Posted by John/KY on 11/30/12 2:49pm
Msg #445190

Dealing with Duplicates

Just about every loan package has multiple RTC's (which are always beneficial as someone always wants to sign to "cancel" at the table no matter how careful you are to direct them to the bottom of the form) but what is your experience when the PDF comes with multiple TIL's, HUD's and 1003's? Do you get all of them signed all the time and return to the lender? Do you check to make sure they are identical and have them sign the first one, and provide the BO with the second as another copy for their file? The RTC generally says something to the effect of "the BO acknowledges receipt of two copies of this form" which explains why 3 RTC's per borrower are provided, but what about the others? I had a lender (that i've been working with for a long time, that provides no cover page stating what they want or don't want mind you) come back request that I have additional duplicate TIL's signed as they wanted all copies in the package signed and returned (but the single signed RTC was sufficient, apparently...) From here on out to save the hassle I plan on having everything signed, all the time, no matter how redundant. Perhaps tell the BO that multiple copies are necessary as one goes to the lender, one to the investor, etc etc. After 7 years in the business, 5 of which as an escrow manager for a Title Co., this struck me as very odd, as (unless stated ahead of time on the notary instructions/cover sheet) a single fully executed TIL has always been acceptable in the past to all the myriad lenders. Thoughts?

Reply by Budman on 11/30/12 2:59pm
Msg #445192

I have only sent one copy back with the package. It is my understanding the the lender only needs one. If there are two signers ( man and wife ) then I send one for each back. Then I have them sign another one and keep it in case they decide to cancel. I have never had a problem with this.

Reply by Sharon Spence on 11/30/12 3:05pm
Msg #445193

BofA is infamous for consistenlty having 4-5 TILs in the same loan pkg. Another hiring agency I work with always has 3 identical HUDs, another one always has 2, and often there's an "initial" 1003 and a "final 1103"etc etc..

I have borrowers sign everything, just explaining the lender required duplicates, triplicates, quadlicates, whatever. I don't attempt to explain to borrower where all the extra copies go cos I don't know ... (and they probably don't care).

Reply by ToniK on 11/30/12 3:05pm
Msg #445194

One company I deal with has 12 RTC included. I just send two back and let the BO keep the rest. Never had an issue. Now for the other docs, I always have them sign all copies. I even had one company send 6 copies of the 1003 and the BO said they werent signing the same doc that many times and it was the same information nothing had changed. Well Title said sign all the copies no matter how many were in package. Bo was pissed. I can understand but hey not my issue.

I do wonder why they include 4 TIL, 6+ RTC, 6 1003 but those companies are few and rare from my experience.

Reply by Jack/AL on 11/30/12 3:29pm
Msg #445197

Like Sharon Spence, I have all signed, which is normally a requirement specificed in the instructions. I do not apologize for what seems silly to me, but tell the borrowers that either the title company or lender has decided that multiples are required.

Reply by bagger on 12/1/12 8:07am
Msg #445273

I have them sign everything in the package.

In my opening spiel, just before we start signing I tell them "If you think you are signing duplicate information, it's only because you are."

Reply by ReneeK_MI on 12/2/12 5:06am
Msg #445313

John/KY - times are changing

It used to be that you only needed to know the nuances of each Lender, as a whole. What I see now is various nuances depending on who the Lender's individual funder/closer is - and that position has gone downhill with the rest of them. Everything now depends on whom you ask.

My greatest example - still blows my mind - I had a funder on an FHA purchase (fax-backs for table funding) that wanted the FHA Addendum - sent it over. She said "Box 12b is blank, it needs to be filled in." I said "That's your job, you're the Lender - Box 12b is the term for the Mtg Ins." She said "I'm not funding until you fill it in." I said "Ok, tell me the term you're collecting for, and I'll put it in the box." She said she didn't know, that's not her job.

Seriously? The LENDER wants the CLOSER to fill in how many months the premiums will be collected?

Ok. I filled it in. A nice, round zero. Faxed it, got funding, destroyed it.

Reply by Clem/CA on 12/2/12 8:51am
Msg #445318

Re: John/KY - times are changing

0 or not still would not have done it.... UPL

Reply by ReneeK_MI on 12/2/12 11:49am
Msg #445325

Clem ...

Not UPL - no interpretation of any law involved. Might not be an area for some NSA's, but I was acting as a closer.

Reply by sigtogo/OR on 12/2/12 12:26pm
Msg #445328

just curious Renee why you didn't refer the funder to LO?

when you say you were acting as closer are you saying this was prior to your NSA career or do you have another job, different licensing, ??? inquiring minds

Reply by ReneeK_MI on 12/2/12 1:41pm
Msg #445333

Re: just curious Renee why you didn't refer the funder to LO?

There would be no reason to refer a funder to an L/O, or anyone else for that matter, unless you attempt to get funder's supervisor (good luck with that). Being a contract closer does not require licensing, only experience and a title agent in need. I do a lot of work as a contract closer, mostly all purchases in which I will (if I can get funding authorization!) disburse checks.

Reply by sigtogo/OR on 12/2/12 12:37pm
Msg #445329

it goes w/o saying but the funder was looney tunes!! n/m