Posted by Randy Hogan on 2/6/09 9:05am
Msg #276726

Signing request from Borrower?

Here's an odd one...got an email today from the borrower saying he is doing a refi and needs a notary to meet him at his house or wherever to do the closing.
On the face of it, I suppose it's nothing to worry about but I keep wondering why the borrower would have initiated this rather than the title or mortgage co.?

Any pitfalls here I need to be concerned about or nothing to worry about?
Thanks in advance for any feedback!

Reply by CopperheadVA on 2/6/09 9:09am
Msg #276727

Some lenders, such as Wells Fargo, send the package to the borrower and tell them to find a notary no later than XX date. With these calls, I charge a travel fee and a per-notarization fee - I ask the borrowers to have the notarized pages flagged or separated so everything goes faster.

Reply by CopperheadVA on 2/6/09 9:09am
Msg #276728

Forgot to add that fee is collected from borrower n/m

Reply by Roger_OH on 2/6/09 9:12am
Msg #276729

Nothing at all unusual - a number of companies send "mail-away" doc packages to the borrower and tell them to find their own notary.

Handle as you would any loan signing. I offer them the option of just doing the notarizable documents, or going thru the whole package. If you do the former, you're limited to your state notary fees and whatever travel costs it permits.

I do wish that when companies send these out, they'd also include reference to sites like NotRot where borrowers could find a notary experienced with loan docs.

Reply by Randy Hogan on 2/6/09 9:16am
Msg #276730

Thanks to both of you. Was almost positive it was legit but at same time, you never know these days and wanted to toss it out there for response.

Again, thanks to you both. Love Notary Rotary!

Reply by A S Johnson on 2/6/09 9:28am
Msg #276732

I'm in Weatherford. Where are you in TX?
My cell phone is 817-613-7002 if you need help, please call.
As to your concern, I've do these all the time, USSA is another one that comes up often.
As all ready stated I charge by the Notary if they just come in to my office. If I go to them, I charge my loan packge signing fee (basic $75, If a Reverse, CW or Chase then $90) and travel at $30 per 50 miles RT.

Reply by hp/MD on 2/6/09 9:58am
Msg #276738

This happened to me many times. Yes, Well Fargo does that. Last month a borrower actually came to my home office with the docs. I charged them my regular fee XXX.

Reply by Alice/MD on 2/6/09 10:33am
Msg #276739

The Handbook for Maryland Notaries Public..page 22.. #55 states "A notary public may charge 31 cents per mile and a fee not to exceed $5, as compensation for travel required for the performance of a notarial act."

31 cents per mile and $3 per notarial act..... I just can't see any profit here for me. I just don't know if it is legal to charge borrower the same as regular signing fee xxx.

Reply by Shoshana Roller on 2/6/09 10:44am
Msg #276742

Sometimes you can charge fees that are not notary fees. For example, if you drop the docs, you may be able to charge courier fees. The key is that you would need to itemize your invoice. If you were proctoring the traffic school exam, you might charge a non-notarial fee for proctoring. In some cases, the notary must receive the traffic school exam and be responsible for faxing it back. That's another business fee. Business fees are different from notarial fees. This all depends upon your state.

Reply by Derrick/MT on 2/6/09 12:31pm
Msg #276756

Please don't charge by the "Notary", charge by the acknowledgement or by Jurat.

Reply by Linda_H/FL on 2/6/09 10:47am
Msg #276744

Whatever happened to the requirement that these

TX signings be done in a title company office ... HELOC's or cash-out refi's, correct?

Reply by A S Johnson on 2/6/09 11:09am
Msg #276750

Re: Whatever happened to the requirement that these

Yes in Texas a refi where the BR recieves money from the the re-fi ( Cash out, cash back, HELOC) needs to done in a title or att'y office (the att'y must be cert for morgage tranactions refered to as a "fee" office)
A Notary can do this using the office as a courtesy, their can be a office usage charge.
The exception to the above requirement that Cash out, Cash Back or HELOC is Reverse Mortages (after all, all Reverse Mortages will have money to the Br), ALL Reverse Mortgages can be done in the BR's home or any where.

