Posted by walthtz on 3/9/13 7:29am
Msg #460198

BR Copy

Does anyone have success with putting the BR copy on a CD? ( if the BR says yes)?
Most of the companies want us to give the BR a complete ste of docs that the BR throws away.
It would make a lot more sense if that copy was on a CD.
Quicken can do it, but appreantly nobody else can.
A great way to save on paper. I find it funny that the Emails from a lot of compaines say, Please consider the Envirement before print this E-Mail, but nothing is thought of when we have to print a 2nd package which sometimes to close to or over 200 pages.
Walt in NJ.

Reply by Linda_H/FL on 3/9/13 7:46am
Msg #460201

It's not just borrower approval that you need

check with your hiring party before doing this too - I've had specific instructions from companies that state "do not provide borrower copies on CD - paper copies must be provided".

I think it varies company to company.

Reply by F2F/FL on 3/9/13 7:55am
Msg #460202

I find the second copy set a very valuable tool at the signing table. I let the borrower know that it is his identicle set to the one that he/she is signing and that "if by chance one of us boo boos we will be able to switch that same page out" and it seems to be a very calming salution to any mistake that may take place. I have used this as a tool a few times and I don't feel bad about doing it. I was offered by a SS to just make a CD to take for the BO and after considering the financial benefits of using the CD it still made sense to print out the second copy just for the reason I referred too above. It really does save a lot of headaches and if they were to throw the set away I really don't care. Plus I have also had a wife want to follow me in the doc's that I was describing to her husband as she was not the signer but wanted to follow along. There are many uses for the second set. JMO

Reply by Luckydog on 3/9/13 2:35pm
Msg #460279

I for one do not want to scan and burn a CD for the borrower. Takes too much time, expense, and most people want a printed copy, especially the elderly. I hope they never require this.

Reply by Shoshana/AZ on 3/9/13 7:57am
Msg #460203

As a borrower, I was incensed when the notary showed up

with a CD instead of hard copies. That's what she is getting paid for! I don't know of any borrower that throws away their copy of the docs! I made the notary go home and bring me back a hard copy. This was also the notary that never had us sign her journal. I had to stop her from leaving (in front of the LO) to allow us to sign.

Reply by sigtogo/OR on 3/9/13 2:32pm
Msg #460277

I've had many BO prefer PDF or CD. I personally wouldn't

want a hard copy. most of the docs are irrelevant once the deal has closed. however, unless lender offers and BO requests, I take hard copies. mistakes get made and its nice to have the backup.

Reply by 101livescan on 3/9/13 8:47am
Msg #460205

We are requested to provide the borrower with a copy of everything they sign. 80 % of the package is comprised of disclosures, W9, credit reporting facts, escrow instructions, etc. which the borrower must receive within 72 hours of their credit being pulled and rate locked.

If the rate changes, another set of disclosures is sent out and the borrower is to sign those and return to lender/uwing. Often they are not and that is why we end up printing them again and they are duplicated in the packages we are printing for the signing.

The most important documents for the borrower in the package, as we well know, HUD, Note, DOT, any Riders, TIL, Itemization of Amount Financed, Impound Statement, RTC, 4506T, 1003, are PTF conditions. These will keep a loan from funding.. These are keeper documents. I have helped many clients go through years of files purging past refi packages, keeping only the notes and the HUDs for the prpperties they still own for 7 years. We usually scan and put on a zip drive so they can park in a safe as well as keep on their hard drive.

But this is not our decision. It is our responsibility to provide a paper copy of the documents they sign at the time of signing, not a CD. In fact, many of my instructions say DO NOT copy to CD, do not email copy of the documents. If the borrower wants these, they need to request from their EO or LO. We're overstepping the scope of our duties as disinterested third parties who are simply there to make sure they REAKKY ARE WHO THEY ARE BY EVIDENCE OF PHOTO ID, that they sign everywhere they are supposed to, we notarize properly and completely, and to retrieve any cashiers checks or personal checks at the table to close the transaction.

Quicken is the only lender I'm aware of that emails the documents to the borrower before we arrive. I love that they do this, because the borrower has an opportunity to become familiar with the transaction before we show up, and it's a piece of cake to get the documents signed. No drama, in and out. Ez pezy.

Reply by Don Courtney on 3/9/13 9:10am
Msg #460209

As a borrower, I think 90% of the docs are a worthless waste of trees. After my refi's are funded I shred all but about 10 pages.
The only time I have ever needed anything was the HUD for tax purposes.

As the NSA, I must follow tho golden rule, he who is paying me gets to make the rules.

Reply by desktopfull on 3/9/13 9:30am
Msg #460210

"Quicken can do it, but appreantly nobody else can. A great way to save on paper. I find it funny that the Emails from a lot of compaines say, Please consider the Envirement before print this E-Mail, but nothing is thought of when we have to print a 2nd package which sometimes to close to or over 200 pages."

First of all the LAW REQUIRES that the borrower's receive that copy of the documents. Second, you are apparently not aware then that Quicken sends the borrower's a bound fully executed set of the docs after the closing as well as posting them to a secure account online for the borrower to read or download to a disc. And those that don't have a computer receive their docs overnighted to them and we don't print at all. If the instructions say to print and give the borrower a copy then that is what you do and that is what you are paid to do, many borrowers that I've been to don't even have a computer. How are they supposed to review anything during the RTC period if they can't read that disc that some notaries have decided they should receive instead of the printed copy they were supposed to get? Also, how do you know that anyone throws away their documents, that would be very foolish on their part as long as they still own the property involved with the loan.

