Posted by Reginald Wilks on 2/19/05 12:11pm
Msg #21364

Re: What to do when a Mortgage Company makes mistakes?

My problem is I have now been to a couples house twice and both times there was errors on the paperwork. This time the mortgage company made double entries on the URLA under liablities section. What should I have done? What I did was stop the signing and told the couple to call there lending agent and tell him the problem and maybe they could send another set of documents by Wednesday and we could finish on Thursday. Should I ask this company to increase my fee because of having to make so many trips?

I am in Kansas by the way so you will know.

Reginald wilks

Reply by Anonymous on 2/19/05 12:32pm
Msg #21367

Re: What to do HEY JON JUMP ON IN

Jon, is this where you say, read your state codes and you are not good enough to be a Notary, shame on you for asking a question? Only I, JON THE GREAT KNOWS ALL!

Reply by BrendaTX on 2/19/05 12:37pm
Msg #21368

Re: What to do HEY JON JUMP ON IN

Anonymous:

RW's question has nothing to do with knowing the notary rules. This is a signing agent question.

Anonymous needs to study Anonymous's Notary Rules to determine the difference between the two.

Reply by Anonymous on 2/19/05 12:48pm
Msg #21370

Re: What to do HEY JON JUMP ON IN

Seems you & Jon like to give suggestions but can't take suggestions.

Reply by Jon (The Great) on 2/19/05 12:53pm
Msg #21373

I did take your suggestion......Thanks!!!! n/m

Reply by BrendaTX on 2/19/05 1:05pm
Msg #21375

I beg to differ Jon.

Jon - You pretend to take suggestions but you don't.

You actually have your reply couched in gracious helpfulness (as always) and did not jump on anyone or lecture.

However, let me set the record straight: I don't pretend to accept suggestions.

I submit that I have never accepted a suggestion from anyone and don't plan to start. My mind is a closed vault, an unyielding fortress locking out the help or knowledge of those I can learn from.

Alas, Anonymous is this "winner." I "lose."

That settles that.

Reply by Jon (The Great) on 2/19/05 1:13pm
Msg #21378

Re: I beg to differ Jon.

Brenda said,

"You pretend to take suggestions but you don't. "

I did, I jumped in and told RW my opinion, and I also changed my name to "Jon (The Great)". Both of those things were suggested by Tulip in her previous posts.

What do you think of the name change?? I think it fits!!!

Reply by BrendaTX on 2/19/05 1:20pm
Msg #21380

Jon (The Great) queries:

"What do you think of the name change?? I think it fits!!! "

Well...I guess it does fit rather well...but you DO realize you can no longer be a part of any Jelly Bean induced name games.

Reply by CaliNotary on 2/19/05 1:25pm
Msg #21383

Re: What to do HEY JON JUMP ON IN

Yeah Anonymous, you're gonna go far in this business with that crappy attitude. Clueless and bitchy, it's a winning combination.

Reply by Jon (The Great) on 2/19/05 12:52pm
Msg #21371

Re: What to do when a Mortgage Company makes mistakes?

Sometimes the 1003 will show duplicate liabilities due to the loan being transferred or the original creditor being bought out. I will normally point at the liabilities column and say "This is represents creditors, payments, and unpaid balances." If they ask, I tell them that it is usually based on their credit report. I have them sign and move on. The 1003 is to give the lender a basic understanding of assets and liabilites to determine debt to income ratios and the like. Most lenders realize that duplicates may exist and it usually won't create a problem. I have never had to stop a signing due to the 1003. If they are really concerned about, I let them know about the RTC and advise them to call the lender after we are done signing.

Reply by Reginald Wilks on 2/19/05 1:51pm
Msg #21386

Re: What to do when a Mortgage Company makes mistakes?

Jon(The Great)

This post does give me some things to ponder. The problem with the 1003 was the total was not correct either. The borrower is the one who stopped the closing. She did not want to finish until she had an answer. She does want the loan and she asked me if there is a way to waive the 3 day right to cancel so the loan can close before the end of the month I told her to ask the lender. I know the law says they have the right to cancel withing three days but, is there a way to waive this?

Not just Jon(The Great) but all who have responded so far I have an opinion I would like to express that is I thought this was supposed to be a professional site for professional Notaries Public not a place to chat like on Instant Messanger or some of the other chat sites.



