Posted by LynnNC on 6/13/08 2:44pm
Msg #251197

RESPA Change That Could Harm Signing Agents

I know that many people on this board don't think much of NNA, but, they occasionally provide interesting information. A week ago their e-newsletter had a link to an article on their website regarding a RESPA change that could harm signing agents.
http://www.nationalnotary.org/nsaSection/index.cfm?story=1409&referID=A35930&wt.mc_id=911

Here in NC we have to be especially careful about UPL, as attorneys in the state keep presenting legislation that NSAs cannot handle real estate closings, using that as a reason.

Reply by BrendaTx on 6/13/08 3:21pm
Msg #251210

I think they've opened up a can of worms by writing their letter that should have been left alone.

Reply by LynnNC on 6/13/08 3:53pm
Msg #251218

You are probably right! n/m

Reply by Charles_Ca on 6/13/08 5:08pm
Msg #251229

Just another paltry attempt at staying relevant! n/m

Reply by Negrete on 6/13/08 8:43pm
Msg #251244

Re: Just another paltry attempt at staying relevant!

I have to ask you Charles, do you really think that it would be UPL if a notary where to read the script to a borrower ?

Not trying to be silly by asking this question, I do respect your opinion very much.

I just can't see how it would be UPL in any way. You are not giving an opinion, just reading a script.

Anthony J Negrete
Negrete's Notary Service Inc.

Reply by Nomad/OR on 6/14/08 9:05am
Msg #251291

I agree, reading a script should not be a problem, the issue

is with having to explain after reading. All I can do now is to let them know where they can find the answers to interest rate questions etc., but I am NOT allowed to explain anything.

Reply by MichiganAl on 6/13/08 8:49pm
Msg #251245

"Signing Agents also would have to explain these terms to the borrower — a clear violation of notarial laws and ethics."

I've read the script and RESPA proposal multiple times. Where in the world does it say that signing agents would have to explain these terms to the borrower? It doesn't. They're full of it. Again.

Reply by LynnNC on 6/14/08 10:13am
Msg #251303

Al - While your research does not indicate that we are required to explain the script, the borrowers are likely to have questions and want us to. Often lenders are not available when the closing takes place, and the borrowers will have unanswered questions. Technically, we shouldn't even explain what APR is.

Reply by MichiganAl on 6/14/08 12:16pm
Msg #251317

But that's nothing that we don't already deal with so this isn't new territory. Borrower's sometimes have questions they want us to answer. Sometimes we can find the answer in the docs, sometimes we have to defer to the lender, broker, or t.c. There's nothing about the RESPA reform that changes that. It's the same line we've always straddled.

I've said it before, I really don't like the script. But there's nothing about it that threatens UPL.