Posted by GOLDGIRL/CA on 9/26/10 1:53am
Msg #354086

Receipt for borrower funds?

Do most/any of you give some sort of receipt to borrowers when they give you a check for funds due to close? I mostly never did, but lately I've had a couple of borrowers require I give them a receipt or initial on the check stub I took the top part. Just wondering if that's a good idea to do anyway ... or not ...?

Reply by MichiganAl on 9/26/10 2:22am
Msg #354087

I don't have a problem acknowledging in writing that I took possession of their check if they ask. After all, that's exactly what I did. Also, when borrowers have been instructed to make the check out to themselves and endorse the back (happens a lot with purchases), many of my companies require that the borrower add a line under their signature on the check that says "payable to XYZ Title." I make that standard practice on all checks that have to be endorsed.

Reply by Lee/AR on 9/26/10 3:30am
Msg #354089

Ditto MichiganAl n/m

Reply by ReneeK_MI on 9/26/10 9:17am
Msg #354093

ditto that, too - the only safe way to handle endorsed check n/m

Reply by James Dawson on 9/26/10 8:11am
Msg #354092

I don't give a receipt. I have borrower put escrow # on check (since it's deposited in the TC General funds account). The I have them put it in a envelope and seal it. Then I take the sealed envelope and staple it to a sheet of iridescent card stock I carry and write "funds" on it and place in shipping package. My last thing is to seal the package in their presence.

Reply by Donna McDaniel on 9/26/10 10:20am
Msg #354103

Never had anyone ask, but..

If they want a receipt, they can wire the funds. IMO checks go thru too many hands after I send the docs.

Reply by James Dawson on 9/26/10 10:26am
Msg #354105

Re: Never had anyone ask, but..

Good point...I get a receipt from the shipper and I'm done with it.

Reply by parkerc/ME on 9/26/10 11:43am
Msg #354112

I do the same as James

I do the same as James.

Reply by James Dawson on 9/26/10 5:09pm
Msg #354157

Now I remember. I got this idea from LKT

Reply by LKT/CA on 9/26/10 3:37pm
Msg #354134

NO, I don't and wouldn't. While the borrowers are watching, I always place their check in a bright, neon colored envelope, write "FUNDS" across the front with lots of dollars signs all over the envelope, seal it and staple it to a "throw away" sheet of paper such as an instruction sheet. It is on the top of the stack and the first thing seen when the TC opens the package.

Borrowers can photocopy their check (front and back) before handing it to me. I take a small copier with me to signings (to make ID copies if the borrower didn't bother to take care of this like I asked them to during the initial phone call) and if client doesn't have one, I'll gladly bring it inside and photocopy their check for them.

But NO, I will not write out a receipt or initial anything.

Reply by MichiganAl on 9/26/10 6:57pm
Msg #354195

I also seal everything up in front of the borrower

But signing something saying I took the check from them isn't the same as saying I'm responsible for anything that happens once it's out of my hands.

Reply by MW/VA on 9/28/10 7:45am
Msg #354528

No, but the other day I had one company that put in a form

that required the borrower to check a box with the form of payment (check, cash, etc.) & sign it. I was also required to sign the form. It was a new one to me.