Reginald Wilks

Reply by PAW_Fl on 2/19/05 2:10pm
Msg #21395

Re: What to do when a Mortgage Company makes mistakes?

The soon to be illustrious Reginald Wilks queried: "I know the law says they have the right to cancel withing {sic} three days but, is there a way to waive this?"

Please refer to:

http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/cfr_2002/janqtr/12cfr226.15.htm

which is the code that explains the RTC. By reading this, you will then understand exactly what is required to have the 3-day RTC waived. You also will get the answer direct from the 'horses mouth", rather than some rehashed and pre-digested version which may be tainted with opinion and incorrectness, which is dispensed from the other end of the horse.

Reply by Reginald Wilks on 2/20/05 9:39am
Msg #21504

Re: What to do when a Mortgage Company makes mistakes?

PAW Fl

Thank you for the Cite 12CFR226.15 I read all of it but I still do not understand on page 2 paragraph (4) (e) seems to say that the only way to get a waiver is to be in a diaster area.

Am I interpreting this correctly?

I think you for your hard work in finding this. I guess I need to learn how to search for legal briefs and opinions where did you find this?



Reginald Wilks

Reply by sue on 2/20/05 10:03am
Msg #21514

Re: What to do when a Mortgage Company makes mistakes?

No, you don't need to learn how to look for legal briefs and opinions. That's not your job, at all to know it, to know how to find it or how to interpret it. If you want to look for your own info, that's a different story. As to your question about waiving the 3 day RTC, you gave the only correct answer - contact your LO - answering that type question can and will get you into hot water quicker than you know what happened - even if you've looked up the proper federal statute and absolutely totally understand it - not your call to give that type info.

Reply by PAW_Fl on 2/20/05 7:11pm
Msg #21561

Re: What to do when a Mortgage Company makes mistakes?

No, the borrower just needs a bona fide need for funds.
- - - - -
(e) Consumer's waiver of right to rescind. (1) The consumer may
modify or waive the right to rescind if the consumer determines that the
extension of credit is needed to meet a bona fide personal financial
emergency.
- - - - -

Paragraphs (2) through (4) explicitly state situations surrounding named disasters. But paragraph (1) is pretty vague. I have had signings with waivers of the RTC to ward of foreclosures and for a medical emergency.

As Sue has pointed out, this information is for YOUR own personal knowledge and, unless you are an employee of the lender and working in a capacity which allows you to disclose and advise on this, refer the borrower to their LO. If you see a Waiver of RTC in the package, you cannot assume that it does or does not belong there. It is between the lender and the borrower.

As background, I've been in this business for almost 15 years, most of them as an employee of a major international bank and lending institution. Add to that an unquenchable thirst for the underlying reasons of what I do, coupled with some affiliations and the search tools on the internet, I do research all the time, making physical notes and references of this type of stuff.

Reply by Roger/OH on 2/19/05 2:19pm
Msg #21396

Reggie...

Ted offers very good advice for your question. In response to your comment about this supposing to be a "professional site for professional Notaries Public", be assured that it is indeed that. Many of the posters here have been around a long time and are familiar and comfortable enough with each other that some natural bantering frequently occurs. It doesn't make the board any less professional; to the contrary, the level of professionalism is enhanced by the ability of these folks to conduct an in-depth analysis of the notarial and/or signing issues presented here, to the benefit of the questioner. It would be pretty dull if all we did was respond to questions with one-sentence answers, and didn't enjoy the dry wit of Brenda, the laconic humor of Hugh, or the cutting edge knowledge of Jon, PAW and CaliNotary.

Reply by ERNA_CA on 2/19/05 2:59pm
Msg #21409

Re: Reggie...

Well saied Roger.

Reply by Jon on 2/19/05 3:04pm
Msg #21412

Re: Reggie...

I'm sorry, I just can't help it:

Said. Change the "y" to "i" and add "ed" does not apply to the word "say".

