Posted by Ed Feins on 5/10/13 3:38pm
Msg #469604
Newbie Help
Hopefully this is in the right place. I have been searching for an "active" notary forum and found this. If it's posted in the wrong place please LMK and/or move it.
Anyway ..... I've been a N.J. Notary for a short while and recently took and passed the cert test (and BG check) for Notary Signing Agent. I went out and purchased all the basic supplies I need so I have a few hundred bucks invested.
Anyway  my question is: Where do I begin? Do I just "jump in" and solicit signings? The only experience I have is when someone came to MY HOME and did my re-fi ~3 weeks ago and I watched. She was the one who got my going in this. I recently contacted her and thanked her and she offered to take me out for some field training. After that offer I never heard from her again. I assume she realized by doing that I would be her competition so she "changed her mind." Can't say as I blame her (but she could have had the courtesy to let me know).
Anyway, finally getting to the point, is what should I do considering I have no experience short of notarizing some basic documents at my current place of part time employment? Should I put my name on lists and wait for calls and just take a chance at "doing it right?" Are there folks who actually do "field training" for a fee (or free)?
I'm currently "partially" retired (age 65) and looking for a way to increase my income. Not looking to get rich just help pay the bills and keep busy. I don't even have a clue as to what the pay rate is for these jobs (although I have seen some stuff listed here, don't know what is "normal."). I'm sure it varies widely depending on ones location. As mentioned earlier I am in northern NJ (about 20 miles from NYC).
Any suggestions, help, direction .... ANYTHING would be appreciated.
And thank the powers that be for what seems like a lively & active forum. Hopefully I'm not overstepping my bounds on my very first message.
Ed
| Reply by Bear900/CA on 5/10/13 3:47pm
Msg #469605
Welcome Ed! Buckle up and hold on tight! m/m n/m
| Reply by Luckydog on 5/10/13 6:58pm
Msg #469621
Re: Welcome Ed! Buckle up and hold on tight! m/m
Welcome Ed...Your mentor would be breaking the law and probably lose her license taking her with you "field training". She is dealing with people's personal/ confidential financial information and you have no part in being a part of her closings. It's a nice gesture, but a BIG mistake if she did that.
Good luck, just register with as many SS as you can and hang in there.
| Reply by Karla/OR on 5/10/13 3:54pm
Msg #469606
Welcome to the Forum Ed! Yes, u r in the right place. Having said that, I want to introduce you to the orange "SEARCH" button above to get a lot of your questions answered. You can enter key words that will help you locate previous posts regarding the subject u r inquiring about. If you don't find it there, then definitely come here to ask. This is what each of us has had to do to build knowledge and confidence in this business.
I'm glad you have had some notary experience, that and the signing agent training help somewhat initially to introduce you to the basics. I, personally, would go back and review your own closing documents. this will give you a first-hand view of what you will be doing. Rewind in your brain how the notary took charge of your re-fi closing (hopefully he/she was thorough and gave a good picture of the job).
I would not jump to conclusions about the notary that offered her help. She just may be busy with life. I would contact her again and clear up if she is willing to mentor you or not. I met a wonderful, experienced local notary that I call and have lunch with occasionally. I bounced a lot of questions off of her in the beginning and still continue to do so. U R right though, there are notaries that will not give you even a look because of competition in the business.
I know I have not come even close to answering your questions, but knowing this Forum as I do, you will get numerous responses to your post.
Best wishes.
Karla
| Reply by Lee/AR on 5/10/13 3:56pm
Msg #469607
Start with Orange Search Button & Msg # 33325
which, while somewhat dated, is still the BEST educational tool in the industry. Read here daily and ALWAYS use the Search button before you ask a question as it's probably been answered 100 times already (which does tend to make some of us a bit ornery).
| Reply by Linda_H/FL on 5/10/13 4:02pm
Msg #469608
Hi Ed and Welcome...
First of all, you'll want to complete your profile notes as that's your introduction to people looking for a notary and/or Signing Agent. A brief, concise description of you and what you have to offer, what territory you'll cover...etc etc
Second - go to irs.gov and get an EIN - you never give your social security number to companies for work - always use an EIN.
Third - you'll need a laser printer - mortgage docs require laser. You'll also need either a fax machine or a scanner.
