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Copies of Home Loan Documents

Nicole D.

Nicole D.

TUG Member
Joined
Jun 6, 2005
Messages
142
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1
Location
San Diego, CA
Short question. I need to know who is responsible for providing copies of your signed loan documents when you close escrow on a refi in California?

I refinanced my rental property in December 2007 and realized about six months ago that I never received any of the documents that I signed. I called the lender and was informed that I could get copies for a fee. Since I never received my own set to begin with, I feel I should get them for free. The lender said I would have to contact the loan officer. The loan officer said he would call the escrow company. All of this was in March. I'm still waiting.

Today, I called the escrow company and they said that the would research their files to see if they could find them. I want to be proactive and know who I should escalate this matter to in case the escrow company doesn't find them or wants to charge me a fee. Thanks.
 
We have always gotten copies on the day we closed, whether a re-fi or new loan. We got these from the person who was facilitating the signing. The last time, it was at the escrow company and the other times at the bank we were working with. We have never left closing without a huge packet of papers.
 
We got copies of the documents when we signed, but not copies of the signed copies if that's what you're looking for.
 
The escrow company didn't give you your own copy? They should have. They did the closing for you, right?

-David
 
No, I do not have any copies of any of the loan documents. The loan officer and the notary came to my home when it was time to sign the documents. I asked for copies and was told they would be mailed to me. It slipped my mind after I got the check for the new loan. In January of '09, I was going through files and could not find any loan documents. I remembered I never got them.

Now, if they were sent to the address of the house that I refinanced, then that would be a problem. It's a rental property.

It seems everyone is trying to pass it on to the other. The lender, the loan officer, and the escrow office are telling me to contact the other. However, I think I may need to seek out some regulatory agency for assistance.
 
I should have added that we did the signing in our own home with a mobile notary. The notary provided us with copies of everything before she left.
 
Nicole D. said:
No, I do not have any copies of any of the loan documents. The loan officer and the notary came to my home when it was time to sign the documents. I asked for copies and was told they would be mailed to me. It slipped my mind after I got the check for the new loan. In January of '09, I was going through files and could not find any loan documents. I remembered I never got them.
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That's BS. The loan officer should have provided copies of everything you sign, or you don't sign.

I have never done a RE transaction (buy, sell, mortgage, refi, etc) without getting copies of everything I signed. When you use a third party title company, they take care of it. If you use somebody else, then they are supposed to take care of it.

-David
 
Usually on these in home closings the notary will bring two sets of unsigned documents. One for you to sign and them to notarize and the other set for you to keep unsigned.

How much of a fee is the lender requesting to provide you with the documents? There are real costs involved in making the copies and sending them to you.
 
The closing agent should have provided you with a copy of the documents. You probably had to sign more than one copy of them anyway because various people need copies. I'm shocked they didn't provide a copy to you.

The mortgage company should be able to provide a copy of them for you as they also receive a signed copy. However, they shouldn't be charging you for that. Did you use a large bank for the loan or a broker/banker? If it's a large company, I don't know of any of them who charge for this and, if they try, you can usually speak to a manager and have them come to their senses and not charge you for this.

The escrow company may (or may not) have the full set of documents on file. I don't know what your laws are in CA as to what documents they must hold onto and for how long. Chances are, they do have all of the pages but there is a chance they won't. They also should be able to provide you with a copy.
 
dioxide45 said:
Usually on these in home closings the notary will bring two sets of unsigned documents.
Click to expand...

I did a closing with a notary once. They didn't bring anything except their seal and book.

Whoever provided the docs, and I assumed it was the loan officer, but I really have no idea because this transaction was unlike any I've ever been involved in, should have provided the OP with a copy of all the docs, and then some. (Federal loan disclosures and a bunch of other things that they are required to provide. At many closings you have to initial a copy of those things because the lender wants some sort of proof that the borrower received them.)

-David
 
Closings done by a notary are usually done through a third party closing agent or title company that is on contract with the lender to provide this service. The closing agent has a team of notaries across the country who are on contract with them to provide this service. The closing agent usually receives the documents in electronic format and makes them available to their notaries via a secure portal for the notaries print to take to the borrowers and get signed.