Reply by BrendaTX on 2/19/05 3:08pm
Msg #21413

Just for Roger/OH...and/or Lawrence/OK

**It would be pretty dull if all we did was respond to questions with one-sentence answers, and didn't enjoy the dry wit of Brenda, the laconic humor of Hugh, or the cutting edge knowledge of Jon, PAW and CaliNotary.**

Thanks for the kind words. I do understand RW's annoyance with wading through silliness and will repect his wish for seriousness in the future for threads he starts with serious questions.

BTW - was it Lawrence/OK or you who introduced us to http://www.ebolamonkeyman.com? If so, I have NEVER looked at it.

Reply by Roger/OH on 2/19/05 3:54pm
Msg #21427

Re: Just for Roger/OH - Guilty as charged!

While I will accept credit for introducing you to that site, I can take no responsibility for any injuries incurred while doubling over with laughter.

Reply by Reginald Wilks on 2/20/05 9:44am
Msg #21505

Re: Reggie...

Roger/OH

Thanks for your insight into this board I am sorry for my lack of understanding about how long this board had been here and how it could get very personalible. I want to thank everyone who has responded so far. Also if I miss spell a word forgive me I grew up in a small town where the school was not real strict on learning to spell and grammer.

Reginald Wilks

Reply by Jayhawk/KS on 8/5/09 8:39pm
Msg #298860

Re: Reggie...

Oh my, please believe me, that most schools in Kansas offer an excellent education. Some students obviously fall through the cracks. As a former Kansas educator, his remarks really hit home. There is no excuse for his grammatical and spelling errors, use a dictionary!!!!!!!!!!

Reply by Jon (The Great) on 2/19/05 2:20pm
Msg #21397

Re: What to do when a Mortgage Company makes mistakes?

"The problem with the 1003 was the total was not correct either."

If you are refering to the "Details of Transaction" on pg 3 of the 1003, I have never seen numbers on this part match the HUD. I usually say "I'm going to bypass these numbers, but I will go over them with you in the next few pages," hasn't been a problem yet.

I have heard that under very specific circumstances the borrower can waive the RTC, but I have never seen it done. Advising them to contact their LO was the best course of action.

As for chat, sometimes it just happens. I think the banter helps keep the board from being boring, sometimes. It is a part of what makes this board unique.

Reply by BrendaTX on 2/19/05 3:01pm
Msg #21410

RW...

RW says: "I thought this was supposed to be a professional site for professional Notaries Public not a place to chat like on Instant Messanger or some of the other chat sites."

Ahem...thank you. My apologies. I should say that I will ***try*** to behave in the future in posting.

But, *trying* puts me in a predictament. I have always said that *try* is a word that is overused as an excuse when one does not really intend to complete an endeavor or task. It's been my position that one either DOES or DOES NOT do something. I doubt that I can always be serious.

However, I understand your annoyance and out of courtesy and respect for you, I will not only *try*, but will definitely succeed in avoiding banter on any thread that you start and ask for assistance on in the future. The rest of the time, ignore my posts because 50% of the time, there will be some degree of humor involved.

How's that?

Reply by ERNA_CA on 2/19/05 3:10pm
Msg #21414

Re: RW...

I for one apreciate humor, therefore iI will continue reading your postings (: I much prefear going through life smiling and humor definatly helps me to smile through lifes trials and tribulations. Hats off to all the folks with humor.

Reply by Laura on 2/19/05 3:32pm
Msg #21421

Re: RW...

all those in favor say aye! AYE!

Reply by Reginald Wilks on 2/20/05 9:50am
Msg #21509

Re: RW...

Laura

AYE!!!

Reply by Anonymous on 2/19/05 8:05pm
Msg #21469

Re: RW...

Brenda says "I doubt that I can always be serious. "

I for one love your humor and come here mainly to read yours and few others post
so thanks for making us laugh. and s**t on those unhappy dregs

Reply by Reginald Wilks on 2/20/05 9:48am
Msg #21506

Re: RW...

Brenda TX

Don't worry about the banter I understand now why it goes on and I will not mind anymore if there is banter in my posts so do what you want.

Reggie

Reply by Ted_MI on 2/19/05 1:04pm
Msg #21374

Re: What to do when a Mortgage Company makes mistakes?

Hi Reginald,

Should you ask to have your fee increased? I sure would, if I were you. But you started out your query "Should I ask this company....?". I presume you were referring to the mortgage company. But was the mortgage company the entity that retained you or was it a signing service? If it was a signing service, then they would be the ones to approach.

