I ran into a old co-worker of mine at the grocery store who started to do loan signing as well.
Naturally we started asking each other opinion on where do you get your supplies from. I mentioned I always search for deals when it comes to paper since legal is basically twice the amount. She mention for the second copy she leaves for the signer she does there entire packet copy all in letter sized instead of printing the necessary legal size pages when it comes to the signing copy set.
Does anybody do this as well? Does it save you that much paper for it to be worth doing?
Con: If you have an error in the signing you have no matching “copy” to pull from borrower’s set for correction. And Nobody is perfect - you know it happens - borrower signs wrong, wrong date, - signs as a witness rather than borrower, signs on line to cancel loan, etc etc
The cost per page is not that much different if you do the math; save yourself grief and just invest in the legal paper.
I agree with Linda. I like to print out identical copies. The exception would be if you have a mobile printer setup in your car. It’s still way easier to just pull from the signer’s set on the fly than print, but it is an option. Good luck!
I recently did this due to accidentally printing the whole pkg on legal, and thought, I’ll just give this as the borrower’s copy. Wouldn’t you know it, we needed to exchange a copy for the borrower to resign and it was a letter size pdf. I had to cut the legal to letter size which a lot of companies frown on, but I really had no choice, so from now on I print a compete exact size copy for the borrower. Compare the cost of having to go back or loose a signing company because it is not on a correct size and therefore cannot be recorded because it was rejected by the county. Fortunately, my copy switch out wasn’t something that was being recorded at the county, so I could take the chance, but personally for me, I will never do that again!
If those are the lender instructions, the absolutely - that’s what you follow - as long as you get clear copies of the entire document throughout the package, including any bar codes at the bottom - cut those off and there’s trouble.
Provident Funding used to require their packages be printed on letter size paper, both sides; that was quite a while ago so not sure if they still require that. That was the only one I ever ran across like that.
Just whatever you do…anyone…if you print the package one way for the lender/title/hiring party, make sure your duplicate package is printed the same way - cutting corners can cost you in the end.
Bad idea…for all the reasons already mentioned on this site in various threads…may want to rethink that practice - for all the reasons already mentioned on this site in various threads.
2 pages per page, printed duplex. I have been doing this for years no complaints and borrowers love that they don’t have to store a full size copy. I add a full size copy of the note, mortgage, and CD to the back of every borrowers copy just in case they are asked for those in the future (taxes, refi, etc). I travel with a printer, so no issues if there are uncorrectable mistakes in the signed copy.
Save yourself a lot of grief and just print the package as it came to you when it comes to the borrower’s set. Eventually you will get bit by a mistake on a doc that is legal sized, and then kick yourself for trying to save a couple pennies per page by being cheap. Wanna save some money? Print the DOT or mortage double sided except for the signature pages. Don’t print the instruction pages for any IRS docs, and don’t ever bother giving them copies of the lenders instructions, even if they have to sign them.
I’m still pretty new, but I’ve noticed in the packages I print, if title is in a specific state, they all seem to be letter - and have not reformatted the docs for letter - just squished them down. Maybe one or two states have started to use all letter?
I have never done 2nd copy in anything other than 8.5x11. Just don’t make mistakes…period. All my clients prefer copies that fit into their files/filing cabinets.
As above several times it’s a bad idea to print the second set in any format but how the first set was printed. Printing the second set on both sides only sounds good until you need one of them to replace one in the first set during the signing. Then it won’t match and you’ll regret having done so. I tried that once and never did it again.
I just closed a few Provident closings and they request all letter sizes. Yay!! Actually the legal size paper is not that expensive because the entire package doesn’t have to printed on that size. I buy my legal size paper from Walmart and the letter size case from Sam’s Club (for the quality). For some reason I’ve purchased the letter size case a few times from Walmart and the quality just wasn’t there.
I always bought my legal at Sam’s - it was the cheapest price at the time - bought my letter size wherever I could find a good deal - I liked Hammermill mostly - so did my printers.
Great idea! I asked one of my favorite signing company, and they said I can print in letter size as long as it doesn’t cut off. Which I always print in letter size paper.
MD Hill
I get 10 reams of letter from Staples for @ $35. THREE reams of legal is the SAME price! I have permission from 5 title companies that I work for to properly fit any legal documents onto letter since the price is incredibly more for legal!! As long as nothing is cut off. It takes a bit longer to print but the money savings is exceptional. Since I mostly work for the same companies, I know the packages and can breeze through them. Some of these mortgage companies have over 150 pages on ALL legal. Add it up. A crazy waste of money. Ciao!
Good luck!