Posted by Toni (NY) on 6/13/05 6:49am
Msg #44213

Lenders in non attorney state

Why would lenders in a non attorney state require an attorney for a signing for a refinance or a second? I work for an attorney and we both do signings for a few ss. The same signing service will pay him $140 for a simple fixed second and then turn around and hire me for $65 for a simple fixed second for a different lender. I understand the attorney's time is more valuable, but why would certain lenders have a policy to have an atty do signings in NY when it is not required? It seems to be a few lenders only.

Toni (NY)

Reply by Bobbi in CT on 6/13/05 10:36am
Msg #44243

#1 - The attorney has a MUCH better malpratice policy...

Generally speaking, the attorney's malpractice policy is "more secure," has much better all-encompassing coverage, and a higher limit.

Also, you can make a formal complaint to the state bar association and judicial regulating agencies about an attorney handling a real estate closing.

There is NO regulating agency for non-attorney signing agents.

Just my two cents.

Reply by Dogmonger, Ca on 6/13/05 12:00pm
Msg #44262

Not to mention deeper pockets:-) NM

NM