Posted by Jadeth Yepez on 4/23/10 8:11pm
Msg #333145

Question about the mobile notary service

Hello folks,

I am a new member and I have applied to some agencies looking for work; however, they have told me I need to have knowledge about the different types of loans such as Reverse, FHA, Refis, eClosing's. Please can somebody give me a brief explanation what this means and what is it I really need to know about these loans? Thank you very much!!

J

Reply by firegirl on 4/23/10 8:17pm
Msg #333146

THAT is like your mechanic asking you, what is a wrench, a screwdriver and a floor jack. Do some research, the internet is full of information. This site is full of information. Good luck to you.

Reply by Linda_H/FL on 4/23/10 8:31pm
Msg #333149

Unfortunately, there IS no "brief" explanation of the

lending industry. In addition to internet research, perhaps you would be best served to find a good loan signing class that can teach you the different documents involved in various mortgage loan products.

If you truly have no experience whatsoever with this area, including having no idea what types of loans there are, I'm wondering why you decided to get into loan signings to begin with. Also hoping you haven't given up your day job expecting this to be your bread and butter. IMO you need a great deal of training and study before this field will support you.

MHO

Reply by Reverse Mortgage of America - Jessica on 4/23/10 8:35pm
Msg #333150

Re: AGREED...

i sincerely hope you realize that loan signings are far more detailed than simply notarizing someone's signature.

Reply by Sylvia_FL on 4/23/10 8:35pm
Msg #333151

Jadeth

A brief explanation??

OK - a reverse mortgage is a reverse of a regular mortgage - only available to those over 62.
FHA - Federal Housing Administration. Refi's are refinances of an existing mortgage. Eclosings are electronic closings.

You would be well served to read this forum, and I suggest clicking on the Notary Supplies link
and purchasing the SR training manual - it is $89 but money well spent - you have to invest some money to make money, and it will go over a lot of the documents you will find in loan packages.

Reply by Reverse Mortgage of America - Jessica on 4/23/10 8:40pm
Msg #333153

Re: Silvia...

can i profess my undying appreciation for you? you're absolutely witty, charming and super insightful on these discussion boards...what a great "breif" explanation!

Reply by Sylvia_FL on 4/23/10 8:46pm
Msg #333155

Re: Sylvia...

I aim to please, Jessica A brief explantation was requested.

Reply by Susan Fischer on 4/23/10 8:56pm
Msg #333156

Dear Jadeth: You have such a beautiful name. Do you

do any networking in your community?

My suggestion is to seek out and talk to some title company processors, and explain your goal - to learn about loan documents. Or offer to intern for free for a month or so, to get a handle on the industry.

Or, there are some excellent books written by several Notaries on this board, as well as on-line Reverse Mtg lessons by some lenders. Many cities have trainers in remote closings at very reasonable rates. Google is a great resource for finding all kinds of information.

This is a helpful forum, but, in all fairness, not a classroom, per-se. Perhaps others will share specific resources available for your studies.

Best of luck, Jadeth Yepez - glorious name! - in your growth into this vocation.

Reply by Jack/AL on 4/23/10 9:14pm
Msg #333159

See post 33325

Try the dated, but very useful, guide to everything you always wanted to know about getting started. Click the SEARCH tab above. On the next sceen, there is a "Msg #" field. Enter 33325 in that field and hit Enter. You'll get a message with many great links and lots of good advice. May you prosper in peace.

Reply by Philip Johnson on 4/24/10 12:13am
Msg #333194

May not be the best field for on the job training.

Or for that matter the best time to look into the field.

Messing around with 100's of thousands of dollars of other people's money may not be for the untrained.

Reply by Susan Fischer on 4/24/10 1:13am
Msg #333200

Boo-hiss, Philip. Education is the key here, not

disparagement.

Reply by JanetK_CA on 4/24/10 4:49am
Msg #333205

Re: Boo-hiss, Philip. Education is the key here, not

Susan, with all due respect (and I mean that sincerely) I didn't see Philip's post as disparaging, simply honest. Think of the borrowers. I believe that someone should at least know the basics before taking on the responsibility of a loan signing, and it appeared that the OP hasn't done so. All Philip is saying is that a person should at least get a minimum of training before taking any assignments and I agree. After all, it still literally IS hundreds of dollars involved in most transactions -- and a certain amount of liability along with it. Think of it as just another "heads up", in case someone hadn't thought about that aspect of our business.

Reply by Susan Fischer on 4/24/10 12:36pm
Msg #333285

You're right, Janet, and I completely agree about getting

the basics. Guess I was in mother-hen mode...

Apologies, Philip.

Reply by Philip Johnson on 4/24/10 9:36am
Msg #333234

Just had two $18 surge arrestors installed in my box for

$110 by an electrician. Now I could have done it, there were instructions on the package. I mean how hard is wiring? There's only 200 amps, 240 volts and a mess of wires that comes in 3 colors, easy.

Stupid me. I chose to spend a few extra dollars to get the right person who has the education and experience to keep from turning my house into a campfire.


BTW, if you haven't looked into a box mounted surge protector system, you may want to. All of us have our electronics and such on surge protectors, but most don't have their appliances protected. $110.00 is small insurance against a fridge,stove,dishwasher,washer/dryer replacement.

Reply by Carole Breckbill on 4/25/10 2:12pm
Msg #333412

Please remember to secure E&O Insurance thru NotRot. n/m