Then click on the Orange Search Button and go to Msg #33325 - if I did this right it should link - read that thread - though a lot of the information is outdated, there's a wealth of standard basic information there for the taking.
Then click on the Signing Central Tab up above...then the list of signing agencies - there you'll find a comprehensive list of companies that notaries have worked for together with feedback - the good, the bad and the ugly. Start working your way down that list and contact the 3 stars and up companies and get in their database. It's going to take legwork on your part...but the phone will start to ring.
Price yourself accordingly and don't forget to take all expenses of business into account when setting your fees.
Happy Signings.
| Reply by Ed Feins on 5/10/13 4:11pm
Msg #469609
Re: Hi Ed and Welcome...
Thank you for your information. Very helpful and appreciated. I have all the hardware & EIN requirements (I've had a consulting business for many years) but I'm "afraid" to start listing myself until I know what I need to do! That is my main issue. The "basics" are obvious from the book I read but I don't want to jump in and look like a fool (if you know what I mean)!
| Reply by jba/fl on 5/10/13 5:00pm
Msg #469611
Re: Hi Ed and Welcome...
If you follow the suggestions above, you will be busy for a while. During that busy time you will get answers to your questions thereby gaining not only knowledge, but confidence. Someone said to use your own refi paperwork to gain understanding - that is a good method too. If it takes you a month or two to get a call after doing your sign-ups with companies, you will be fine. As a last resort - when in doubt, ask after searching. Someone will cheer you on to success -
Thick skin - seldom are things as personal as some perceive.
| Reply by John E. Rogers on 5/11/13 9:37am
Msg #469657
Re: Hi Ed and Welcome...
Welcome Ed! This business can be somewhat traumatic at times but does have numerous advantages such as: setting your own schedule, a little extra income to help with bills, and probably the best...meeting and helping many H.O's delight in refi'ing to a much lower interest loan saving a lot of $$. At any rate, the suggestions offered by other colleagues in this forum are terrific.
When I began some years ago (I too am in those "golden years") I finally realized the best way to learn was to simply jump in and do a signing...you learn a great deal from the first several you do. Keep your training manual handy for reference, don't be reluctant to contact title or lender or SS for instructions not clearly stated...read instructions from all very carefully and keep your state notary laws/requirements in mind.
ESPECIALLY, send your info to agencies with ratings no lower than three stars...you'll regret it if you do (and do not undersell yourself...fee-wise). In summary:
1. Jump in and take an assignment offered even though you feel inadequate...the H.O's do not know you are new and depend upon you for guidance through the process;
2. When possible, preview and review docs to assure compliance with instructions;
3. Do not try to be an attorney or real estate LO...you'll screw up...don't be afraid to ask borrowers to help so you do not miss anything important.
4. Finally, as you have already done, ask for help from us in the Forum; most of us here are willing to offer advise and opinions but again, defer to your SS's, title cos and lenders for adherence to their requirements. Very important.
Good luck Ed, we're with you. jer/oh
| Reply by Bear900/CA on 5/10/13 5:39pm
Msg #469614
Just have fun with this! (We mean no harm ...)
Slumbering afternoon awakens with faint cry..
¡§Help me, I¡¦m lost!¡¨
Ears point up and alert.
Eyes stare wide without blinking. Pupils narrow and sharpen vertically. Bodies turn rigid.
Marmots¡¦ slow gnawing on chicken wing turns rapidly into nervous, ratcheting of teeth on the bone.
Large Paws sweep aside red raw meat. Lips twitch, whiskers stand on end. ¡§yeahhh¡K. much better than red raw meat¡K. ¡§ (low growl¡K.)
More faint sounds: ¡§Help me, Help me¡¨
¡§Look toward the Yellow Button.¡¨ (snarl¡Ktwitch..) ¡§Don¡¦t look behind you!¡¨ (lip-smack..) ¡§We will not help¡Ker¡Khurt you¡K.¡¨ (snarl¡K)
¡§Always, always remember the code¡K. the Secret Code¡K666¡K. umm.... 333¡K25¡K..yeahhh¡K¡¨ (low growl¡K..)
