Posted by HSH/WA on 3/16/13 11:01pm
Msg #461662

How many SAs print a different size package for the BO?

Saw in an earlier post about cutting down the size of the BO package by eliminating escrow instructions etc. Is this a common thing? Am I being a dupe for printing out two identical packages?

Reply by Shoshana/AZ on 3/16/13 11:34pm
Msg #461663

You should print out the entire package for the borrower because that is what you are paid to do. What if the borrower has a question during the recission period and the LO refers him to a page in the escrow instructions, which he does not have? Not a good idea to save a few pages.

Reply by BossLadyMD on 3/17/13 8:32am
Msg #461670

Agree, minus the 3-5 pages of notary instructions n/m

Reply by Moneyman/TX on 3/17/13 8:40am
Msg #461672

Re: Agree, minus the 3-5 pages of notary instructions

I forgot to even mention those in my post below. LOL - Probably because I don't even print them out for myself most of the times.

I agree, notary instructions do not need to be included in BO copy pkg.

Reply by Moneyman/TX on 3/17/13 8:35am
Msg #461671

I agree with Shoshanna. Your e-doc print fee is expected to include 100% of the loan docs sent to you being printed for the BO. My advice; Don't be penny wise and dollar foolish when it comes to this issue.

Not only are the BO's entitled to 100% of the copies, but the time you will spend trying to cut out the few pages throughout the PDF file is also a cost factor. Not to mention any possible legal issues that may arise should there be an issue after the fact and you were found not to have provided the BO with a copy of "all" the docs would outweigh the < $1 per signing anyone would be trying to save by not printing everything.

When I started in this business, my BO copy packages included both legal & letter sized copies just in case there was a mistake made during the signing a replacement page was available. As I became more comfortable and confident, I began printing all letter sized BO copy package.

Reply by Ilene C. Seidel on 3/17/13 9:40am
Msg #461675

That's only half of it. What if the borrowers/or you make a mistake and you need to pull a page from their package in order to send a clean doc without errors? You won't have anything to fall back on if you print both sides/or skip printing what you think is an unnecessary doc.

Reply by DebraOro/CA on 3/17/13 10:37am
Msg #461690

The biggest issue of all is the Law the Lender must follow since 2010.
Lenders must disclose anything and everything and every part of the documents to the
BO. Even if the pages do not pertain to the BO. Including: Lenders, Title, Escrow and Notary
Instructions. And they must adhere to this Law, or they can't lend.
Thanks to all of the Lenders that did not "Disclose" during the period of time that led up to
the big crash several years ago, and got all the Lenders in big trouble.
Working in escrow, I remember watching many Loan Brokers and Escrow offices shutting down
their businesses while waiting to get over the hump of the Lenders not loaning while they
worked out how to deal with the new Lending Laws.
Yes, it is terrible for us SA's to have to print everything from the Loan Documents to the two years past Taxes, to the dumb Loan Application itself. But for the Lenders to be in compliance, that "Set of Loan Docs" must have every single thing from beginning to end, all in a nice neat package.
Remember SA's............Protect your own Liability: disclose, disclose, disclose. Bleh!

Reply by Moneyman/TX on 3/17/13 11:03am
Msg #461700

Maybe it's a local thing?

Instructions and correspondences between myself (as the NSA) and the hiring party are NOT for BO and is not part of their loan docs files, therefore, they don't get a copy of them from me.

If TC includes notary instructions inside the loan doc file, then yes, those always are printed for both the signed doc set and the BO copy set.

Reply by 101livescan on 3/17/13 11:59am
Msg #461713

Re: Maybe it's a local thing?

I agree. Yesterday there were four pages, faxed to the hiring party ONLY, not to be included in the package back to title, and certainly not for the borrower. as well as diagram sheets, ya know what I mean. I only copied title/escrow instructions and lenders documents for the borrower, omitting about 20 pages from the package. Tons of what I call IDIOT instructions, NSA Instructions for DUMMIES. Completely a waste of paper and toner.

Reply by Moneyman/TX on 3/17/13 2:14pm
Msg #461735

Those are for the Blue Light Special pricing NSA's :) n/m

Reply by MW/VA on 3/18/13 8:47am
Msg #461800

Has that ever happened? or is this speculation. BofA pkgs.

contain about 38 pgs. of "closing instructions" with are for the tc & not the borrower. I stopped printing those because it's a waste of time & paper. I haven't had any complaints. I do respect that CA & AZ are different with terminology & they're "escrow" states, where we refer to it as the title co. Closing instructions are for those folks.

Reply by Tim Cameron on 3/17/13 10:52am
Msg #461693

I print out every page for borrower copies, but I do it on regular size paper......Legal costs more so I cut my costs, and when you tell the borrower theirs is all regular sized paper for ease of filing, they all thank you

Reply by Yoli/CA on 3/17/13 12:14pm
Msg #461717

When I sit down with the borrowers, I tell them I have an exact copy for them of the package we are about to go through, except for any attached verbiage compliant notary certificates. That's what the hiring party pays for, that's what they get. I also believe this gives the borrowers more confidence in the process that nothing is being hidden or withheld from them. JMO

Reply by Stoney Wright on 3/17/13 2:15pm
Msg #461736

I always print my BO docs on letter size and double sided and never include whatever notary instructions re common mistakes, sample docs, etc...
Another tip for saving money is to change your printer settings to draft mode and reduce the toner darkness so you use less. I always get 8000-9000 pages out of my 6000 page toner cartridges..

Reply by 101livescan on 3/17/13 2:24pm
Msg #461737

I've been doing this for years, except for picky Provident docs, where often I find it wise to have extras of signature pages in the event of a write over, or wrong date, etc. Invariably, I need a second original just in case. I don't want to have to drive any where for a 911 emergency.