Posted by Teresa Welter on 7/12/05 4:38pm
Msg #51373

First Signing Thursday Please Help Clarify A Few Things

Hi All.

I got my first signing on Thursday evening. I have about four things that I just would like to be clear on. If anyone has time to answer, I would really appreciate it. This will actually be my first time signing anything since I became a Notary. So here goes:

1st- This is for an equity line. I am wondering if documents are the same as or pretty similar to a refi? Is there something that might stump me? When I took my training course, we practiced as if it were a refi. Also, I have experience with two refi's of my own.

2nd- When we refinanced the SA had us each sign a Notice of Right To Cancel that went with the returning docs. And he left us with the two (each) that were in our copy packet as well as, one that came out of the returning docs packet. In my training, I was only told that there were going to be three (for each signer) and one of those would go back leaving the signer with two copies. Also, my signing guide book from the course says that the clients should initial the date that the right to cancel ends. But my SA didn't not ask us to do that. Could you please clarify what is the norm for these two issues?

3rd-Our SA called ahead and told us that we needed to have two forms of I.D. and that I would need to make a copy of them before signing. Is that normal also? I mean to have the client make a copy?

4th-Our SA also had to fill out something for each of us called a Customer Identification Verification which was never discussed in my course. Is that in every packet?

I know this sounds like a lot but I want to be sure before I get there just in case I run across these issues.

Thank you so much for all of the great information that you experienced professionals offer to us each and everyday. I appreciate it so much.

Reply by Calnotary on 7/12/05 4:41pm
Msg #51374

HELOC, are the most easy one out there, so dont panic.

Read everything in the instructions from your SS, my experience with RTC, you only initial only when you changed the dates but again read very carefully the inst. from lender, ss or whatever.

Reply by CarolynCO on 7/12/05 4:49pm
Msg #51377

It is pretty normal to have them make copies of their drivers licenses to be included in the package. Even before seeing the package, I tell the borrowers (with the initial phone call re signing time, etc.) to make the copies.

Reply by Iris Grayson on 7/12/05 5:19pm
Msg #51385

How exciting for you! If you read your notes and review your sample docs for a refi, most of the docs you'll likely encounter are very similar to what you've already experienced. The thing to remember ACT CONFIDENT -- even if you think you don't know what you're doing, "act as if" you do! Chances are, you'll know a lot more than the average Borrower, especially if you've really done your homework. (At least, that's what the Escrow Manager (my boss at the time) told me when, on my 4th day of working there, she threw me into my first signing alone after NO notary training (Washington does not require training -- more's the pity!) and MINIMAL exposure to loan documents, having witnessed her doing 3 or 4 signings, which took a grand total of 10-15 minutes each! (Of course, I had the benefit of having staff on hand to answer those questions which I couldn't. You will have your SS and/or the TC and/or the LO for that purpose.

Now, to your questions:

1) In a Home Equity Line of Credit (HELOC for short), there are generally fewer documents than in a conventional refi package. Of course, this is also dependent on both the Lender AND the Borrower, because there are so many variables. The one key for you to remember in a HELOC is that it is not a loan, per se. That is, unless the proceeds are being rolled immediately into another, 1st loan (you don't indicate that is the case here). This is simply a line of credit established in whatever amount has been pre-determined, so there won't be a Truth-In-Lending statement (one of the stickiest forms to explain to many, due to the higher APR on it than appears on their note), since nothing has yet been borrowed or in need of being repaid.

2) Notices of Right to Cancel are handled differently by different companies. There won't always be 3 copies in the Lender's pack. And sometimes there is one for EACH Borrower and sometimes all Borrowers are on the same form. Be sure to scan the RTC page(s) for the Borrower(s)' name(s) when you get to it to determine which is the case. (If you take the time to actually read a RTC, you'll see some form of wording that says two copies of EACH RTC have been given the borrower -- that's actually what they're acknowledging when they sign on the bottom line -- that they have received two copies ... many lenders do NOT do this.) If the dates are prefilled in on the RTCs and are correct (the first is the date of the actual signing, the second should be 3 business days (excluding Sundays and holidays) afterward, there is generally no need for the Borrowers to initial the date. HOWEVER, a specific Lender may require that in their instructions (as a protection to the Lender in the event the Borrowers claim "but we didn't know we only had until 07/17/05 to cancel!") -- and it should not be harmful to have them add their initials. Nothing's ever come back to me because of either. JUST BE SURE THEY DON'T SIGN THE CANCELLATION LINE.

3) This has been answered already earlier today. Use the Orange SEARCH button for Msg #51290. (There may be others, too.)

4) Hadn't done any of this form last year at all ... this year, I've received only two packets which had this form. So, I'd say "No," it's not in every packet.

It seems as though you're trying to be very thorough. Each signing will provide new and different signing experiences -- it can be lots of fun, so just try to enjoy it and learn from it, no matter what happens! I'm hopeful you'll do very well!