Bodies begin to relax¡K..eyes start to blink¡K
Heads turn and gaze at each other¡K. (big yawns¡K)
Tada! These really are great people! ƒº Carry on¡K
| Reply by Bear900/CA on 5/10/13 5:41pm
Msg #469615
Darn punctuation marks! heh! n/m
| Reply by Cherylann on 5/10/13 6:13pm
Msg #469616
Welcome, Ed! The Search button will soon become your best friend!
It's normal to have the jitters, we all did but after a few assignments, those will diminish. I'll offer my 2-cents worth:
It's impossible to know ALL the docs and EVERYTHING in the docs from the get-go. Start with figuring out the basic PURPOSE the document exists. For example, a '1003' Loan Application ... regardless of whether the lender uses the traditional 3 or 4 page legal size or the letter size version (6 pages or so), it's the same basic borrower info: personal info, how title should be held, where do they work, how much do they make, credit report stuff, etc. Just knowing what doc to look at for what will help you out alot.
The basic things borrowers ask about/care about the most: the costs to them (HUD-1 or Settlement Statement), the interest rate, when payments are due and how much. That's pretty much what's on their minds when you walk in the door ... and bear in mind they are more 'scared' of you than you should be of them. You 'are' the bank whether that's a good thing or a bad thing in their minds. Know where to find that info (what docs) and come up with what I'll call an 'overview spiel' for the rest ... i.e., Compliance agreements basically cover a multitude of errors, such as spelling errors, doc prep errors, oops omissions, and the occasional 'lost at the hands of UPS' type situations. Basically the borrower is agreeing to cooperate with the lender/title company no matter what. Each document has a basic purpose for being in the pile, just get a handle on what that purpose is and keep it simple for yourself.
Closing instructions can be intimidating as they are long and involved, but basically that laundry list is for the title company folks to deal with. Look it over but don't feel you need to memorize it. Look for items YOU may need to deal with, like ink color and/or items you may need to send back in the doc pkg like letters of explanation, etc. Sometimes things like that will be in a separate set of Notary Instructions.
How do you feel about people in general? Are you a friendly type? Hope so, 'cause they'll put you through the test ... kids, dogs, cats, *rap all over the kitchen table so you have approx. 1 sq. foot of room for your paperwork, phones ringing, visiting friends/relatives, 10-15 minutes of searching for their IDs, ad nauseum. Learn to smile and roll with the punches. You'll see lots of posts about signings from hell, etc. ... they're real.
I would advise you to focus on the docs first, since that is a biggest part of the job. Use your own refi paperwork. Learn to distinguish between 'lender' docs and 'title docs.' Some will definitely disagree with me, but I never worry about keeping docs in a certain order. I always pull ID docs to the front, followed by HUD-1. I tell the borrowers that the docs are not in any particular order, so if there's something specific they would like to go over first, let me know. Most folks won't offer anything specific, so we just 'work our way through the stack.'
From the start, I try to keep it 'warm and friendly' ... I don't do the "Mr. Borrower' language unless I sense a formal attitude coming from them. I'll remind them I'm an independent contractor, a neutral party just there to verify their identity and take them through signing the documents. No arm twisting or coersion (BTW, you'll see Anti-Coersion Disclosures in there too from time to time). I'll do my best to answer questions they may have, but some questions may need to be answered by their lender. Yaddah, Yaddah.
Your 'presentation' at the table (I'm not talking about only doc presentation) will make you successful. If you're overly nervous, it will show and will be picked up on their radar ... then they'll think somethings shady. If you studder/stammer a bit, just blame it on a 'lonnng' day ... they have no way of knowing whether that's true or not. Common question: how many of these do you do a day? My common answer: Every day is different, sometimes one or two, other days ten or twelve. Let 'em think it's a 10 or 12 day and they're number 13.
Most importantly, expect to blow one or two ... just take your best shot. We've all messed up from time to time. Just try to keep the errors small, like missing initials in an obscure place and not missing signatures on the Note/Mortgage (Deed of Trust).
Also, if you haven't already purchased some, pick up a package of those sticky little post-its that say "Sign Here" "Initial Here" (try not to rely on the "Notarize Here" ... really looks tacky to the borrowers) until you start feeling more comfortable with what different docs call for.
