Posted by Yoli/CA on 2/19/13 1:16pm
Msg #456521

Borrowers get own TC and NP ...

Just received call from TC (in FL) that signing scheduled for tonight at 6:00 is cancelled. Seems borrowers procured their own TC in CA to handle the entire package and also their own notary.

Original TC seemed very much surprised. I've not run across this before. Anyone else experience this?

Reply by John E. Rogers on 2/19/13 1:23pm
Msg #456523

Yes...rare but it happens. Real Estate agents, real estate attorneys occasionally do this as they often know TC's and notaries in the business. jer/OH

Reply by Yoli/CA on 2/19/13 1:32pm
Msg #456527

This is a refi of primary residence.

Just wondering why they waited 'til day of signing rather than go that route from beginning. BTW, lender is also in FL.

Reply by James Powell on 2/20/13 7:27am
Msg #456618

Given that the TC and lender are both in FL, I wonder if there is a relationship between the two. It could be that the borrower was working with the TC in CA and the lender automatically sent it to their TC in FL. No communication between the TCs and the lender to see the duplication.

Reply by GOLDGIRL/CA on 2/19/13 1:27pm
Msg #456524

Never. But I'm surprised it doesn't happen more often. As I understand it, borrowers can choose the TC just like they can choose their lender. In CA, at least, they can go on the Dept. of Insurance Web site and compare fees. Most borrowers are not aware of this and just go with the TC the lender chooses or if they are aware of it, they don't want to take the triouble to pick out another one.

However, I wonder if the borrowers will get stuck with any fees already incurred by the FL TC?

Reply by SheilaSJCA on 2/19/13 2:01pm
Msg #456532

I have one pending, waiting for docs for a refi in GA. The borrower found me and then gave my info to the title company. He is paying me directly.

Reply by GOLDGIRL/CA on 2/19/13 2:04pm
Msg #456534

That's great, Sheila! I've had a few borrowers request me, but TCs refused cos I wasn't vetted or authorized or whatever through them. Borrowers can pick their own TC but unless the TC OKs it, they can't pick their own notary.

Reply by linda/ca on 2/20/13 3:23am
Msg #456617

"As I understand it, borrowers can choose the TC just like they can choose their lender." Most borrowers are not aware of this and just go with the TC the lender chooses or if they are aware of it, they don't want to take the trouble to pick out another one."

Yes, the borrower's can choose their own TC and most docs have a notice that alert them to that fact. To cover themselves some companies have the borrower check off the appropriate box that they agree to use the TC that was already chosen.

"Most borrowers are not aware of this and just go with the TC the lender chooses or if they are aware of it, they don't want to take the trouble to pick out another one."

True, borrower's are not made aware of that until they see it on the loan docs at the table. Most just check it off as they either don't know how that process would work or don't care. At the table they just want to sign and not go through one more step. I only had one borrower who contemplated choosing his own TC; however, he went ahead and checked the approval box. He was very full of himself and I had the feeling he was trying to look important to impress me. :-)

Reply by SharonMN on 2/19/13 2:36pm
Msg #456539

If you use the same title company that did your previous purchase or refi, you may be able to get a discount on the title insurance because they only have to update/reissue your file, not do a full title search. Definitely something everyone should consider if it hasn't been more than a 2-3 years since your last transaction.