Posted by Virginia/PA on 9/12/10 1:13am
Msg #352359

Borrower copies on cd

An earlier thread discussed borrower copies after signatures, and one post mentioned borrower copies on cd rather than paper.
How many of you do provide a cd rather than paper and if so, do you get permission from title or the signing company prior to doing so?
I did have one signing just last week that the title company actually said they were going green and would email copies directly to the borrower if the borrower wanted them that way. Anyone else hearing of green lenders or title companies? Is there a rule of thumb regarding cd's?

Reply by GOLDGIRL/CA on 9/12/10 1:40am
Msg #352360

I've often wondered why more TCs don't e-mail the docs to the borrower - or tell us to. I suppose it's because borrowers have been getting paper copies since the invention of the printing press and few agencies have stopped to think of better ways to do things. It's a great way for TCs to save paper and ink. But since notaries usually end up printing the borrowers' copy, nobody much cares about how much paper and ink we use.
The CD issue as been hammered to death here, so I don't want to get that started again .. but I am interested in how your signing went. Did the borrowers want their copy sent to their computer? Did you show up with just the signing copy? Did the TC ask you to check that the borrower copy opened OK on their computer? I wonder what lenders think of this...

I know lenders are routinely e-mailing appraisals now. A printed appraisal has gone the way of the dinosaur, apparently. Maybe the borrowers' copy of loan docs is headed that way, too....

Reply by Virginia/PA on 9/12/10 1:54pm
Msg #352381

Because the signing order offered the option to borrowers, when I called to confirm the appointment I offered email copies as instructed. The husband said they didn't have a computer nor a printer. The time had to be changed due to the wife's work schedule so he gave me her work number. When I called her I told her that the copies were offered via email but that her husband said they didn't have a computer nor a printer. She said phooey, yes we do and I'd love to have the copies emailed.
So following the instructions on my confirmation I obtained her email address and provided it to the signing company who was to provide it to the settlement company/lender. What they did with it I do not know.
I arrived with one set of copies (whoever posted about the 2nd set as a backup is absolutely correct-as there was a problem that had to be corrected by lining and initialing instead of using the backup copy), but I did make hard copies of the TIL, RTC, and HUD. I had to leave the original first payment coupon page since I missed printing a duplicate of it.
I asked borrowers if they received their email copy and wife checked their computer and no such animal appeared. So much for technology and so much for going green.
I apologized profusely and said that I would email them a copy when I got home. They did come to me via email, so I had them in pdf already. I emailed their copy IMMEDIATELY. I did not want a RESPA violation because they did not have copies available to them on the day of signing.
I mentioned the cd issue to them and wife said she'd love to have a copy on a cd. So I also burned a copy for them and drove around with it in my car until I was in their neighborhood again and dropped it in their mailbox.

Reply by GOLDGIRL/CA on 9/12/10 3:28pm
Msg #352389

The issue here is that a TC is telling the notary not to provide a copy of the docs because they are going to send it by e-mail directly to the borrowers ---- and then they don't. Amazing! Also interesting that the borrower said she would love an e-mail copy and love a CD, too. Actually, she's probably love any copy at that point.

Reply by PAW on 9/12/10 7:09am
Msg #352364

Borrower copies on cd - not an option

In my neck of the universe, less than 50% of the homeowners have and use computers. (This area is high in retired persons.) In the 10 years I've been doing this, only once has the CD option been requested by the borrowers. I used to ask, but since being told they don't have access to read the CD so many times, I don't even bother.

If I lived in a community with different social metrics, I would consider it. I would ALWAYS ASK the hiring agency and/or title and lender, if it would be acceptable to offer the CD vs paper to the borrower. If okay by them, then I would ask the borrower(s) during my confirmation call. I would still print out the important documents, such as the HUD, TIL, RTC and 1st Payment Letter.

Reply by Linda_H/FL on 9/12/10 9:35am
Msg #352366

I'm still signing people who don't have a computer

or wouldn't know what to do with a CD if it came with a copy of "How to for Dummies"...

Maybe more cost efficient for the notary, but IMO unless you're positive your signers can use the CD it's not effective delivery of copies of the documents. How do you fax a CD to cancel a loan? Suppose they corrupt the disk and can't open it.

I might also mention that lately I've received instructions specifically stating do NOT provide copies on CD's - paper copies MUST be provided...

I'll stay with paper for my folks.

Reply by BrendaTx on 9/12/10 11:34am
Msg #352375

Re: I'm still signing people who don't have a computer

Right, Linda.

While some would love electronic files, I work with people who are neither ancient, nor without puh-lenty of education, yet cannot understand how to find a file on a computer if there is not a shortcut on their desktop...they don't need to and don't want to. They love their paper references.

Reply by MW/VA on 9/12/10 12:09pm
Msg #352377

I'm with Linda on this one. I haven't seen anything in any

of the instructions I receive about a CD copy being ok. Also, I can't imagine where I'd be if we didn't have the copy to pull from when a mistake is made.

Reply by James Dawson on 9/12/10 11:18am
Msg #352373

It's been almost four years now, I have never been in a home that didn't have at least one computer. I use to think giving a copy on CD would be great but then, for the same reasons Linda offers, I don't hassle with it. A SS once told me in California it is a requirement to give the borrower a hard copy of the documents being signed but I haven't been able to find THAT in writing.
As far as providing a copy of the "signed" Docs, not for what I'm being paid! I did once teach a borrower how to go on-line to their county recorder's website and print out their recorded Docs, while doing so they found our someone had placed a lien against their home........and it wasn't caught during the title search. LOL

Reply by LKT/CA on 9/12/10 3:44pm
Msg #352390

I have completed loan signings where the borrowers did not have home office equipment - and they weren't retired or older. Sometimes those items are packed away in anticipation of moving.
I personally would not be responsible for emailing loan docs to the borrower - one missed or transposed number or letter could send those docs into cyberspace - to someone unscrupulous.

Besides.....the borrower's copy is a saving grace when they make a mistake.

Reply by Bravo on 9/13/10 12:24am
Msg #352430

A couple of things, in my experience the loan documents are often protected which prevents them from being forwarded to another email address, so forwarding them on to a borrower would not be possible.

Secondly, why the devil would any signing agent want to bother going to all the trouble of making a CD, then pulling out miscellaneous docs to copy, etc. What a nightmare! Not to mention the danger of misplacing a document during the shuffle. If a SS or TC ever asks me to do all of that, I will increase my fee substantially.

Thirdly, I would never go to a signing without a copy set of docs or without confirming that the borrower had their own set already sent directly to them by lender or TC. Those copies are often a life saver when errors are made.