Hope that long-winded missive is helpful.
| Reply by Dorothy_MI on 5/10/13 7:46pm
Msg #469622
I usually start with the HUD (Settlement Statement) because 9 times out of 10 if there's going to be a problem (loan amount, interest, payment, escrow/impound, bank, appraisal charges or title charges it will show up there. When I give them the HUD I put page 3 on top, then page 2, then page 1, then sig page and any other explanation pages. I tell them we are starting on this page, about 1/2 way down see where it says "loan terms". Nod head up and down and wait for verbal or visual sign from them. You are borrowing $XXX,XXX at _% for _ years. If it doesn't show how payments can adjust in boxes right under that, say, your rate is fixed (or if there are adjustment figures) or adjustable and go over what is written there. (If it is an adjustable, I'd look at the note before leaving the house to double check the HUD figures and so you look like you know more than you do. Tell them to go to the last box on the lower right hand side which show if and how much their escrow/impound is.
Now go to the next page in that batch. Look at line 803, bank origination charges. (DO NOT TRY TO EXPLAIN THIS). Generally the L/O has done this and truthfully you DO NOT KNOW how that figure was arrived. Go over the rest of the bank charges. (sometimes they will say, "but this is a no cost loan". You answer them by saying that may be, but for these people to get paid they have to be listed. Next is prepaid interest. Interest is charge in arrears. Your first payment is _____ and that pays _____ (the month prior) interest. This interest shown is interest only for the month we're in. (Sometimes at the beginning of the month, they will prorate the interest back because they won't for whatever reason be getting a month off and this figure will be a negative figure representing a credit to them so they don't pay interest twice for the same days). Then go over the escrow figures and again you can tell them the figures, but can not tell them how they were attained. Next is title company charges. I only tell them the gross amount and tell them this covers your settlement fee, title search, title insurance, etc. If by chance they list a notary fee of $XXX. I do not mention it nor point it out to them. If they say something like, "Wow, your getting that much maybe I should be doing this"; I usually say, many times I'm not the only notary involved in this transaction; and drop it.
Go to bottom of page and tell them the total charges. Then tell them to go to page one, line 101 and point out to them that that figure is same as bottom of page 2. Line 102 is existing mortgage payoff. (Some times they will say, that figure is larger than what my last statement shows. Then you have to tell them, that that statement reflects balance as of the date of that statement and interest accrues daily until it is paid off. Any over payment they must refund by law. If there are any other payoffs to be made, they will be listed there too.
Next show them how much they need to close out old loan and get new loan. If it really is a no cost loan (with the exception of escrow, insurance payment, unpaid taxes and daily interest) should show up as credits (now many people don't understand that because it is listed as a credit and does not have negative sign that they are being really charged for that). This you will have to determine how you will explain based on your perception of their personality thus far.
Next I show them either what they will be getting back in approximately one week (don't let them nail you down as to a definite date cause we have no control over when checks are cut, UPS delivers, etc). You can tell them (if it is a 3 day rtc loan that it will be after their three days are up. I know it shows a settlement date at top of HUD, but I don't usually point that out to them. Sometimes the least said, the better)
I always take the check and unless there instructions to the contrary, I staple it to upper left hand corner, taking care to NOT staple it anywhere near the routing number or account number.
I know that there are some on this board that just give the settlement statement to the borrowers to "look over". In my experience of over 5K loans in 11 years, I've found that that causes even more questions and makes you look more like a "point and sign" notary. But you do whatever you are most comfortable with. The biggest secret is to "take charge" of the signing and appear to be knowledgeable and in control. If they even sense that you don't know what you are doing, they will try to intimate you. Now if you are 6' 4" and 200 #, they might not try it, but for the rest of us, they will.
The next two of most importance (IMO) are the note and mortgage/Deed of Trust. Right to Cancel can be your best friend if the borrowers are a little unsure (3 days on principle residence, although SOMETIMES if it is the same lender that provision can be waved), name affs and Loan Application (referred to as the 1003). A great many of the docs are referred to by their form #.
We can say a lot without crossing the line of UPL. We can them what, we can tell them how.
Also I always refer to myself as a closer and not a notary because I do much more than "point, sign and stamp"
| Reply by jba/fl on 5/10/13 8:54pm
Msg #469626
Had I felt like writing more, I would have written as you two above me....Dorothy and Carolyann. I felt that this was so accurate and within my thought process that I wrote them. But, alas, I've come to appreciate economy and like to do 25 words or less to convey my thinking and thoughts.
