Posted by Resilient/MD on 5/1/13 7:47am
Msg #467962

TITLE COMPANY DELAY DISBURSEMENT B/C NOTE WAS DATED

therefore, Note need to be re-signed. I never in my life heard that they can delay disbursement. My take is that as long as the borrower signed and it was not backdated or postdated, it should not delay funding....WTF...

Reply by Regal/NC on 5/1/13 7:56am
Msg #467963

No date line: No Date

Now that ur aware of this fact, will u submit a dated note in the future? I think not!!

JMHO

Reply by sueharke on 5/1/13 11:34am
Msg #468053

Re: No date line: No Date

Regal, I don't understand the abbreviated text message language. Would you please write your posts in complete sentences with good English.

Reply by CopperheadVA on 5/1/13 7:58am
Msg #467964

Was it a Citibank loan? n/m

Reply by Resilient/MD on 5/1/13 8:01am
Msg #467965

Re: Was it a Citibank loan?

Yes, Citibank......But, they are in valilation. I have done my research.

Reply by CopperheadVA on 5/1/13 8:19am
Msg #467970

Re: Was it a Citibank loan?

There are usually instructions in a Citibank package that specifically say not to date the Note. The instructions are towards the front of the package and is titled "Home Affordability Refinance Progam Closing Instructions for the Notary" - was that document in your package?

Reply by Larry/IL on 5/1/13 8:05am
Msg #467966

I very rarely see a place for a date on the note. I always thought it was strange borrowers do not need to date a note, but i guess the security instrument which is notarized takes care of this. I have been getting a lot of specific instructions lately to NOT date the note or it will not fund!

Reply by Resilient/MD on 5/1/13 8:08am
Msg #467967

Umm! I'm going to do more research on this issue. I wonder what there reason is for not funding. Again, as long as the Note was signed by the intended borrower it should not delay funding by any means.

Reply by VT_Syrup on 5/1/13 8:14am
Msg #467968

The first basic fact is that the borrower is ASKING the lender to lend him money, and the lender is DECIDING if it wants to or not. Unless there is a law, regulation, or contract indicating the lender can't decide against the loan on certain grounds (example: race) then the lender can decline the loan just because it feels like it.

Another issue is associating two documents, the note and the mortgage. State laws vary about what must be contained in the mortgage and the note to determine that a certain note is secured by a certain mortgage. I don't know if the presence of the date in the note has something to do with this.

Reply by Larry/IL on 5/1/13 8:19am
Msg #467971

Short and simple as discussed in a very recent thread is it's the lenders paperwork and they are in complete control how they would like their documents executed! The borrower's, the NSA and even the Title company has no say in this matter.

I recently had a 92900 that the title company or lender had slipped in an initial line that's not part of that document. I got a call that they could not fund without the initial, I always guarantee my work so I knew I was going back out to get it but not before asking them why the other 2,000 or other 92900s had funded without any initial. Of course they could find an answer for that one.

Just think of it as the lender or title company is the customer and your a worker bee at Burger King, the customer always gets it their way!

Reply by Shoshana/AZ on 5/1/13 8:17am
Msg #467969

If you are serious about your business....

Then you need to f ollow instructions. He who has the gold, makes the rules. In this case, the lender has the gold.

Reply by ToniK on 5/1/13 8:22am
Msg #467972

Take 2

As I dated before...they can't sell it on the secondary market if its dated!!!

Reply by ToniK on 5/1/13 8:33am
Msg #467977

Re: Take 2

Danggone iPhone... Supposed to say stated!

Reply by 101livescan on 5/1/13 8:24am
Msg #467973

DATING THE NOTE INVALIDATES THE NOTE

Toni is correct. Borrower's must not date the note. Unless the lender has a date line and requests the date, my instructions have always been not to allow the borrower to date anything thing that does not specifically ask for a date.

Reply by Resilient/MD on 5/1/13 8:32am
Msg #467975

Re: DATING THE NOTE INVALIDATES THE NOTE

I totally understand everyones answers. I am not disputing anything and of course I do not have a problem in getting the Note re-signed-even though it was not in their instructions which I combed several times and have done thousands of Citibank closing before. and I am not GREEN at doing closings.....I simply want to know WHY, IT WILL NOT FUND. What is Citibank's reasoning or any other lenders reason? Mirror speculations....I want to know a firm reason.

Reply by ToniK on 5/1/13 8:35am
Msg #467978

Re: DATING THE NOTE INVALIDATES THE NOTE

You were given one!!!!

Reply by desktopfull on 5/1/13 8:43am
Msg #467985

Re: DATING THE NOTE INVALIDATES THE NOTE

For what purpose? As a notary you aren't allowed to answer "WHY" questions for the borrower. If the borrower needs to know WHY, then they should be referred to their loan officer for the answer. Why do you feel the need to go outside your duties & responsibilities as a signing agent? If there isn't a date on the line then the borrower doesn't date, really very simple.

Just curious, if the borrower doesn't like the wording of any particular doc, would you let them strike what they don't like and write in what they want it to say?

Reply by MW/VA on 5/1/13 8:35am
Msg #467979

Not so unusual. There are many cos. that won't disburse

unless everything is exactly right. I do wish they'd remove that "(seal)" from the docs, which often confuses people that it is asking for the date.

Reply by ToniK on 5/1/13 8:43am
Msg #467986

Re: Not so unusual. There are many cos. that won't disburse

Lol I have some BO say they have no seal.

Reply by 101livescan on 5/1/13 8:53am
Msg #467991

Re: Not so unusual. There are many cos. that won't disburse

Seal is a carry over from an old tradition of placing one's seal from a "ring insignia" dipped in wax. It was usually the family crest.

