Posted by NCsignguy on 11/5/10 10:14pm
Msg #359899

multiple copies of documents

anyone know why a closing requires multiple copies of the same document?
2-3 deeds
2-4 HUDs
2-8 RTC
2-3 1003s
etc
I just tell borrowers the banks like paper work, but would be interested in the right answer
Thanks

Reply by Jim/AL on 11/5/10 10:28pm
Msg #359901

RTC's because each BO should receive two each, but this is the only one that makes any sense.

Mortgage/DOT in case the first is lost before recording is an explanation I saw tonight in a package and BO had to sign so she knew why she was signing two.

HUD's...laziness (lender/TC and file?) no reason, but I was docked once for not having 3.

1003 again laziness, I can see no reason...it contains nothing loan term related that holds any H2O.

It is a mystery and pisses me off every time I see it, u can be guaranteed BO will not see them in the copy package!

Reply by SheilaSJCA on 11/5/10 11:27pm
Msg #359909

mutliple HUD's and 1003's are generated during the process, if the loan changes in terms, names or other changes,etc.

Reply by Jim/AL on 11/6/10 12:47am
Msg #359916

He is referring to the SAME document, not different version/timeframe of same.
.

Citimortgage has 3 1003's and they are identical...not different versions of same doc. WHY?

Reply by PAW on 11/6/10 6:54am
Msg #359922

Multiple (up to 6) wet signed HUDs is not that uncommon. Especially with purchases with correspondent lenders. 1 HUD for each of the following: title, mortgage broker, RE agent, correspondent lender and servicing lender. Some title companies will make 'certified copies' of a wet signed HUD for distribution.

2 RTC's for lender and file. Again, it's not uncommon for title to make a certified copy of a wet signed RTC. (Signed RTC's are not required by Reg Z, but may be a policy of the lender or title company.)

Reply by Frank/NC on 11/6/10 9:18am
Msg #359928

There is at least one lender that has 12 copies of the RTC in the package. When I first saw this I called thinking it was a mistake. Was told that the docs pass through twelve departmants and each want an original of the RTC.

Reply by bagger on 11/6/10 12:46pm
Msg #359949

So, that makes us nothing more than copy boys/girls.
Maybe we should be on salary.

Reply by PAW on 11/6/10 1:28pm
Msg #359956

Sorry, I just don't buy that. There are many LOS/TitlePlant document preparation products that default to 12 copies when the docs are generated. I suggest that the title plant 'operators' haven't set up their software correctly, or are just skipping entering the number into the proper field.

Reply by ikando on 11/6/10 10:44pm
Msg #360018

FWIW, When I asked the title company why we needed to sign 2 Deed/Mortgages when only one gets filed, I was told "because if something happens to the first one, like it gets lost in transit to being filed, then you don't have to go back to the borrower."