I do attach my checks of monies due right at the "amount due from BO" line, so that whoever opens the package can see date, File #, Loan # - Borrowers & lender, and then go straight to the bottom line and see that the check and the amount due match. All the vital info is quickly seen. I also do not use an envelope for check; I use the BO's ID copy as a cover sheet for the HUD, adding protection to the check from being ripped off while being removed from the package. Then 2 rubber bands - one near the 1/4 page mark and the other at the 3/4 spot.
| Reply by jba/fl on 5/10/13 8:57pm
Msg #469628
Correction: Cherylann
And to think that I looked up the spelling before I posted and got it wrong. Sorry.
| Reply by Cherylann on 5/11/13 6:26am
Msg #469645
Re: Correction: Cherylann
LOL, don't worry about it, I am called ...err, answer to ... alot of names!
I don't use check envelopes either; check gets stapled to HUD at table. I have some of those Xlarge binder clips ... docs to be signed on the top, colored separator piece of paper, then borrower's copy and one big clip holding it all together. When I pull the set out of my trusty expandable FedEx envelope, I usually break the ice and tell them not to be intimidated with the stack, it looks worse than it is. I generally then take the borrower set and tell them it's their copy of all the docs and set if off to the side. When half that large stack of paper is cut if half, it makes them feel better and there's usually a laugh/joke about it.
Great to see someone else uses rubberbands! I don't for the signing unless the two sets together are just to large to get a clip around, but I always use rubberbands for the return package to title.
| Reply by jba/fl on 5/11/13 12:36pm
Msg #469666
I split the stack and say the same thing, same reaction
too. Clips only for at the table - too much money to send back IMO and I don't think that the shipping companies like them either.
| Reply by Cherylann on 5/11/13 6:54am
Msg #469646
I can understand your reasoning behind running the HUD backwards, so to speak. I always start with whatever ID forms I need, making sure that they've cleared that hurdle first. With the HUD, I'll ask if the lender has gone over any figures with them before our appointment. Sometimes yes, sometimes no. Depending on the answer, I'll ask if they would like to go through them again or if they had any questions/confusion. Some LOs will email the HUD over so they can actually look at the doc and discuss with lender. Others just run through numbers over the phone, so seeing all that info on paper helps clear it all up in their minds.
I review the HUD normally Page 1 on back just telling them we'll go down the columns one line at a time so they understand that very complicated-looking form. Page 2 I don't review line-by-line, but will lump some of the sections together: all 800 numbers are a charge originated by your lender, 900 prepaid interest on NEW loan which moves your first payment due date back to 'whatever', 1000 setting up a NEW escrow account for payment of taxes/insurance, 1100 title company charges for all the work that they do (like sending me out here tonight), 1200 government charges from your county to record the mortgage/subordination/deed etc. I lay pages 1 and 2 side by side so they can see line 103 matches line 1400. After that, we move back to Page 1 and start covering payoff, etc.
Most of the time that process works well for me, but there's always an appointment where the folks just don't 'get' it. Many times it is just because of poor communications with lender rep or other hassels that have come up during the process. They are just gun shy and making things more complicated than they need to be.
| Reply by Dorothy_MI on 5/11/13 7:55am
Msg #469649
I usually start with the HUD (Settlement Statement) because 9 times out of 10 if there's going to be a problem (loan amount, interest, payment, escrow/impound, bank, appraisal charges or title charges it will show up there. When I give them the HUD I put page 3 on top, then page 2, then page 1, then sig page and any other explanation pages. I tell them we are starting on this page, about 1/2 way down see where it says "loan terms". Nod head up and down and wait for verbal or visual sign from them. You are borrowing $XXX,XXX at _% for _ years. If it doesn't show how payments can adjust in boxes right under that, say, your rate is fixed (or if there are adjustment figures) or adjustable and go over what is written there. (If it is an adjustable, I'd look at the note before leaving the house to double check the HUD figures and so you look like you know more than you do. Tell them to go to the last box on the lower right hand side which show if and how much their escrow/impound is.
