Posted by Tom_in_MA on 2/15/04 7:09pm
Msg #940

Signing Agents Out of Business in Mass

Executive Order 455 has put all notary signing agents out of business in Mass. When I first read the E.O. I didn't think the reference to real estate closings would affect us doing HELOCs and refis. When I called one of the lawyers working on the E.O. I was told WRONG, no real estate closings unless you are an EMPLOYEE of the lender. Employee being the generally accepted definition and does not include being an agent for the lender.
Still hoping there was a mistake I went to the NNA seminar in Worcester last Friday and guess what? They agree. Notary signing agents are are out of business. To add insult to injury, on the NNA web site there is a picture of an NNA VP and the Pres with big grins on their faces watching the Governor sign the E.O. Thanks NNA for working for us!!
I have been doing this as a sideline since I retired so the money isn't a big deal. However, I found that I really enjoyed doing loan closings and am bent out of shape that it has been taken away from us. My personal opinion is the Mass Bar Association probably lobbied for the change because it gives the work to their members.
I'd be interested in hearing what some of you are going to do (in the notary field) now that you can't do loan signings.

Reply by NH/Notary on 2/16/04 10:21pm
Msg #944

I am really wondering about this as I heard that there was a big scramble over the wording of the EO and Banks and lawyers were having fits because "their" notaries wouldnt be able to work either. I think this is still in limbo.
However, if a few of your border folks want to "cross the line" I would be delighted to take care of their loans.

Reply by pgordonesq on 2/17/04 3:24pm
Msg #951

Why would you think that any attorney would entertain the unathorized practice of law and risk disbarment? Those are consequences that are possible for "crossing the line". Get real.