Reply by EastTxNotary on 2/6/09 1:51pm
Msg #276766

Re: Whatever happened to the requirement that these

Sid, I'm not familiar with any certification or fee office requirements for attorney office signings. Where has this come up? I don't see in the TX Const. nor have I ever had anyone even mention it.

Reply by BrendaTx on 2/6/09 2:31pm
Msg #276775

Dot / Sid

I tend to agree with Dot.

I am curious if there's been a change of rules!

(I know what a fee office or a fee is but it's not mentioned in the Tx Const in XVI, Section 50--see Paragraph 6(N)...nor have I heard of any kind of need for mortgage certification of lawyers.)
http://tlo2.tlc.state.tx.us/txconst/sections/cn001600-005000.html

Reply by A S Johnson on 2/6/09 5:20pm
Msg #276793

Re: Dot / Sid

Brenda/Dot,
IS NOT a Notary rule, It is a Mortgage/Banker rule.
I was asked last year if the lawyer office I was using was a "fee" office. Not all att'ys have the cert to do the financing paper work for "real estate" transactions.
I did checked with several local att'ys. The office I was using in Stephenville was a"fee" office.

Reply by BrendaTx on 2/6/09 5:29pm
Msg #276795

Re: Dot / Sid---Of course not a notary rule!

It sounds like what you are talking about is a certain lender's (or lenders') policy and not something based in Texas finance law or Texas property law...nor the rules set out in the Tx Constitution.

* Not all att'ys have the cert to do the financing paper work for "real estate" transactions.*

I'm 99.99% sure there's no certification necessary for loan doc work on RE transactions. That's pretty much what I do at my day job...prep loan docs for residential and commercial loans and RE conveyances. A lawyer might be able get credentials saying they specialize in that kind of work but they don't have to in order to handle the transactions.

Reply by Linda_H/FL on 2/6/09 2:08pm
Msg #276769

Purchases, too, correct? n/m

Reply by BrendaTx on 2/6/09 2:48pm
Msg #276779

Re: Purchases, too, correct? I wouldn't say so.

Buyers can definitely receive their loan documents via overnight and take them to a notary and then return them via overnight.

Reply by Linda_H/FL on 2/6/09 2:55pm
Msg #276782

Thanks Brenda - I thought I'd heard that some time back.. n/m

Reply by BrendaTx on 2/6/09 5:20pm
Msg #276792

Just my observations. :)

Don't take it to the bank.

Certain types of home improvement loans cannot be done except in a title co., lender branch or a law office. When attaching to the original structure, that's what I mean. If it's like for installing windows or siding, or adding onto the house. But, apparently not if it's an out building or a pool. Go figure.

Again, don't take it to the bank because I don't know "the rule", just what I have observed in my past and present lives.

Reply by A S Johnson on 2/6/09 5:28pm
Msg #276794

Re: Just my observations. :)

Brenda,
Ain't Texas "rules" wonderful? LOL!!!!

Reply by BrendaTx on 2/6/09 5:56pm
Msg #276796

Indeed, Sid. Indeed. n/m

Reply by cdoty_IL on 2/6/09 2:17pm
Msg #276771

I have had lenders and signing companies call me before and when I quote my fee, they say they can not authorize that amount. They have then told me that they may just have to send the docs to the borrower so they can find their own notary. I am in a rural area not "swamped" with Signing Agents....so if they can not meet my fee....they usually are stuck as no one else would do if for less because they are 45 minutes or further away.

I think this happens quite often because I do not get calls back, when they say they will try to get "fee approval".... or maybe someone out there is taking them, who knows.

Reply by Glenn Strickler on 2/6/09 3:03pm
Msg #276783

Getting more and more common.

I get quite a few of these. My daughter and son-in-law just bought a house and their loan came this way. I quote customers two prices. One for just notarizing the doc (s) that need to be notarized if that is the only service they want and one for doing the complete package and I explain the difference before they hire me. Some the BOs pays me direct, and some I submit a bill to escrow. In come cases, especially repo purchases, the seller pays the notary, not the borrower.

Marketing tip: Leave several business cards with the people when you are done. With the current trend of the lender having the BO find their own notary and with repo sales taking off, word of mouth works wonders. I have also left plenty of cards at the local mortgage companies banks and realtors.