Now go to the next page in that batch. Look at line 803, bank origination charges. (DO NOT TRY TO EXPLAIN THIS). Generally the L/O has done this and truthfully you DO NOT KNOW how that figure was arrived. Go over the rest of the bank charges. (sometimes they will say, "but this is a no cost loan". You answer them by saying that may be, but for these people to get paid they have to be listed. Next is prepaid interest. Interest is charge in arrears. Your first payment is _____ and that pays _____ (the month prior) interest. This interest shown is interest only for the month we're in. (Sometimes at the beginning of the month, they will prorate the interest back because they won't for whatever reason be getting a month off and this figure will be a negative figure representing a credit to them so they don't pay interest twice for the same days). Then go over the escrow figures and again you can tell them the figures, but can not tell them how they were attained. Next is title company charges. I only tell them the gross amount and tell them this covers your settlement fee, title search, title insurance, etc. If by chance they list a notary fee of $XXX. I do not mention it nor point it out to them. If they say something like, "Wow, your getting that much maybe I should be doing this"; I usually say, many times I'm not the only notary involved in this transaction; and drop it.
Go to bottom of page and tell them the total charges. Then tell them to go to page one, line 101 and point out to them that that figure is same as bottom of page 2. Line 102 is existing mortgage payoff. (Some times they will say, that figure is larger than what my last statement shows. Then you have to tell them, that that statement reflects balance as of the date of that statement and interest accrues daily until it is paid off. Any over payment they must refund by law. If there are any other payoffs to be made, they will be listed there too.
Next show them how much they need to close out old loan and get new loan. If it really is a no cost loan (with the exception of escrow, insurance payment, unpaid taxes and daily interest) should show up as credits (now many people don't understand that because it is listed as a credit and does not have negative sign that they are being really charged for that). This you will have to determine how you will explain based on your perception of their personality thus far.
Next I show them either what they will be getting back in approximately one week (don't let them nail you down as to a definite date cause we have no control over when checks are cut, UPS delivers, etc). You can tell them (if it is a 3 day rtc loan that it will be after their three days are up. I know it shows a settlement date at top of HUD, but I don't usually point that out to them. Sometimes the least said, the better)
I always take the check and unless there instructions to the contrary, I staple it to upper left hand corner, taking care to NOT staple it anywhere near the routing number or account number.
I know that there are some on this board that just give the settlement statement to the borrowers to "look over". In my experience of over 5K loans in 11 years, I've found that that causes even more questions and makes you look more like a "point and sign" notary. But you do whatever you are most comfortable with. The biggest secret is to "take charge" of the signing and appear to be knowledgeable and in control. If they even sense that you don't know what you are doing, they will try to intimate you. Now if you are 6' 4" and 200 #, they might not try it, but for the rest of us, they will.
The next two of most importance (IMO) are the note and mortgage/Deed of Trust. Right to Cancel can be your best friend if the borrowers are a little unsure (3 days on principle residence, although SOMETIMES if it is the same lender that provision can be waved), name affs and Loan Application (referred to as the 1003). A great many of the docs are referred to by their form #.
We can say a lot without crossing the line of UPL. We can them what, we can tell them how.
Also I always refer to myself as a closer and not a notary because I do much more than "point, sign and stamp"
| Reply by John E. Rogers on 5/11/13 11:30am
Msg #469661
Cherylann, Wonderful overview with great details...should be most helpful to Ed and other new-comers in the business. jer/oh
| Reply by Clem/CA on 5/10/13 6:22pm
Msg #469617
Ignore the man in the Monkey suit
| Reply by Bear900/CA on 5/10/13 6:25pm
Msg #469618
LOL!! I agree... n/m
| Reply by Buddy Young on 5/10/13 6:35pm
Msg #469620
Re: See message 422437 n/m
| Reply by jba/fl on 5/10/13 8:55pm
Msg #469627
Re: See message 422437
Msg #422437 See! The message number and format - they match. Must be in body.
| Reply by Sha/CA on 5/11/13 9:34pm
Msg #469694
Set up accounts with UPS and FedEx, order shipping supplies.
You may find shipping with UPS to be a pain, if you do not have your own supplies and sometime anyway! Be sure to always try and get a receipt from UPS and always try to drop inside, not at an outside box!
| Reply by Mung/CA on 5/12/13 2:06am
Msg #469708
Welcome Ed. I'm here to help if you have any questions....
feel free to pm me if you'd like.
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