You can still get a wax insignia today! Take a look at www.waxinsignia.com. Back in style.

Reply by VT_Syrup on 5/1/13 9:07am
Msg #467996

Re: Not so unusual. There are many cos. that won't disburse

In many states, the printed word "seal" does have a legal effect; it IS the signers seal, and has exactly the same legal effect as if the signer dripped some wax on the paper and impressed it with his brass seal. According to a notary forum presented by attorney and former Vermont Deputy Secretary of State Paul Gilles, in Vermont the statute of limitations is six years for an unsealed contract but eight years for a contract under seal.

So no, the word "seal" isn't going away anytime soon.

Reply by MW/VA on 5/1/13 1:10pm
Msg #468085

Re: Not so unusual. There are many cos. that won't disburse

Yes. I understand that. It was discussed at length on the forum. It is a source of confusion, though, and is often mistaken for (date).

Reply by C. Rivera Chicago Notary Services on 5/1/13 9:40am
Msg #468004

this has happened to me, but didn't delay the closing...

sometimes the BO don't listen and put the date on the note anyway. This has happened to me twice! And the second time, he BO put the dates on BOTH notes, the one I had and the redo from their packet...was very frustrating but both times, the loan funded on time.

Not sure why Citi is being picky?

Reply by Linda_H/FL on 5/1/13 9:57am
Msg #468008

Apparently investors are getting really really picky

Not a note issue, but I was told by a lender the other day that their investor will NOT accept the lining through on the AKA Affidavit - remember the discussion had here about people lining through names they were never known as? Well, investors are kicking the loans back for that too. This lender would rather me abort the signing at the table if the borrowers balk at signing the affidavit than have them line through the off names and initial or print in "never known as".

Not hijacking..just an FYI to be very careful about decisions made at the table. People (Borrowers) have to realize they need to do what lender requires to get their loans funded.

Reply by desktopfull on 5/1/13 10:25am
Msg #468010

Re: Apparently investors are getting really really picky

So they want the borrower's to make a false affidavit because one of their creditors misspelled their name in submitting info to the credit bureau. What are the legal ramifications for making a false affidavit? Brings to mind that FBI form in the pkgs now warning about giving false info to get a loan.

Reply by VT_Syrup on 5/1/13 10:42am
Msg #468015

Re: Apparently investors are getting really really picky

This is getting a bit away from the topic of the thread, but desktopfull wrote "So they want the borrower's to make a false affidavit because one of their creditors misspelled their name in submitting info to the credit bureau." If I were the principal signing the affidavit, and I KNEW that one of my creditors had misspelled my name while submitting my name to the credit bureau, I would sign the affidavit because someone used that spelling in commerce while intending to refer to me. What I'm known as is not necessarily the same as the way I prefer to spell my name.

Of course, if I was unaware of the origin of the misspelling, and didn't know if it referred to me or not, I wouldn't sign.

Reply by ToniK on 5/1/13 11:18am
Msg #468026

Re: Apparently investors are getting really really picky

My name is always misspelled but I would never sign a misspelling. I don't care if it was in reference to me. My name is spelled a certain way and ill only reference the correct spelling even though I know some folks can't spell Antoinette. I am not nor ever used the various Antoinet, Annetta, Antwonette, Antonia, Anntoniete etc etc. definitely won't be signing acknowledging any of those names.

Reply by desktopfull on 5/1/13 11:22am
Msg #468035

Re: Apparently investors are getting really really picky

"Of course, if I was unaware of the origin of the misspelling, and didn't know if it referred to me or not, I wouldn't sign."

That is usually the case with most of the borrowers I sign, they don't know until they get to this form and they don't want to acknowledge that they are known by a name they have never used. In most cases they will do a signature for the incorrect name as long as they can write in parentheses (never known as).

Reply by Linda_H/FL on 5/1/13 11:57am
Msg #468071

My instructions from the particular lender I spoke with

if people refuse to sign (as you said Toni) - and this is, of course, for their loans only - refer them to the credit report; tell them somewhere along the way their credit was inputted in that name; tell them they can take it up with the credit bureaus but if they don't sign their loan won't fund; if they still refuse, abort the signing - pack up and leave...if they won't do it the lender will not accept.

<<shrug>>

Reply by Barb25 on 5/1/13 4:01pm
Msg #468132

Re: My instructions from the particular lender I spoke with

Sounds like coercion. Is that legal?

Reply by CopperheadVA on 5/1/13 11:20am
Msg #468029

There are a lot of FBI agents in my area - when we get to

that doc, they often chuckle and say, "We don't have time to investigate mortgage fraud." So, not sure if any mortgage fraud is really being investigated.

Reply by desktopfull on 5/1/13 12:18pm
Msg #468075

Re: There are a lot of FBI agents in my area - when we get to

Not surprised, we have too many laws that are not enforced on the books.

Reply by Patricia/VT on 5/1/13 1:39pm
Msg #468094

Although it is rare that a note is dated, one company that I work for does require it, & has a printed line for the date next to the signature line on the note. However, recently I had a first: SS instructions were that "Every borrower signature in this package MUST be dated, even if it does not say date under the signature line." After calling SS to verify this included the note, I followed instructions and kept a copy of the instructions with my confirmation & invoice.

Reply by RIcloser on 5/1/13 7:19pm
Msg #468163

The Note IS dated --on the first page. It's the date of the contract. What's the big deal if the Borrower adds the date near his signature?

Reply by NotaryGirl71 on 5/1/13 8:56pm
Msg #468187

DO NOT date a document unless is says to...Easy Peasy! n/m