Posted by Melody on 7/30/05 12:56am
Msg #55848

Anyone work for Nasco lately?

I haven't heard from Nasco in weeks.

I haven't seen a post about them in more weeks.

Anyone doing any work for them recently?

Reply by Susan/OH on 7/30/05 8:41am
Msg #55860

I just did 3 of them this past week.

Reply by Teasa/NY on 7/30/05 11:28am
Msg #55881

Chase or Citibank? Thanks

Reply by Brijoe_WA on 7/30/05 11:32am
Msg #55883

I have never done any for them, but I have been signed up with them for a long time. Do they service WA, thats my question.

Reply by A. Nonny Moose/NY on 7/30/05 11:59am
Msg #55890

I am in the NYC area and my business with them has dropped by 90%. Citibank used to use them exclusively and that deal seems to be kaput.

Chase used them for direct to the consumer [non-mortgage broker] deals but now Chase is doing the signings in the branch and done by branch personnel. I think that's plain ILLEGAL to have a bank employee notarize its own mtge. Anyone have any opinion on that?

Reply by On The Dot Signing Services, LLC on 7/30/05 1:17pm
Msg #55915

I did one for them about three weeks ago, I used to do at least 2 a week. It has dropped off a lot

Reply by PAW_Fl on 7/30/05 1:27pm
Msg #55919

>>> I think that's plain ILLEGAL to have a bank employee notarize its own mtge. Anyone have any opinion on that? <<<

Why? The bank employee probably has absolutely nothing to do with the mortgage. They receive no additional incentive (pay) to do it. Actually, a Chase bank employee is probably not even in the same "company" that originated the mortgage. JPMorganChase is a very, very large organization with many companies within it. One of those companies is their mortgage company. Another is the retail banks themselves.

Following along with your thought, do you think that a title company employee of the title company doing the title, settlement and escrow on the transaction, who performs the closing, including the signing portion with the borrower, and notarizing the signatures, would be doing something illegal as well?

Reply by J in Ca on 7/30/05 2:22pm
Msg #55931

I did a Nasco Citibank yesterday. This morning I did a Clip for ILS thru Hillcrest! Anyone else doing Citibanks for ILS/Hillcrest? I'm still doing tons of Citibanks for Fidelity/BancServ.

Reply by Rick_NY on 7/30/05 6:51pm
Msg #55990

Do you mean CLIPs or full HELOCs?

I was just solicited by BANCSERV Inc.
22800 Savi Ranch Pkwy, Ste 208
Yorba Linda, CA 92887

Is that the company to which you are referring?

Reply by J in CA on 7/31/05 11:16am
Msg #56097

I did a Clip yesterday. I also do full HELOCs.
I only know of one BANCSERV. Their phone # is 800-721-5558. On Thursday I had 5 Citibanks from them, all at the same Broker's office. I love doing those, especially at that location.

Reply by Rick_NY on 7/30/05 2:26pm
Msg #55933

Why? PAW, I'm really surprised at you.

To be blunt, I don't think you are aware of how the profit centers of banks work and how branch employees are compensated.

But let me be more specific in my observation. The branch personnel originate the home equities. They basically shoe-string tackle customers in the branch and say, "Hey, wanna do a HELOC? We'll pay all the closing fees, it's such a deal you can't pass it up." That branch person racks up points for directing a customer to do a home equity. BTW, Chase has fired all the home equity specialists. Regular branch workers have taken up that responsibilty. This is fact from several Chase branch managers I have met.

It's very likely that the branch person will do the closing either in the branch or visit the customer's home or work place. Even if the branch notary is someone other than the person who originated the equity, they still work for the company that is getting the benefit.

Also, the mere fact that the company actually providing the home equity financing, or yet a different division of the bank that provides the first mortgage purchase or refinance, is not the same company that holds the cash deposits is totally immaterial. They are inter-related and the parent co gets a financial benefit. Have you never read the "Affiliated Business Arrangement" Disclosure? The gov't feels differently than you about what constitutes the "same company."

Notaries are supposed to be disinterested in the transaction and not receive value if the transaction of the mortgage or purchase takes place or not. This is not the case when people who receive "credit" do the notarizing. How many times are you asked, "Is this a good deal?" by the borrowers in their homes. You know we can't say it is or it isn't whether the borrower is getting prime minus 5.00 or prime plus 10.00. You know if the borrower wavers at the branch, the bank employee is going to try to tip him/her positively.

As for your argument about the title company employee who notarizes docs for a closing, that is spurious because s/he does that incidentally to his primary job and you know that.

Reply by PAW_Fl on 7/30/05 3:52pm
Msg #55954

You're right, Rick, I wasn't really thinking about the retail side of the bank. I was in the wholesale side for years, and my blinders were within the house, not on the street. I didn't think it through. Also, I know there's been a lot of shake up at Chase recently in the mortgage division and was not aware that all the equity specialists were let go or at least the position no longer exists. This is certainly not the Chase Manhattan that I knew. There used to be loan originators at the bank and the title company closed the loan. That's the old way of doing it, and that's what I thought still was going on. Bank employees were duly compensated for new deals, but that was as far as it went. They didn't close the deal too. My, how times have changed. (And apparently, not for the better.)

Yes, I'm aware of the JPMorganChase empire, and the different "companies" within the structure. And I'm very familiar with the Business Arrangements disclosure. The disclosure simply is to inform the borrower that their is a business relationship between and among a list of entities, what the services are that those entities perform, a fee or cost range for those services and a statement that says:

You are NOT required to use the listed provider(s) as a condition for purchase, sale, or refinance of the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.

Or similar wording.

Chase having the refi's done in their own branches may be the same as the title company involvement. Let's face it. I did not go to my bank to refinance. Most folks today do not go through their bank. They go through a correspondent lender or broker. If Chase is the servicing lender and they direct the borrowers to go to a local branch, then that too would be an incidental event to the bank employees job.

But I do understand the point about the bank solicitation of the their customer.

Reply by PAW_Fl on 7/30/05 4:12pm
Msg #55958

Oops, grammar police... I won't do it again.

"Their" should be "there" in the following sentence:

"The disclosure simply is to inform the borrower that their is a business relationship ..."