An alternative to making a buyer's closing package to give at closing

I’ve been doing closing for a very long time. I’ve seen this market role with all the changes over the years and I have to say for the most part, it’s the same. However, the process is much different and the paperwork has multiplied astronomically… I was trying to think of ways to cut paper/ink costs (and also save a few trees) by possibly purchasing USB drives in bulk and downloading the edocs for the buyers onto that drive and giving them the USB drives at closing instead of a stack of papers. We are downloading their documents anyway to print…wondering how that would be received by people in the lender/title industry. Thoughts?

You are being paid to PRINT 2 copies; many will tell you NEVER provide e-mailed, electronic copy.
However, recently I have seen several Lenders/TC who WILL allow “IF SIGNER APPROVES” a copy either to be e-mailed to signer or you notify TC and they will do it. Note: that thus far, EVERY SINGLE SIGNER has wanted a paper copy! (dang it)

So, I would NOT take it upon myself to provide any kind of electronic docs WITHOUT hiring party’s (&, as applicable–signer’s) approval. If you do it without permission/agreement anyway, and signer complains… I don’t think the result would be good for you.

1 Like

I would never do anything like this without permission (of both lender/title/signing co. and borrower) obviously.
I know I wouldn’t want a brick of paperwork and would like to be able to tuck into a digital file/cloud for safe keeping (personally).
Just trying to come up with something more cost effective.

1 Like

You had me worried there for a few minutes. I do hear you, but, if this were to become standard procedure, the next sound you’d hear from hiring party is…b…b…but, you only have to print ONE copy, so we’re cutting fees by $15. It would be more cost-effective, but it’ll come out of your pocket as that just seems to be the way they think.

I don’t agree with Arichter. I work directly with a title company and this is the way they deliver the copy to the customer. They don’t ask the customer, it is just their standard way of doing it. I think it is a good idea.

Sometimes, depending on where I am when receiving and accepting an order I might use Office Depot with SPC Discount and in most cases it maybe cheaper and saves time. Just recently I had to have them print 140+ pages x’s 2 and it cost me less than $7.xx. Although I had to seperate the important docs from the fluff.

I would think the methodology you are proposing would not be welcomed at all by the title company. Even if they did agree to it, they would no doubt reduce your fee accordingly, with the reasoning that it is less work for you. Oddly enough though, they don’t raise your fee for scanbacks, which definitely are MORE work for you. It’s a bit of a double standard on their part, but you really should set your own rates and stick to them, no matter how much business it costs you. Otherwise, you will always be playing by someone else’s rules.

Who pays you to print 2 copies? Lenders like Quicken certainly never do, So I truly would be interested in those lenders that pay you to print 2 copies of documents. I print the second copy doublesided to save paper.

I think this is a bad idea. Lenders never want you to email documents to a client so that is a digital form. You have no idea who might get a hold of the USB drive and so this is a privacy violation. I like printing the second copy double sided and so that saves paper and borrower’s never mind. We must think security and privacy first.

I agree. I detest faxbacks. They take as long and longer than the actual signing. You ride past UPS or FedEx sites where you could just mail the documents back. I understand purchases because they will fund that day. That for me is the only justified reason for doing faxbacks and we should be compensated for all faxbacks and printing a second set of docmeens period.

IME, they all always want 2 copies printed (a Quicken loan being the exception) and figure the edoc fee they’re paying covers that. Only other exception I’ve been seeing lately is one (name escapes me) who will allow you to ask B if ‘electronic docs’ are acceptable &, if yes, notify them & they will send to B (never you). I keep hoping, but, thus far, they ALL have wanted paper copy.

1 Like

I’v

I would point out that, even if a USB drive is handed to the signer, the document is deemed electronically stored and transmitted; all the data security (FTC Safeguard rule), privacy (GLB), availability (Treasury) and other regulatory requirements.

A number of legal and audit requirements come into play; liability for inadvertent disclosure can also be an unlimited downside.

While I’d love it, especially when I have a monster CEMA to close (300+ pages), it might bring more problems than it solves.

FYI, on one of those CEMA’s, I got permission from lender, closer, signing service and borrower to bring borrowers copy on CD (due to short time for printing); it added a whole bunch of coordination time to the signing, thus decreasing profitability.

One notary’s opinion.

HWB.

I’s not a bad idea. Our accountant uses a USB drive for our copies. However, I think it should come direct from the lender, title or escrow. I wouldn’t want the responsibility if they came back saying it didn’t work or something. It could open up a can of worms for you.

I agree there’s just to much paperwork. I have had clients email the signer’s copy in advance. I’d like to see only documents needing a wet signature and/or notarization sent to us for printing and return, with the signer having confirmed their copies were previously received.

It would be great if packages could be thinned down to just these documents. Printing two copies of an entire amortization schedule is ridiculous, not to mention misc. escrow and title papers, which often times require no signature. (I’ve called and asked, because they don’t always need printing).

On the down side, it’s helpful to have an extra copy of important documents should something go wrong on an original, and this has happened (double sided ones wouldn’t work).

I personally think all this extra printing will eventually change. I charge a separate print fee, so I’m happy to print less and knock it down. It would save so much time and ink! Also, if the clients actually looked at their documents in advance it would help on errors and or no signs.

Never thought of printing them double sided. Thanks

Printing double sided is a great idea and I’d never have thought of it, but make SURE you change your printer settings back. My first couple months, I burned SO MUCH paper and ink by having the printer settings fouled up and not realizing it til I’d blown through an entire printing. I print the borrower copy on all letter-size paper rather than mixed also. As long as you don’t make a mistake during the signing & have to pull a document from the borrower’s copy, you’re good.

1 Like