Posted by CarolF/NC on 1/18/13 12:19pm
Msg #451030
Who decides what needs faxed back?
So expanding on my earlier post on BofA wanting entire packaged fax backed someone suggested it was titles decision.
I have same SS, same TC and
BofA - entire package
TD Bank - critical docs only
Citi - 30 to 40 pages
So this appears to be lenders decision, yet many of you say you are not having to fax back all BofA. Heard from others that they are. Just wondering if someone knows who make the decision on what gets faxed back and what the rationale would be.
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Reply by John/KY on 1/21/13 9:31am
Msg #451366
Re: I only fax back during business hours, and $0.75 per page :)
I used to manage a title company, and during that time, some underwriters would require to see copies of certain executed documents in order to approve funding, sometimes a day prior to funding to account for processing time. Different underwriters at the same lender would have different policies as to approving funding via fax backs or not or what have you. It was a major PITA to add this extra work to the file on the TC end, but sometimes it was necessary to fund the loan on time. When the rate, or appraisal, or commitment, or contract etc. was going to expire on the day of funding it was even more important to all involved (LO, Title, Borrower, Realtors, ETC) to be SURE that there were no delays, as having to have anything resigned could kill the whole deal.
As a now full time independent closer, I don't mind the fax backs knowing that it is usually a necessary evil and not just something extra that someone at title threw in to have me do because they don't understand the hassle involved. I always scan them in however, as true "faxed" copies were always terrible, always missed pages, and always caused problems. I have a slow all-in-one printer with a feeder that I use for scanning and although its slow, I'd rather spend the extra 30 min on the file knowing that there aren't going to be last minute problems after the docs are delivered by fedex the next day. Even the best of us make mistakes, so don't take it as an insult that they want docs faxed. Plus, if there is going to be a problem, i'd rather have the extra 24 hours notice (not having to wait for the fedex to be delivered) so that I can work it better into my schedule than being called day of funding to have something resigned before 4:00 that day and having my schedule turned upside down! If you want to charge extra, that's your prerogative. Personally I do not, as I know what its like on the other end. :-)
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