Posted by MistarellaFL on 9/8/06 9:46am
Msg #144431

NSA's-Know your role in the closing process (long)

I just had to post about this. The last few days I have seen posts about giving brw's terms over the phone prior to the appt., and having them sign an agreement to pay, if the hiring party fails to.
Don't do it!
My phone has been ringing of the hook from lurking TC 's and a few others who HIRE NSA's in this field. I have been soooo busy doing closings, because of what I posted.
Their comments to me have included
"I can't believe the advice some so-called experienced posters are giving the new agents. It's no wonder we have so many problems with the less experienced agents, with cetain posters giving out such advice."
"We do not want NSA's giving out that information to brw's, that is our job and the broker's job, and want to hire you to do our remote witness closings in your counties BASED ON HOW YOU VIEW YOUR ROLE in the closing process"
About brw's inquiry about terms, my best advice to you is this:
If the brw requests you disclose fees/terms/payoffs, etc., find out what they are expecting.
If they don't match up to what the documents show, contact THE HIRING PARTY.
Explain the brw wants to have this disclosed or won't allow you to come without this first or is expecting such and such, and will not sign if ______.
Say you noted ________ on thedocs and would like the broker to contact and advise the brw of updated terms/fees/payoffs/payout.
Understand the broker and TC wants this loan to close. This is what they do, too.
Let the other players in this transaction do their jobs, and you do yours.
You, as an NSA, are there to identify the brw, notarize signatures, and make sure the brw's sign where and how they are supposed to sign. Return the completed docs to the TC.
Dot all i's and cross all t's.
Have I missed anything?

Reply by celeste/ca on 9/8/06 9:55am
Msg #144434

There is also another problem new NSA's are doing wrong, and it is not filling out the RTC correctly or not giving each borrower two copies. Seems pretty basic, but it is causing a lot of headaches with everyone involved.

Reply by sandi/WA on 9/8/06 10:51am
Msg #144449

This is my first post on this forum and I agree totally. Brand new notaries believe what they see posted here. Especially if they come from a state that does not have mandatory training & tests. They are basically starting from scratch and take what we post here as the gospel. I became a Notary & SA in CA but have since moved to WA state. I was very suprised & disappointed to see how easy it was to become a notary in this state. I was looking forward to the state notary law training and it was not available. I received a book! New notaries need training, mentoring & guidance. I have also realized that even us oldies still learn new tricks....So let's please give out correct advice & facts, not just opinions, or keep QUIET.
Also I learned the hard way to check and make sure that the loan pkg includes enough RTC's. Sometimes there is only one and I need to make copies.

Reply by LawrenceOK on 9/8/06 11:13am
Msg #144457

By golly your learning, keep up the good work. It is of the uppermost importance that we, as NSA's know our states Notary Statutes backward and forward. I learn something new everyday.

Reply by ssqu/ky on 9/8/06 10:02am
Msg #144435

Thanks for bringing this to the new, not so new and experienced Notaries attention again. We need to remember what our "ROLE" is. The only thing I think you missed is....smile while you work. Have a great day everyone!

Reply by LawrenceOK on 9/8/06 11:04am
Msg #144453

It is the LO's & TC's job to explain TERMS of the loan. We are Notaries Public first and NSA's second. When I receive the confirmation, it is my job to contact the borrower(s) and confirm the appointment. Once I arrive for set appointment, it is my duty to ID borrower(s) BEFORE the signing process continues.
Once I am satisfied that the borrower(s) have provided sufficient ID as law requires, the signing can Begin. I hand the borrower(s) one document at a time and give a brief description of what the document is or if it's the Note, then I show the borrower(s) the lines that state the % rate, first and last payments and the amount of payments.
If at that time, there is a disagreement, we contact the individuals set fourth in my instructions. If no one can be reached, I explain the RTC to the borrower(s) and give them the option of whether or not to continuing with the signing.
It is their option, not mine. (90% of the borrowers will continue, knowing they can cancel if the terms cannot be worked out) If a second trip to the borrower(s) is necessary, it will be of no fault of mine. No I do not work for trip fees.

This is what my job is, anything else would be crossing the line of UPL in my opinion.

Reply by Teresa/FL on 9/8/06 11:04am
Msg #144454

Re: NSA's-Know your role in the closing process-I agree

The borrowers did not hire you, the TC or SS did, so it would not be correct to pursue the borrowers for payment when/if the hiring party does not pay as agreed.