If you're interested in saving your paper then maybe you should consider another line of work. It cost me about $5.00 or less to print a set of docs to sign and give the borrower, I'm paid a minimum of $25.00 for printing so I'm making $20.00 minimum for my time involved which is less than 10 minutes. I also charge extra for any packages over 140 pages and never had a problem getting the additional print fee approved.

Environmental PC issues don't trump the law, besides the trees used for paper are grown on tree farms specifically for the purpose of making paper. Look at it this way we help keep those that work in that industry employed by harvesting and planting the trees and making the paper.

Reply by GOLDGIRL/CA on 3/9/13 11:36am
Msg #460238

Hello

"First of all the LAW REQUIRES that the borrower's receive that copy of the documents."

Could you please post the law so we can read it or cite where it is found in code? Thank you!

Reply by sueharke on 3/9/13 10:53am
Msg #460231

With a RM Signing recently, the SS sent the experienced signers a copy of the docs by email. This meant I did not have to make a copy of the docs for the signer. The main reason this was done was the short notice for the signing time (3 hours notice) and the signer wanted to look at the documents before signing. This turned out to be a fast signing because of the advanced docs received by the signers.

Reply by Joe/NC on 3/9/13 11:05am
Msg #460233

Iput the borrowers copy on a cd but before i do I ask the borrower if they would like me to give them their copy of docs on a cd or would they prefer a paper copy to keep and most say a cd is fine. it saves time and money and its between me and the borrower I dont see why the title or signing company needs to be concerned, if the borrower agrees.

if they want paper copies then I print on letter for borrower.

Joe/NC

Reply by sueharke on 3/9/13 11:42am
Msg #460242

Joe: unless you are a lawyer, I suggest you check with your legal counsel of this issue. There maybe a reason you cannot do this without written permission of the SS, Title, or lender. Personally, I don't have enough time or money to fight for the legal fees if this is a wrong interpretation on my part.

Reply by NJDiva on 3/9/13 2:05pm
Msg #460269

There are many reasons, that I'm not privy to I'm sure,

as to why guidelines and instructions are established. There MUST be some reason why these companies EXPLICITLY tell us NOT to make a CD (EVEN if the bo authorizes it.)

What happens if the CD gets damaged/corrupted during the three day right to cancel or years down the road even? What if there are computer problems, loss of electricity (for DAYS on end)? Or how about the CD gets lost, the dog eats it, etc.? Who KNOWS the plethora of situations that could arise?

Do people on here know all of the state, local and federal laws the mortgage and banking industry is being governed by; which will result in STIFF penalties if they are not adhered to(which seem to be CHANGING on a daily basis!!)?

Not a single one of us has the authority to decide which guidelines we will follow and which don't apply to us. There is obviously SOMETHING that happened that constituted this stipulation. Who on here has the right to flagrantly disregard it?

There are some companies that also EXPLICITLY instruct not to take copies of peoples ID's. I'm not sure of why they do that EITHER, but they must have their reasons for that as well.

I'm quite confident that when the bo's agree to a CD, they have no idea as to the different scenarios that could occur where they may regret/resent not getting the hard copy. Oh, and you best believe an attorney can certainly, most certainly, will find SOME kind of law that will get the borrower out of having to pay that loan back because their rights were violated (after all, don't they have the right to have had a COPY supplied to them at the time of the closing?)

These hiring parties put these instructions in writing so as to hold themselves harmless if in fact a situation like the above transpires. Who's held accountable? The notary!!!! (I'm sure they'll find SOME WAY of holding the institutions responsible, but the bottom line is, they covered themselves.)

It's really not fair to the bo and hiring parties. It is a grave injustice to everyone involved as far as I'm concerned.

Some people may not have considered this point of view. If that's the case, then I hope that you would reconsider your position on why or why you should not have to provide a hard copy to the borrower-ESPECIALLY when explicitly instructed.

There's three sides to everything in this life (we all know this), my side, your side, and the "right" (REAL) side. Get out of your own very limited knowledge of the world and join the rest of the universe. Open your mind to the possibility that maybe, just maybe there's a bigger picture.

Oh and if you're going to take it upon yourself to make that call, I hope you have insurance to cover the loss of everything you own. At the very least be prepared to pay HEFTY legal fees because you WILL be named in the lawsuit, whether you are held accountable or not. I don't believe this type of offense (if in fact it is an offense) is covered under E&O insurance, is it? Why take the chance when it is so easily avoidable? Is that few instant dollars today worth it all in the end?

I'm not an attorney. This is just my humble opinion and perspective. Everyone has their own sense of integrity and ethics. This happens to be mine. No perfection here, that's a FACT.

Just sayin...

Reply by MW/VA on 3/9/13 4:12pm
Msg #460304

Until I am told otherwise by the hiring parties, I will

continue to print 2 copies of the docs, and leave a paper copy with the borrower. I do hear from time to time that the lender emailed them a copy of the docs in advance. Either way, the majority of instructions I receive say PRINT 2 copies & that's what I do. It's been the industry standard, and could change at some point. I've always held with the position that it's not my call to make. I'm paid to PRINT 2 copies & that's what I do.
I'm often very grateful for the extra copy, and have to pull from it quite often when a mistake is made. This issue has been discussed many, many times.