Posted by Genkichan on 9/25/06 9:09pm
Msg #148455

IREP's Exhibit B document (a bit long)

Ok, My turn to vent...

I wasted 45 minutes (out of 1.5 hours) in an IREP office earlier this afternoon "discussing" (that's a nice way to say it) my ability to notarize a document with the branch manager's name in the notarial wording when, in fact, he wasn't supposed to sign the document.

This Exhibit B had a signature line for the borrower, and 2 separate notarial sections, one for borrower, and one for branch manager. This branch got soooo bent out of shape about my not notarizing it if he wasn't going to sign it. And there technically was no where for him to sign. They went so far as to call another notary who comes in regularly, and she tried to explain to me that IREP's policy is that Exhibit B is attached to the DOT and both notarial sections are to be notarized. I said that's fine, so long as both people actually sign the document. Now, we all know by now that the Exhibit B is their glorified version of a refinance affidavit, which does get recorded with the DOT. However, all the refi affs that I see on every other loan in this world do NOT have the branch manager's info listed on it, nor notarial section for branch manager. It's just a standard doc needed to reduce the $$ recording fees charged to the borrower (at least it is in Montgomery Co., MD). Has not one doggone thing to do with the branch manager or the bank rep's name as listed on the DOT. The aff does state which (current) loan is being refinanced and the approximate current balance on it, as a point of reference.

IREP's main office director in PA stands behind me, and stated that that particular notarial section did NOT need to be completed, but the auditing department for the branch did not agree. In the end, the branch manager scribbled his name above both notarial sections, underneath all the borrower signature lines. Fine with me...it's a signature. But boy were they mad as you know what after all this....They even had to re-draw the docs so that they could print another loan package, just to reprint the Exhibit B doc for re-signing. That's because at first the branch manager was picking through the docs far too quickly and signed his name in my notarial section, on MY signature line, at first, before the whole "debate" really got underway.

I cannot believe how absolutely stubborn people can be... And I"m also surprised that another notary would just "following IREP's instructions" (from the branch), as opposed to paying attention to basic notary law. I'm pleased that IREP was willing to increase my fee a bit to compensate for my time. Their HQ office really seems to be on the ball. Wish I could see the same out here in the "war zone" branch offices. Last time I took an appointment, I showed up...There was no loan officer, branch manager, borrower, or loan docs anywhere to be found. I waited my dutiful 10 minutes and bolted before they tried to convince me to "wait a little longer" for nothing.

OK folks...that's my gripe for this month. That and TWO last minute canceled loans for tonight, one of which could have been totally avoided had anybody had the brains to actually call the borrower and confirm her availability before assigning it to me.

Now all you all out there heading for your local IREP office...if the branch manager doesn't sign EXHIBIT B, THEN DON"T NOTARIZE HIS NAME on the doc!!! DUH!!!!!!

Whew. I feel better now.
Vicki/MD

Reply by Loretta Reed on 9/25/06 9:23pm
Msg #148457

You must have done it at some weird branch. I did 5 at the local Bene office and after 2 or 3 years signing with them, I have never had such a debate nor have I had a branch manager that signs the docs before I notarize them.

Reply by Genkichan on 9/26/06 8:29am
Msg #148497

Even at IREP offices, I ID the branch person who's name appears on the DOT, and wait for him to sign the DOT before I notarize his/her signature. Once at another office, they had someone's name on the DOT who wasn't even in the office. Told them I couldn't notarize it if he wasn't around. They re-drew docs with a different person's name on it and we closed.

I suppose if you've been working repetitively at the same branch for a long time, know the people really well, and notarize the same branch employee's name a million times, you might feel a bit more relaxed. But, that is not my situation...I always ID them and make sure they (branch employee(s)) sign the darn doc(s) before I notarize them.

Reply by Loretta Reed on 9/26/06 8:42am
Msg #148500

I have never done a closing at the Bene branch where the AE or branch manager that was signing the paperwork was not there. The branch manager here is pretty anal about that kind of crap.

Reply by MasterCloser on 9/26/06 12:46pm
Msg #148562

I feel that I will be getting to do some of these soon also (maybe even today!) does this wierd thing happen in Pa also? Is $70 the going rate?

Reply by Ernest Adams on 9/26/06 12:35am
Msg #148481

You did the right thing!

Never, ever budge from notary law. You did exactly what I would have done. Yes, it's a PITA to have to explain that what they're asking you to do is ILLEGAL as well as just plain wrong. By sticking to your guns you've made it easier for the next people.

Good for you!

Reply by Julie/MI on 9/26/06 8:58am
Msg #148501

Those Household auditors are a piece of work. They cannot even fathom outside the household box with any of the documentation.

I quit doing them, the borrowers are always late at my branches and they are such crappy deals with their auto deductable insurance that I cannot in good faith have any affiliation with them. The loan executives seem to forget to tell the borrowers to bring in 2 pieces of id.

Again, folks create their own troubles, but it seems to me that the minorities always get swindled on Household's insurance products.


IReP is on the ball with notarial stuff, but I'm not sucking up to any Household/Beneficial people for a lousy $70 with late arrivals and docs having to be reprinted for the borrowers making a signing error that is no problem for any other lender.

Reply by Loretta Reed on 9/26/06 9:48am
Msg #148510

$70, shame on anyone who does them for that little. I still get top $$$ there. When the called and told me over a year ago that their fees were going to lower, I told them that my fees were not going any lower.

Crappy deals, loan "executives" not doing their job. Where are these branches at? I do the majority of the local Bene branch and in the past 3 years, I have only seen 1 or 2 occassions where the fees and payoffs were not gone over to the "t" with the borrower. The branch manager is very educated makes sure there are no questions by the borrower when they sit at that table. Every fee, every payoff, everything is gone over. The borrowers are rarely ever late and there is no question that the borrowers know who has to come and sign title or loan docs (vested owners).

The insurance part is not great, I wouldn't buy it, but some do. That is not up to me to voice my opinion, I am there to witness their signature. The rates are high (most of the time) but we are talking about borrowers with a credit score of 500-550. The sell their loans on monthly payment, not rate. If the borrower pays off 13 creditors and their loan rate is 10%, they have saved a ton on money on monthly payments. A borrower last night saved $1,500 a month by consolidating. His rate was 10% but it worked out for his benefit until he gets his credit score back up. Not a bad idea.

I love my local branch. Shame on these branches that are not organized or truthful.

Reply by Julie/MI on 9/26/06 11:44am
Msg #148543

I agree Loretta that I don't analyze the interest rates and that gobbledegoop. Not my problems and I don't care.

They ALWAYS have questions on the insurance. Time is money and they are late in 2 branches and I can be off closing other loans.