As far as discussing loan terms on the phone prior to the signing, that is the responsibility of the LO. If a borrower indicates to me that they are not willing to sign until discussing the loan terms, I call the TC or LO to let them know the borrower is expecting a call before I go to the signing.

Reply by Becca_FL on 9/8/06 11:05am
Msg #144455

I just received a call from a company that saw the post in question and the comments I heard were well in line with what you heard Misty.

You better believe the TCs, SSs and even Brokers lurk here to see who know what the heck they're doing.

I think I hear the sound of dirt falling into a deep hole.

Reply by walt_PA on 9/8/06 11:15am
Msg #144458

I agree with the posts so far. I never discuss terms with the borrower. IF they call me ahead of time and request specifis, I advise them to contact their LO with any questions or concerns. I then contact the agency that hired me and advise them taht the borrowers has concerns.

Asking the borrower to guarantee payment is totally out of the question. We should be getting that guarantee from the agency that hired us not the borrower.

Reply by LeNelle Stephens on 9/8/06 11:16am
Msg #144459

Agreed - Great points Misty and Lawrence n/m

Reply by cyndi_ca on 9/8/06 11:19am
Msg #144460

No wonder there is so much babysitting. Very well put Misty.

Reply by Charm_AL on 9/8/06 11:21am
Msg #144462

here, here...

Thanks Misty...This needed to be said again. If necessary again and again.
I also talked to one of my fav companies last evening. She was appalled that someone would go around slipping in their own invoice to the borrower in her loan package and then getting on this forum with said form and trying to get others to do the same. She also stated that if anyone she hired ever tried this, they would be gone instantly from her database.
She also asked this question "when did notaries forget their role and become the L.O, lender, and attorney?"

So in closing folks, what I tried to get across to you yesterday is in effect what Misty said today. Stick to what you were hired to do. Don't lose your commission taking illegal or unethical advice from a fellow notary. Check out the information before you employ it.

Also, my apologies to all that read my posts to flamac yesterday, this notary incenses me and I let it get under my skin. I believe in Karma...and I feel her days as a notary public are numbered. BrendaTx has it spot on. I can only allow myself to get upset reading these posts. I can control how or if I choose to respond.
You all have a wonderful day, happy signings and Do the job that you were hired to do.

Reply by MICarole on 9/8/06 12:12pm
Msg #144490

You are so right on point. I have never disclosed to the borrower ahead of time what was in their loan packet. If they do ask me, I tell them to call their loan officer and/or contact at the mortgage company. And, less they called me (the brw) for my services, I would never, ever make them sign a document stating that they will pay me if the SS that hired me didn't.

Reply by Brenda/CA on 9/8/06 2:11pm
Msg #144544

I agree with everything you said 100%, excellent post Misty.

Reply by SueW/Tn on 9/8/06 3:05pm
Msg #144559

Excellent post Misty and terrific responses...good job all n/m

Reply by hcampersFL on 9/8/06 3:28pm
Msg #144565

Misty- I wanted to FOLLOW up with one more thing.

Remember that you are hired by TC, SS or Lenders. You are completing work for them. Not the BR's. Yes you may be paid from the closing funds that the BR pays but that isn't who hired you. If the loan doesn't close the BR isn't responsible for paying anything. (Appraisals are a bird of a different feather)

Reply by JanetK_CA on 9/8/06 8:34pm
Msg #144629

I'd like to add my thanks (I completely agree with Misty's post) and repeat, for the benefit of anyone on the new side, something that I have said here many, many times: be very, very careful where or from whom you take advice. There is much useful information here, but I believe the biggest value of this board is in the questions it raises - not necessarily the answers that are provided!!

When it comes to the latter, the answers should come from the source, and who that is depends on the type of question. If it is a notary issue, the source is your own state's laws. That takes first priority over everything else. After that, the source is your client. Admittedly, that can be complex sometimes - and I don't have time to get into that now, but you should be able to figure it out, or do more investigating before you do more signings! And I guess that's the point. We all need to stay in learning mode. I proved that to myself again yesterday with a new client whose forms are just slightly different from what I'd seen before.

(Just to be clear, these comments are directed at previous posts - not this one.)