Posted by walthtz on 3/17/13 1:05pm
Msg #461722

CD's

Has anyone had success putting the BR's copy of a CD witheir permission rather than printing out a copy for them?

Reply by Moneyman/TX on 3/17/13 1:19pm
Msg #461724

Yes - We evacuate so often; it makes sense here.

Here in Southeast TX, during the mid 2000's, we had to evacuate at least once a year, and as many as 3 times in one year, for about a 5 or 6 year period.

I have some BO's ask for it.

I have had some ask for both, paper and CD copies. I tell them it's an either/or choice only. About 90% choose the CD at that point.

The ones that get a CD copy seem to like the fact that they can make an additional copy to keep in a second place outside of the home in case of fire or some other issue. They also love the fact that during an evacuation, all they have to grab is a CD instead of 150 pages.

Reply by Ilene C. Seidel on 3/17/13 1:29pm
Msg #461726

Re: Yes - We evacuate so often; it makes sense here.

Many companies, it's against policy. You need to ask title's permission to give borrower a CD instead of paper copies.

Reply by VT_Syrup on 3/17/13 1:38pm
Msg #461729

Re: Yes - We evacuate so often; it makes sense here.

I agree with Ilene. The laws about electronic documents, such as the ESIGN and UETA, have specific requirements that must be met if a document that must be given to the signer is to be in electronic form. The title company will want to make sure those requirements are met, and will want to make sure they can prove they were met.

Reply by Linda Juenger on 3/17/13 1:41pm
Msg #461730

Re: Yes - We evacuate so often; it makes sense here.

I have been requested by a few borrowers for a CD. I go ahead and do it, but I print them a HUD, TIL, RTC, Note and Mortgage. Those are the criticals. As much as I would like to give them a CD, there are no paper copies to switch out with should you need one. Doesn't happen often, but sure as h*** you don't have them, you will need them. Murphy's law.

Reply by Moneyman/TX on 3/17/13 1:47pm
Msg #461732

Re: Yes - We evacuate so often; it makes sense here.

I will also pint a copy of the HUD, TIL, RTC, & First Payment Letter/Coupons for the BO's that receive a CD copy.

When I first began offering the option, I made sure that the BO knew how to access the file on their own computer before I left. I will sometimes still do that if they express a concern or if they are not familiar with PDF files.

Reply by Moneyman/TX on 3/17/13 1:41pm
Msg #461731

Permission and proof of delivery of BO copies obtained w/

...every order of paper or CD copies.

For my customers (SS or TC) that have a policy that BO must receive printed copies, the BO is not offered the option.

The proof of delivery is for my records only (my own created document). Originals and multiple electronic backup copies of this same completed doc on file for my own CMA protection.

Reply by ME/NJ on 3/17/13 1:49pm
Msg #461733

Best and cheapest way is to email documents n/m

Reply by Moneyman/TX on 3/17/13 2:12pm
Msg #461734

Personally, I will never email docs to signers.

If they ask, I ask them to contact their LO or their TC contact to request they email them a copy. I have had some ask me to, but I will not. I tell them that due to "privacy laws", I am prevented from doing so, but their Lender or Title may have the ability to do that for them. (Technically true or not, it gets me off the hook with them and my expressed concern for their privacy has been appreciated by 100% of them - at least that's been my experience)

Besides the concerns expressed in Msg #461729 (which I think an email from me to them w/ docs included would be subject to w/o any question) how can I guarantee that the email address I get from them is actually theirs? What if I happened to transpose two letters of the email address and their docs end up in another person's email account?

Just too many possible issues (legal and otherwise) for me to even entertain the thought of being responsible for sending them a doc file in an email to BO. If LO has been emailing them throughout the application process, they have the email address on file.

Reply by Linda_H/FL on 3/17/13 2:27pm
Msg #461738

I agree Chris n/m

Reply by 101livescan on 3/17/13 2:34pm
Msg #461740

Re: Best and cheapest way is to email documents

Not our property to email, should come from the lender/loan officer, not from us. Remember, we're the disinterested, third party not there to do anything but make sure all signatures are obtained and notarized properly? Parties identified...overstepping our scope of work.