Posted by Saphire-CA on 5/3/05 1:00am
Msg #35470

Questions from a Realtor in NM about Notaries ect.

I am a little confused because I have never run into this..... In NM we do it this way and I am wondering----
As far as buying a home and getting a loan----this is the procedure.
A person goes to the mortg. co and applies for the loan. When they find a house and if they get the loan, they then go through our title companies to actually close the house. The title co. does the searches on the property and when the people are ready to close they go to the title company and sign the loan papers---------the title people then notarize everything!!!
So, I am confused as to why they would need a separate notary!!
I know that many people need notaries from time to time to sign car purchases, sign special contracts, etc. There are notaries at every bank and usually at all the car places, real estate offices, etc. So, I can see that in some circumstances someone would call you, as a notary, to witness their signing of something, but only is they could not have access to one nearby or where they are doing business.
My point is that there are notaries everywhere. Do you see what I mean!! Now, in Ca. maybe it is different. Maybe they don't allow people from the same business, title companies etc. to sign, I don't know.
Just ask --why would someone call me if there is a notary where they are doing business?
I did read the article and it sounds like it is an on going business that you really have to work on and pursue before you get your name out there. Like being in business for yourself and building up a clientele.

Any comments on this message??

Reply by ERNA_CA on 5/3/05 2:26am
Msg #35473

Traweling notaries go to the borrowers home for the siging so they dont have to go to the title companie. It is a convineance for the borrowers that usually have jobs and title companies are not open in the evenings or on weekends. Business changes all the time this is just one of thees things. call it progress, everyone pressed for time. Title companies do still do in house signings if it is convinient for the borrower.

Reply by PAW_Fl on 5/3/05 6:54am
Msg #35480

Saphire, what you're posting about is for home purchases, which the title company usually handles. However, there are many other times when this is not the case, such as refinancing the mortgage, adding a second mortgage and modifying existing loan conditions, for example. Title companies usually don't want to handle this work "in house" as it is not profitable for them to do so and may limit their small in-house notary staff from performing purchases. Besides, going to the title company to close is a real inconvenience for most. The mobile notary signing agent fills the gap in providing an in-home service. The title company still gets their share of the closing costs, but doesn't need to tie up a notary to do the work and inconvenience the borrower.

Also, there are many title offices that do not have an office near the borrowers. Therefore, rather than asking other companies to perform courtesy closings, they ask the mobile NSA to do it. This is not limited to refi's either. Many NSA's do purchases for title companies at the premises, realtor's office or attorney's office.

Reply by Art_MD on 5/3/05 7:31am
Msg #35485

With the changes in the system in the last few years (internet, new laws, etc), many companies are licensed to do business in a state but don't have a phusical presence in the state.

Example - a Washington Mutual loan, with a title company in Texas for a Maryland property.

Everything is done by phone, mail, e-mail, and overnite packages.

Because the neither the lender or title company has an employee near the borrower, the SA comes into play.

Art