Follow-up on title transfer and "Risk" - Posted by Todd C

Real Estate Investing
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Posted by Todd on July 13, 2007 at 17:31:56:

Thanks Rich,

I believe that I’m simply paranoid about the DOS, but it’s ironic that you mentioned bill pay. I was thinking earlier that this option would ease my concerns because I would not be physically mailing a check with that information. Your comments helped confirm my thoughts. In addition, the check processing method you described also helps going forward.

Thanks again

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Follow-up on title transfer and “Risk” - Posted by Todd C

Posted by Todd C on July 12, 2007 at 12:45:26:

I have business checks with the business name listed. Is it a good idea to make mortgage payments with these checks, especially since the name of the company is listed? Would this trigger a search?

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Re: Follow-up on title transfer… - Posted by Rich-CA

Posted by Rich-CA on July 12, 2007 at 19:32:23:

I have been doing this for years. This they do not seem to care about. Probably because much of check handling is automated (routing numbers and account numbers in magnetic ink at the bottom of the check) with only the loan number and amount being entered into the system. Then the check is returned to your bank. My Brother In Law supervised Item Processing (the unit that does this) for BofA for years. The steps are:

  1. Check goes into an imaging system and is tagged in the database with the routing number and bank account.
  2. Image is routed to a clerk who types information from the payment coupon and check face (loan number, amount and so on).
  3. Original check is sorted by bank (using the routing number) and returned.

But of you use online bill pay (I use it from WAMU), then the transfer is electronic and what is on the check does not matter at all because they never get one. And personal and Business checks from bill pay (at least with WAMU) look exactly the same.