Posted by Mdene_AZ on 5/6/11 11:06am
Msg #382361
Why do some BofA
loans have faxbacks and others do not?
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Reply by Glenn Strickler on 5/6/11 12:47pm
Msg #382366
Faxbacks are probably not a requirement of the bank, but a requirement of the escrow or signing service that hired you.
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Reply by Pam/VA on 5/6/11 3:04pm
Msg #382386
Just did one and had 71 pages of fax-backs!!!!
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Reply by SheilaSJCA on 5/6/11 7:14pm
Msg #382426
IMHO fax backs are a way for signing services to have more quality control (they can check if a notary is performing correctly) and for title companies to get more of their job done at no cost to them. You will find in the escrow instructions (NOT the instructions to you the notary) requests to fax many of the documents, which is what they do in order to fund the loan. They are passing this duty onto the notary who does it for them; ie; you fax, they forward to lender. I for one do not have many requests for faxbacks and I like it that way!!!
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Reply by JamesLee/VA on 5/7/11 8:17am
Msg #382457
I do quite a few BofA purchases and refis for one company and see the same thing. Faxes on some and not others. It seems to be lock expiration driven as well. I find if we are closing on the funding date on purchases BofA wants certain docs faxed back. I usually send them to the BofA processor themselves.
I remember when Countrywide was still around and a title company want triple signed security docs. The WHOLE package (125+ pages) had to be faxed back so the could cherry pick the "best looking" signatures to send back to CW. They would then send you a laundry list of usable pages before you could ship it.
That was paranoia!!
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Reply by Jack/AL on 5/8/11 10:57am
Msg #382560
Some faxes are required by various lenders and/or title companies when the property is not the borrowers' primary residence, thus there is no three-day right of cancellation and no need to wait for all docs to arrive before some actions toward final closing and funding can occur.
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Reply by Mdene_AZ on 6/15/11 5:15pm
Msg #386393
I understand when it is not the BO's primary residence. but all those other pages are a pain. ABesides, some companies don't want to pay an extra fee for faxbacks. i charge - time and use of equipment are involved.
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