Posted by samH/CA on 2/19/11 12:08am
Msg #373378

Is this normal?

I received the docs for my tomorrow signing, and there are two set of the deed of trust in the package. Is this normal ? Should I just complete one set or both.

Reply by jba/fl on 2/19/11 12:17am
Msg #373379

This may be normal for this lender.

When printing pkg., save some paper and give the borrower just one set. Your instructions should address this; if not, don't worry but get both copies signed.

Reply by Susan Fischer on 2/19/11 1:51am
Msg #373386

More than likely. If the docs are in the signers'

package, they are "normal" for that loan product. If the borrowers have a question, a referral to their loan person at the table is a very good thing. It is the lender's responsibility to explain the loan product.

Generally, and even specifically, the docs in the borrowers' packages are executed by the borrowers, and notarized accordingly.

If the borrower doesn't question the dual DOTs, it is not your place to bring up the fact as suspect.

Logical suggestion: Have the docs executed and notarized as presented, and unless you have very good reason, refrain from raising doubts of borrowers about their loan product, and if there is a question at the table, refer borrowers to their loan contact.

jmho.

Reply by Scriba/NM on 2/19/11 2:24am
Msg #373388

There are a couple of lenders that require two copies of the DOT or Mortgage. It would help if you would mention the name of the lender, then it would be easy. The way you have presented it is like a mystery test. As an example, Embrace Home Loans (formerly AFS), requires two DOT's and usually two notes. Some of the title companies that process Embrace Loans also require three completed RTC's returned as well. There will usually be instructions in the package. Two DOT's just don't "show up" for no reason. If in doubt, always execute ALL items in the loan package that is sent to you. If they don't need them at funding, they can be the ones who ditch them. Obviously the people giving you answers don't know too much about this business - which is why we receive a thousand pages of instructions to the notary. Many of the title companies will be working on this Saturday - call them if you have questions.

Reply by kcg on 2/19/11 6:42am
Msg #373391

"Obviously the people giving you answers don't know too much about this business - which is why we receive a thousand pages of instructions to the notary"

Seriously? I hope I'm mis-interpreting that statement. JBA and Susan Fischer are among the top on this board. I thought their answers were spot on.

I can think of at least 3 companies that require 2 DOT's. If it's in the package, I get it signed. I don't think it matters who the lender is. One company was requiring 12 RTC's which I think we all thought was absurd but we got them signed.

Without making a big deal of it, I simply tell the BO that the multiple copies are a requirement for that lender....I have never had one refuse or balk at signing the additional copies. I'm sure there are some who question it but I am lucky not to have run into that.

Reply by PAW on 2/19/11 7:08am
Msg #373392

Multiple DoT's is not problematic

Some lenders and TC's want fully executed copies, "just in case" and for their files. There's no harm or foul with multiple security instruments.

Multiple Notes, on the other hand, may be problematic to a borrower. It's not to often that you will see duplicate Notes (not to be confused with two Notes for RMs) and when you do, the duplicate is usually marked "COPY".

Reply by Linda_H/FL on 2/19/11 7:49am
Msg #373394

Yeah...really Ralph...I agree with Katrina

Julie and Susan are very experienced in this business and neither of them gave advice that was out of line - in fact, IMO, their advice was spot on...

Reply by Larry/IL on 2/19/11 9:05am
Msg #373400

Yesterday I had a refi from Titleserv / Chase. Had THREE sets of the Mortgage to execute, TWO Notes and many many other extra documents that are completely unnecessary. At least 4 Titleserv documents always seem to take the borrowers 20 minutes to fill out. I do about 30 Chase refis a month and none of the other title companies require this.

I am usually pretty efficient getting in and out of a closing in 30 to 50 minutes but these will always take an hour-15 to a hour-30. The $$$ I charged was not enough and will be raised next time.

For a while many of the Chase loans had 12 RTC, that seems to have settled back to the normal 6 nowadays. So, yes, some loans have unnecessary multiple sets of certain documents.

Reply by 101livescan on 2/19/11 10:25am
Msg #373415

I had a Wells Fargo Commercial loan here in Santa Barbara, two DOTs to notarize, one will stay with the lender!