Posted by snoopdogMs on 10/2/07 7:22pm
Msg #214348

Personal knowledge

Received a call to close a loan with somebody I just happen to know-personal knowledge. Does the ID=docs still apply?

Reply by Becca_FL on 10/2/07 7:26pm
Msg #214349

I say yes. I regularly do closings for investors that I have known for quite some time. I don't fill in all their info in my journal because I know who they are and how to find them, but I do fill out the ID verification forms for the TC and the lender.

Reply by firegirl on 10/2/07 7:28pm
Msg #214350

I have been in this situation more than once, and I always do the same as I would if I didn't know them...get the ID copy, fill out the ID affidavit, and fill in your journal. I suppose if you have the option of checking the box marked 'personally known to me' that would be fine, but most acknowledgements don't have that.

Reply by BrendaTx on 10/2/07 7:30pm
Msg #214351

For regular notary work in Texas, personal knowledge has always been fine...but when you are handling loan documents the lender's requirements rule.

Reply by rengel/CA on 10/2/07 11:35pm
Msg #214391

California has a bill that just passed the senate that will take away the use of "personally known." Which means we will have to ID each and every person.

Reply by Terri_CA on 10/3/07 1:27pm
Msg #214530

Actually, it has not yet passed the whole senate, it has passed the Senate Appropriations Committee, now waiting on the vote by the entire senate, and then has to be signed off by the Governor.

If I was conducting the loan signing for someone I personally know, I would indicate the personal knowledge identification in my journal for the notarizations. However, for the Identification Verification form in the Lender package, I would view the ID and record the info as required on the form.

Terri
Lancaster, CA