Posted by John Schenk on 2/11/11 3:40pm
Msg #372407

HELOC/CASHOUT 2 sided copies to borrowers

You guys that do HELOCS and CASHOUTS, do you ever make the borrowers 2 sided copies? I haven't before but I just asked myself why in the heck I haven't? You must provide the borrowers with an executed copy after the signing but I see no provision that it can't be a 2 sided copy, and hence 1/2 the paper used. I have a cashout at 5:00 today.

TIA

JJ

Reply by MistarellaFL on 2/11/11 3:43pm
Msg #372409

I've never had to provide an executed copy

But if I had, I can't think of a reason I couldn't provide the copy as a 2-sided copy.

Reply by John Schenk on 2/11/11 4:02pm
Msg #372414

Re: I've never had to provide an executed copy

Thanks...that's what I think too.

JJ

Reply by MarieG/CA on 2/11/11 4:47pm
Msg #372424

Re: I've never had to provide an executed copy

I agree. But, now I have a question. Is it ever NOT OK to make two sided copies?

Reply by HisHughness on 2/11/11 4:56pm
Msg #372427

Re: I've never had to provide an executed copy

I will gladly bear the expense of a full set of one-sided copies for the comfort of the insurance of a backup copy at signing.

If a borrower requests an executed copy, I always tell them it will be a little while before they can get a <full> executed set because of the subsequent signings and recordings required, but if they want one, to make that request of their loan officer. He is the one who is getting a commission for serving them; let him earn it.

Reply by John Schenk on 2/11/11 5:51pm
Msg #372429

HELOCS and CASHOUTS I give them an executed copy.

Hugh, this was a HELOC so had to be signed at the law office (only place I do HELOCS and CASHOUTS). I normally provide the borrowers with a fully executed copy after the signing. Today they got that copy 2 sided. Just cuts down on the paper. Actually they did mess up a page and had to run and print 1 page off for them to re-sign. Not a big deal while at the office.

For a signing outside the office, I always bring a copy identical to the original in size, and usually end up jerking at least one replacement page out of the copy so I do the same as you do in the field, and will continue to do so just so I have that page there if needed, just as you do. Only way to fly!

JJ

Reply by James Dawson on 2/11/11 3:49pm
Msg #372411

Shhhhhhhhhhh!

Reply by GOLDGIRL/CA on 2/12/11 12:54am
Msg #372477

You mean there's another way to make borrower copies? I've never heard of anything but duplexing. And another thing: If a borrower makes a "mistake" on a page - such as signs in the worng place, I have them sign in the correct place. If they mess up the date, I have them neatly strike through, write the correct date and initial. I have NEVER had a lender or TC return a doc for this reason. So I truly don't know what the Big Deal is with always having a perfect doc returned. (Maybe I've just been lucky).

P.S. (This doesn't apply to Provident loans, of course).

Reply by CopperheadVA on 2/12/11 7:07am
Msg #372481

<< P.S. (This doesn't apply to Provident loans, of course). >>

Yup, Provident will burn you at the stake if you allow that on their docs!

Reply by Art_PA on 2/12/11 11:37am
Msg #372512

A few thoughts. Paper is not that expensive. You may need to switch out pages if an error is made. Duplexing takes more time, & more wear on your printer or copier. More chance of a paper jam.

Reply by jba/fl on 2/12/11 11:58am
Msg #372516

Many appear to be missing the fact that you are doing

executed copies.

Reply by Linda_H/FL on 2/12/11 12:15pm
Msg #372522

Yep...a TX requirement....

So pkg is signed THEN photocopied...I see no problem with duplexing borrowers' copies at that point - they'd probably appreciate it..

Reply by MistarellaFL on 2/12/11 12:23pm
Msg #372524

Yep, EXECUTED copies, meaning already signed

JJ is not referring to blank copies, which we all seem to agree should always be printed
one-sided only.

Reply by BrendaTx on 2/12/11 3:10pm
Msg #372555

I think it is fine. You undoubtedly have a copier that handles it flawlessly. Good move.

Folks, these are signings conducted in an attorney's office; they are EXECUTED documents, not just a copy of unsigned documents.