There is usually a process to provide the borrower with a full set of those documents. Apparently this didn't happen with the OP. Without a copy of the HUD1 it may be difficult to determine who performed the closing and who to contact.

Many closing companies don't keep much more than a copy of the first three pages of the security instrument, a copy of the note, and a copy of the HUD1. Some keep a full set of documents, some don't. I think in this case the lender should be willing to provide these to you. Call back again escalate it to a supervisor if necessary.

The lenders document retention period is much longer than that of a closing company. Depending on the lender they may retain them in electronic format and destroy the originals (except collateral) within a few months.
 
dioxide45 said:
How much of a fee is the lender requesting to provide you with the documents? There are real costs involved in making the copies and sending them to you.
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They are charging by the document. I don't remember the exact dollar amount but it would be something like the deed would cost $20. The total amount was going to be about $60 when it was all said and done.
 
dioxide45 said:
Apparently this didn't happen with the OP.
Click to expand...

hahaha, you think?

Nicole D. said:
No, I do not have any copies of any of the loan documents. The loan officer and the notary came to my home when it was time to sign the documents. I asked for copies and was told they would be mailed to me.
Click to expand...

Nicole, you should have gotten copies. Where is that loan officer that told you that garbage now?

It may be time for you to start writing letters to his company and tell them you never received copies of your loan documents at signing and what the loan officer told you. Or just pay the $60 and next time refuse to sign if they don't provide you with your own set of documents at signing.

-David
 
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Nicole D. said:
They are charging by the document. I don't remember the exact dollar amount but it would be something like the deed would cost $20. The total amount was going to be about $60 when it was all said and done.
Click to expand...

YOu should be able to get a copy of the deed of trust at your local recorders office. It may be cheaper to go that route. Though you won't get copies of everything else you signed.

That is a pretty steep fee. Not sure if it would be worth it. I would suggest writing a letter explaining the situation and what happened at closing. You may have better luck with that than just calling customer service and getting the standard response.
 
GadgetRick said:
The mortgage company should be able to provide a copy of them for you as they also receive a signed copy. However, they shouldn't be charging you for that. Did you use a large bank for the loan or a broker/banker? If it's a large company, I don't know of any of them who charge for this and, if they try, you can usually speak to a manager and have them come to their senses and not charge you for this.

The escrow company may (or may not) have the full set of documents on file. I don't know what your laws are in CA as to what documents they must hold onto and for how long. Chances are, they do have all of the pages but there is a chance they won't. They also should be able to provide you with a copy.
Click to expand...

The lender is IndyMac. Not sure how big or small they are, but I spoke to a manager and he was not trying to waive the costs of the copies. Instead, he indicated by law I should have received a set of the documents and that I should contact the loan officer or the escrow company. The escrow company said they would have to look for them and get back to me.
 
Nicole D. said:
The lender is IndyMac. Not sure how big or small they are, but I spoke to a manager and he was not trying to waive the costs of the copies. Instead, he indicated by law I should have received a set of the documents and that I should contact the loan officer or the escrow company. The escrow company said they would have to look for them and get back to me.
Click to expand...

Well IndyMac was a bank that failed last year. Who is servicing your loan now? Do you know? Is it still IndyMac? I don't know exactly who bought their assets or who they may have transferred servicing of their loans to.
 
dioxide45 said:
Well IndyMac was a bank that failed last year. Who is servicing your loan now? Do you know? Is it still IndyMac? I don't know exactly who bought their assets or who they may have transferred servicing of their loans to.
Click to expand...

It's serviced by Indymac Mortgage Services, a division of OneWest Bank.
 
Thanks for all the insight.

I'm thinking about giving the escrow company till July 6 to produce copies or a response. If I hear nothing or have no resolve, I'm thinking about contacting the California Department of Real Estate and/or the California Department of Corporations for assistance regarding the matter. I'm going to list the loan officer and the escrow company in my complaint. I figure I have nothing to lose as I will not be doing business with either in the future. I know I can pay for copies from the lender, but I will compose a letter to the customer relations department asking they waive the fee. I think I'm going to write the letter now.
 
Success

To provide some closure to my issue, I successfully got free copies from the lender and the escrow office without having to contact the California Department of Real Estate and/or the California Department of Corporations. Thank you all for providing such good advice.
 
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