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Posted by Laureen/LA on 5/18/19 6:43pm
Hi all, I am referencing a collection of sample documents from NNA called Loan Documents Sourcebook. There is a section included for Reverse Mortgages and one sample document titled REQUIREMENTS has a final paragraph that reads; 'Recording of documents must follow the proper chain of title. If the documents are not recorded in the correct order, we will rely on you, as the closing agent to re-record the documents at your expense.' I have no idea what to take that to mean. I have yet to do a Reverse Mortgage but would consider it provided I am aware of expectations going into it. Most if not all of these documents in the book which includes samples from a spectrum of loan packages are specific to California. Am I to understand that in CA the NSA records these? If so, can folks from CA and other states as well who have done these before please chime in with regard to recording expectations in their experience? I am in a somewhat unique situation in being a Louisiana Notary because in this state we as Notaries have 'an affirmative duty' to record all documents real property related that we notarize and actually need the directive not to do so from Lender to be in writing in order to be relieved of that requirement. Further compounding this matter is the fact that I live in the only Parish in the state that requires recording within 2 business days and recording costs $250 and up. The rest of the state allows for 15 days. So this directive that I see on this sample document gave me pause, to say the very least. If you saw this in your instructions how would you respond? All insights are much appreciated. Thanks! |
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