Posted by LarryTN on 12/11/09 12:21pm
Msg #314008

Greedy companies

I just had a first in my career. I was asked by a friend if I could notarize some mortgage documents for him and his wife. After asking a few questions I found that the lender hired a lawyer to do the closing, they're doing the actual closing on the phone, then I am to come in and notarize those documents that must be notarized (gratis...because he is a friend). He questioned the attorney as to why they did not hire me and was told the lender would not pay for a notary! This takes the cake! I don't know who's lying, the lender or the lawyer!

Reply by Michelle/AL on 12/11/09 1:09pm
Msg #314014

Why does someone have to by lying?

Larry, I ask that question in all sincerity. I'm not trying to be wise-guy/gal. It sounds to me that the lender's policy is to authorize attorney-only closings. Might be a liability/e&o issue, perhaps? I get your point - TN allows for notaries to close loans, but I think lenders can still have their own standards. What's interesting is that it's the borrower's money that's being spent.

Hmmm....I don't know. I'm just guessing.

I run into this a lot here in Alabama when I market to get more purchase closings. I'm told they only use attorneys.

Reply by Sonny on 12/11/09 1:48pm
Msg #314020

Larry, I am a Tn notary also and it is my understanding that the borrower can have any qualified notary or attorney handle the signing.

Reply by Linda_H/FL on 12/11/09 2:39pm
Msg #314031

Lender has the money - it's their call

They can require an attorney tend to the signing if they wish...their money, their call.....

Reply by Vince/KS on 12/11/09 3:27pm
Msg #314034

Wouldn't the attorney fee that the company is paying include having the documents stamped? Just curious. Seems as though the attorney should have either sealed or hired someone to do so.

Reply by BrendaTx on 12/11/09 4:11pm
Msg #314038

*they're doing the actual closing on the phone, then I am to come in and notarize those documents that must be notarized*

Sounds to me like there is an atty requirement, then the bwr is expected to find a notary after the atty answers questions. I guess the borrower could always not get a notary and wait for one to be sent. It all depends on who wants what when and more.

Reply by LarryTN on 12/11/09 5:51pm
Msg #314043

Brenda,
That is exactly what is happening in this situation. I have no idea if it's an attorney closing, but my friend said an attorney was handling the closing. They just left the BO to find a notary to notarize the legal DOCs. Had this man not been a friend of mine, I would have declined, and told them to have the lender locate and pay for a notary. I'm going to notarize those DOCs for him (at no cost) because he is a friend and neighbor, but I think the attorney is probably pocketing my fees. Just wanted to vent..

Reply by MW/VA on 12/11/09 9:34pm
Msg #314064

I will never understand this "lawyer closing a loan by phone" thing. IMO if the attorney is being paid the fee it would be his responsibility to pay the notary.

Reply by Susan Fischer on 12/12/09 1:06am
Msg #314077

My neighbors have used my general notary services over

the years, and have always paid me, even though I try to waive it off. They insist, because business is business and friendship is friendship. You can bet a dollar you don't have that if you had a lawyer neighbor, you would never get free legal assistance, and there is an ethical reason for that.

One way to diffuse this situation is for the borrower to pony up the notary fees, unless a notarial service is included somewhere in the fees he his being charged by the lender.

If the notarial fees fall within the pervue of the lawyer, then he should pony up your fee.

As a businesswoman, someone would pay my fee.

Jmho.