Posted by LindaP/OH on 3/15/11 11:02am
Msg #376197

Savings on printing costs

After 13 years of loan closings, I have finally come to the conclusion that it is unnecssary to print the bo's docs the same way we print lender's docs. In fact, it is probably easier for the bo to store letter sized docs as opposed to both letter & legal. You must make sure your printer is set up properly to do this; if done properly, nothing is cut off and the bo receives all the information found in the lender's package. Opinions, please!

Reply by bob/IA on 3/15/11 11:53am
Msg #376198

I see nothing wrong with printing bo docs on all letter, however I like to have the safety of an exact duplicate set should a mistake happen. The cost difference is not that much.

Reply by Virginia Notary Services Statewide Service on 3/15/11 8:17pm
Msg #376277

I always print both sets the same.

Reply by Saul Leibowitz on 3/15/11 11:56am
Msg #376199

Re: Savings on printing costs; I respectfully disagree

I love your theory; here is my reason why I won't do that. Sometimes a borrower will sign the RTC in the wrong place despite being instructed by me on where to sign; sometimes some other form will be done incorrectly. When that happens, I just ask the borrower to execute the form properly on the copy in their set. If the lender's docs are legal size and the borrower's docs are letter size we cannnot make that swap.
You are right about the economics of this, but I cannot always get everything properly executed.

Reply by RchCucNotary on 3/18/11 2:55pm
Msg #376637

Re: Savings on printing costs; I respectfully disagree

I agree! Thanks for the tip but 9 out of 10 times the borrowers make mistakes before you can catch it - the borrowers copy is our lifeline - I wouldn't switch to all letter size paper for this reason only.

Reply by Alana The Closing Source, LLC on 3/15/11 1:08pm
Msg #376208

Re: Savings on printing costs; Agreed

I always reduce the BO's copy to all letter and it has never been an issue. When the borrower makes a mistake on something I have them strike through, initial and keep on trucking. If the mistake is extreme, I will swap it with their copy. Again, it has never been in issue. There are even some companies' insturctions that will tell you it is okay to print borrower's copy on letter as long as it itsn't cut off.

Reply by Les_CO on 3/15/11 1:14pm
Msg #376209

I always print the docs ‘exactly’ as I get them…for various reasons. The extra pennies it costs me to print legal/letter rather than the buyers copy all letter, and the return copy letter/ legal, and change settings on my printers (hp dual tray laser) isn’t worth the trouble. JMO

Reply by MW/VA on 3/15/11 2:34pm
Msg #376222

This has been discussed before, and the savings are minimal. That's assuming you can get legal paper at decent prices. I get mine at Costco for $39 something a case.

Reply by Art_PA on 3/15/11 8:09pm
Msg #376276

Some day, and that day may never come, a corrected TIL, Note, RTC, whatever, or letter page will be rejected. The time and trouble to fix this will far exceed any savings.

That said, there is probably no reason not to print less critical documents on letter.