Reply by JPS_CA on 7/12/05 5:37pm
Msg #51389

What a great explanation Iris. I admire all these people that have the time or make the time to answer every question and with such detail. Thank you, thank you

Reply by IrisWA on 7/12/05 5:46pm
Msg #51391

Avoidance Therapy

LOL JPS_CA ... what I'm actually doing is shirking my responsibility to myself as a student in a new career path. I "should" be studying that ... instead I'm reading up here, trying to keep updated on all that I don't know (and, as TitleGalCA commented in another post, I'm always finding there's PLENTY more to learn! sssssssshhh)

Thanks for the compliment -- you (and BrendaTX) have made my day.

Hope yours is terrific!

Reply by Teresa Welter on 7/12/05 7:29pm
Msg #51412

Thank you so much Iris for all of the information. And thank you to everyone else who replied. I have printed a copy of your answer and I am going to keep it so I will feel more confident. It is not that I don't feel that I know what to do. It is more that I am afraid to make a mistake because of something that I haven't had experience with. I guess it is kind of how I felt when I brought my son home from the hospital thirteen years ago and then 9 months and 16 days later brought my twin boys home. I knew what to do, but what if something happened that I hadn't experienced before. I'm sure you know what I mean!

Thanks again to everyone.

Reply by christiSocal on 7/12/05 11:32pm
Msg #51485

Let me add 2 things

On the right to cancel- The company I "cut my teeth" with always wanted initals next to the dates. I didn't know others didn't until I read here that not all did. Be carefull, I've only had one come back to haunt me, but that was enough! Most companys will send "explainations"(sp?) of the RTCs, just read carefully.
The other thing is the customer ID verifcation, I've had alot of these, their not hard at all, just pay attention to the part (close to the top, maybe about a third of page down) that has the borrowers name (usually) printed, then asks for b-day-- Most of mine have wanted the borrower to sign there. the rest is all info for you to fill out, they don't give you enough room for DL numbers but are easy to do.

Reply by christiSocal on 7/12/05 11:37pm
Msg #51486

forgot to mention

I've had up to ten RTCs in one 2 borrower pkg, some companies go crazy with them. I've always just had them sign all my copys, 2 each of their copys and tried to forget reduncies :(

Reply by JanetK/CA on 7/13/05 3:00am
Msg #51519

Well done. I'd like to add, though, that there are lenders out there who insist that the RTC NOT be initialed unless the date is actually changed - not if it's already typed in or just written in. Their reasoning is that if the borrower's initials are there without a strikethrough, someone else could make a change after the fact. Makes sense to me. I'm seeing this more and more often.

This topic just proves that all too often the right answer is what the lender wants (within the confines of the law) - and sometimes the answers are contradictory.

Reply by Nd_WA on 7/13/05 6:47am
Msg #51527

Agreed with JanetK...

Countrywide is the only lender I know required borrowers to initial RTC dates even without changes made.

Reply by Domgoner, Ca on 7/13/05 9:33am
Msg #51566

Ditech does also:-) NM

Reply by christiSocal on 7/13/05 4:49pm
Msg #51778

Re: Agreed with JanetK...

Home loan funding does too. The time I had to go back becaues of that was for countrywide. The instructions weren't clear so I had them initial, This office of countrywide didn't want the initials, murfeys law! It does make sence to Only initail if there is a change, But what do I know

Reply by CaliNotary on 7/13/05 1:27am
Msg #51510

Teresa, YOU RULE!

It's quite obvious from your post that you've made a real effort to learn how to do this job while you were waiting for your first signing. After seeing (just today) a new poster say she was just going to wing it until she figured it out, it is a HUGE breath of fresh air to see a new signing agent who is making a real effort to do a professional job.

Since Iris did such a good job of answering your questions there's no reason for me to add anything. If your future questions are as focused as these are I think you'll find a lot of people on this board who will continually jump at the chance to assist you in becoming a pro at this job.

Reply by CarolynCO on 7/13/05 8:59am
Msg #51550

Re: Teresa, YOU RULE!

Teresa,
It's not often that Cali gives a compliment such as he gave you. Don't take it lightly. Good luck.

Reply by CaliNotary on 7/13/05 4:29pm
Msg #51769

Re: Teresa, YOU RULE!

Ain't that the truth. Teresa, you should hear some of the names I've had to call Carolyn in the past!

Reply by CarolynCO on 7/13/05 4:35pm
Msg #51771

Re: Cali

Yeah, it's a good thing I'm not politically correct or take everything personally!

Reply by CarolynCO on 7/13/05 8:59am
Msg #51551

Re: Teresa, YOU RULE!

Teresa,
It's not often that Cali gives a compliment such as he gave you. Don't take it lightly. Good luck.