17pm
Msg #325573

Maybe I'm having a logic attacke here, but if a BO wants a CD, he/she probably has a computer at home with the capability of printing that page if there was a problem.

Reply by trnsa_IL on 3/5/10 4:21pm
Msg #325574

Rarely have I encountered a borrower who has the capability to print legal size pages or if they do has legal size paper handy. IMO a paper copy in hand is just better.

Reply by Maureen_nh on 3/5/10 10:17pm
Msg #325663

Do you realize how many people have bought copiers, gone through the ink supplied and then never replaced it? Amazing

Reply by cawest/PA on 3/5/10 1:11pm
Msg #325496

I had very few cd requests and mostly still paper copy ... which I find amazing as I see at least one PC in each house I enter and it is much easier to store and not let lay around.

Reply by Linda_H/FL on 3/5/10 1:24pm
Msg #325504

"I see at least one PC in each house I enter "

May be a PC there...doesn't mean they know how to bring up files from a CD or know how to print them...could be just a gamer PC...

Just a thought.

Reply by cawest/PA on 3/5/10 1:43pm
Msg #325514

well I will admit that you might be correct!

Reply by Doris_CO on 3/5/10 1:58pm
Msg #325525

Technology changes so quickly now. Remember floppy disks? If your loan documents were saved on a 3 1/2" floppy, you probably don't have the floppy drive installed on your computer now in order to read the disk. I'll continue to print a copy for the borrower and find other ways to save on my expenses. Having an exact duplicate for the borrower has come in very handy when the borrower makes a mistake and a clean copy is needed to start over. The printed copy will last a lifetime or at least as long as it's needed. That CD is only good as long as the technology needed to read it is available.

Reply by JanetK_CA on 3/5/10 2:00pm
Msg #325528

I agree on all points! n/m

Reply by cawest/PA on 3/5/10 2:19pm
Msg #325544

agreed but than you have to admit that the CD saves us time and money but yes I guess the papers can be stored for the time they are needed ...

Reply by Glenn Strickler on 3/5/10 3:00pm
Msg #325559

Better check with a Real Estate Attorney

I just happen to be sitting in my attorney's office right now awaiting to notarize a signature for him, and I let him read this thread. He did ask me not to post his comments, however he does a lot of real estate law.

So just let me say this. Check with your attorney. And if you don't have one, get one to advise you on this issue ....

Personally, I deliver and will continue to deliver printed copies.

And since I am not an attorney, nothing in this post should be construed as legal advice.

Reply by MW/VA on 3/5/10 3:32pm
Msg #325564

Re: Better check with a Real Estate Attorney

I agree. Until we are advised by our hiring party that CD or emailing them a set of docs is ok, I will continue to print paper copies. It's not our call to make & could be considered UPL. What do you do at the signing table when a mistake is made & you don't have that extra copy to pull from?

Reply by Grammyzoom on 3/5/10 3:58pm
Msg #325569

I guess I got the response here that I expected.

For those of you who sent me PM's, I am glad that we all feel the same way and are in an enlightened era. Thank you for your messages but I do wish you all felt comfortable posting on the public arena instead of in private.

Thanks again.

Reply by SueW/Tn on 3/5/10 4:06pm
Msg #325570

I agree, we most definitely are in an enlightened era

and that's probably why you're hearing these opinions. BO's are much more enlightened now than even a year ago, they are well aware of how they can use the law, use rules and regs to work for them in something as big as a mortgage. We had a case here locally not too long ago where the LO had "ok'd" something and low and behold the BO got out of the repossession because it really didn't matter what the LO agreed to, what really mattered is how the BO was protected by the regulations. And when it matters, when it really matters...usually "no one knows nuttin'". I doubt seriously I'd deliver a CD without WRITTEN confirmation from EVERYONE involved that it was good to go.

Reply by Linda_H/FL on 3/5/10 4:38pm
Msg #325577

"For those of you who sent me PM's, I am glad that we all feel the same way and are in an enlightened era"

In your original post you said something to the effect of "curious how many other notaries across the nation are doing this?"....now from the above statement you don't like the answers you got...sorry to say it but when you ask for feedback from across the nation, and opinions, you're not always going to like what you hear.

I, personally, feel enlightened - I'm enlightened to my consumers, the borrowers - and to date they do not like the technology...every one I've asked would not ever consider signing a loan online. They want the paper. They want to read. So that's what I serve - the consumers...not to mention following the directions of the party who's going to be issuing my checks!

MHO

Reply by desktopfull on 3/5/10 4:54pm
Msg #325581

HUH? Who on this thread agreed with you? n/m

Reply by Kay/IL on 3/5/10 9:30pm
Msg #325656

Although I always print an extra copy for the borrower's records, some have asked me about copying the docs on a CD. Some say they don't want to deal with a ton of papers, others prefer to copy their docs onto their hard drive.

It's not a bad idea.

Reply by Susan Fischer on 3/6/10 1:44am
Msg #325687

To those who like the CDs, I oblige. Everyone's happy.

Fewer resources used, color appraisal pics, no need to print for borrowers.

Some like 'em, some don't. Yahhoo then they do - so easy for everyone. Better than a copy - the actual docs when printed out or viewed.

Love the CDs, every chance I get, GZ.