borrowers in need of loan mods charged hundreds for copies of loan documents 1

ronin at 23:31 2009-06-12 said:

If there's a pattern in the borrowers not having received copies of the docs at closing, then I could get excited.

But if the borrowers WTF-ed their copies after closing and want a new set months or years later, the story is different. Somebody has to look up the stuff, get it back from offsite storage, pull it, copy it, put the file back together again, and send it back offsite. All of that costs money and, if people want replacements for copies they threw away or misplaced, it's only reasonable that they pay a reasonable fee.

Of course the reasonableness of closing agent fees is a larger topic, and a probable oxymoron. I'm sure everybody in the business has been down the road countless times of having to remediate small loans, especially seconds, that were pushed into High Cost territory by outrageous and unauthorized closing agent fees, a practice which the regulatory structure can't or won't deal with. But after-the-fact copy charges are a poor poster child for that battle. Permalink