I had a similar situation towards the end of December. I was retained by a signing service and handled a refinance signing mid day sometime. Later on, I get a call that some documents need to be redone (nothing that I had missed though). Ok So I negotiate an additional fee, then print out more docs and return to the borrowers' residence. Then on Saturday I get a call from my contact at the signing service that I should have had the wife sign the deed. I am thinking to myself "Geez I can't believe I missed something" but also in the back of my mind thinking well it couldn't be a deed because there wasn't any deed ; there was a mortgage. Well, it turns out that the mortgage company wanted the wife to sign two additional documents, although none of this was my fault (which the contact at the ss acknowledged). So I negotiate an additional fee, print out several more docs and make a third trip to the borrowers.

There was an additional case in which I negotiated a slightly increased fee after the fact because the job became much bigger than either of us (myself and the person who retained me) had anticipated.

Reply by Reginald Wilks on 2/19/05 1:56pm
Msg #21389

Re: What to do when a Mortgage Company makes mistakes?

Ted_MI

Thank you for your reply. I think it was the lender who contacted me to return for the second signing. I was not home when the call came in and my wife said she thought I could do it and the papers arrived while I was out of town. That's why I did not get them checked thoughly the way I normally do. I usually go through all the docs before going to a signing but this morning I did not get to because of returning home later than planned.

Thanks again.


Reginald Wilks

Reply by Ted_MI on 2/19/05 7:50pm
Msg #21463

Re: What to do when a Mortgage Company makes mistakes?

Reginald,

I must say if you usually check out all the docs before going to a signing, you are a better man than I am, particularly when speaking in terms of e-docs. Often, I barely get the edocs printed out before I have to leave to attend a signing. So obviously have no time to look at them prior to arriving. Luckily there is some similarity between refinancing packages.

As far as the lender trying to contact you for the second trip, I get the impression you had given the lender your home phone number and not your cell phone number. If you don't have an opportunity to negotiate beforehand (before making the extra trip) it always can be done afterwards. But obviously you just don't have the same kind of "leverage".

Reply by ERNA_CA on 2/19/05 2:25pm
Msg #21401

Re: What to do when a Mortgage Company makes mistakes?

I is my anderstanding that as notaries we are to be inpartial., and never stop a signing even though we see a problem but rather inform the mortage company or ss of the problem. corect me if I am wrong.

Reply by Terri Garner on 2/19/05 3:29pm
Msg #21418

Re: What to do when a Mortgage Company makes mistakes?

I had a borrower last night who didn't want to sign the 1003 because two of the items listed as "liabilities/creditors" he said wasn't his and on page 3 of the 1003 if you read the statement the borrowers are signing almost under penalty of perjury that the information contained therein is true and correct.

The borrower did eventually sign, only because we put a note on that page about the incorrect two items.

Terri
Lancaster, CA

Reply by Reginald Wilks on 2/20/05 9:56am
Msg #21513

Re: What to do when a Mortgage Company makes mistakes?

Terri Garner

I did not think about putting the note on that page I think that might have done the trick and let me finish the signing. thank You

Reggie

Reply by Reginald Wilks on 2/20/05 9:54am
Msg #21511

Re: What to do when a Mortgage Company makes mistakes?

ERNA_CA

The problem was it was a Saturday morning and no one was at the lender of ss so there was no way to continue. The borrow was the one who stopped the signing I would have finished and relied on the 3 day right to cancel. She did not want to finish and then have to do it all again so she said lets just stop until I can talk to the lender and then we will reschedule.

Reggie

Reply by sue on 2/20/05 10:10am
Msg #21516

Re: What to do when a Mortgage Company makes mistakes?

With experience comes the abililty to 'talk borrowers into signing'. On what another notary calls the 'blah blah' papers (although we all must understand that each document, however silly seeming, does have a purpose for being there) you tell the borrower that that specific document has nothing to do with the loan terms, that it's part of the lender's basic paperwork. They will have the 3 days to contact the lender regarding those type documents and as long as the 'loan papers' are correct the borrower should continue. Not our job to sell the loan, make the borrowers sign what they don't want to, etc., but with experience and your confidence in the process SELDOM will you have a problem with those type docs.